Utilize benefits from compliance with commitments on import and export duties

VCN- On May 18, the Ministry of Finance held a seminar on “Effectively implementing Vietnam’s commitments on preferential export tax and special preferential import tax in the implementation of FTAs”.
Export production goods will not eligible for tax exemption if they are in-country imported between two domestic enterprises Export production goods will not eligible for tax exemption if they are in-country imported between two domestic enterprises
Ministry of Finance take prompt plans to implement EVFTA Ministry of Finance take prompt plans to implement EVFTA
Utilize benefits from compliance with commitments on import and export duties
Mr. Pham Tuan Anh, Deputy Director of International Cooperation Department speaks at the seminar.

Mr. Pham Tuan Anh, Deputy Director of the International Cooperation Department (under the Ministry of Finance) said that Vietnam implements its commitments on preferential export tax and special preferential import tax under the framework of 15 FTAs and two Preferential trade arrangements (PTAs).

In order for ministries, sectors, business associations and enterprises to have an overview of the content of 17 decrees on promulgation of Vietnam’s preferential export and special preferential import tariffs to implement FTAs, Economic Partnership Agreements in the new period, the speakers discussed and assessed the performance and identified problems and proposed effective solutions to make use of benefits from the implementation of commitments on import and export taxes, thereby promoting import-export and economic growth.

At the seminar, Ms. Nguyen Phuong Linh, Head of Multilateral Financial Integration Division (International Cooperation Department, Ministry of Finance) said that provisions in the decrees are fully inherited regulations in the Decrees promulgating Vietnam’s preferential export and special preferential import tariffs to implement FTAs/PTAs in the previous period (2018-2022) to ensure stability on policies and strictly comply with the tariff reduction roadmap committed in these agreements.

The Decrees are consistent with the guidelines and policies of the Party, constitutionality and legality; ensure consistency in the legal system and are in line with international treaties to which Vietnam is a member.

According to data from the Department, the preference utilization rate of FTAs is mostly at over 70%. The rate of EVFTA and UKVFTA is at 37% and 23%, respectively. However, this rate of some FTAs has not yet achieved the expected rate such as ACFTA with China market at 30%; AJCEP and VJEPA with Japan at 6% and at 17%, respectively.

Ms. Nguyen Thi Thu Trang, Director of the Center for WTO and Integration (VCCI), said that businesses should carefully study the preferential commitments of agreements.

She also suggested that the management agency should directly stipulate the most basic conditions to enjoy tax incentives as well as clearly define the process of enjoying preferential export tax.

At the seminar, the participants and representatives of enterprises discussed contents related to matters of businesses in the implementation of commitments on preferential export and special preferential import.

By Hoai Anh/Ngoc Loan

Related News

Latest News

Continue to warn about forms of fraud against taxpayers

Continue to warn about forms of fraud against taxpayers

VCN - In response to the increasing prevalence of sophisticated scams targeting taxpayers, the General Department of Taxation (GDT) has issued directives to tax authorities nationwide to strengthen individual income tax management and provide warnings and preventive measures to help taxpayers remain vigilant and protect themselves from fraudulent activities.
Under amended law, it needs clarification on cooperation between commercial banks and insurance companies

Under amended law, it needs clarification on cooperation between commercial banks and insurance companies

VCN - Banks and insurance businesses have different understandings of the regulations in the Law on Credit Institutions 2024.
Corporate bond issuance soars in comparison to 2023

Corporate bond issuance soars in comparison to 2023

VCN - According to the Ministry of Finance, from the beginning of the year to June 21, 2024, 41 enterprises have issued private corporate bonds with a total value of VND 110.2 trillion.
Tax debt recovery is estimated to achieve VND 45,468 billion

Tax debt recovery is estimated to achieve VND 45,468 billion

VCN - In the first half of 2024, tax authority at all level has issued 16,859 notifications on temporary exit suspension and recovered VND918.7 billion of tax debt from 1,482 taxpayers.

More News

Public accounting standards publication contributes to spreading investment attraction

Public accounting standards publication contributes to spreading investment attraction

VCN - According to a World Bank (WB) expert, the publication of public accounting standards not only helps strengthen the sustainability of the financial system but also creates a ripple effect in attracting private sector and foreign investment.
Another six months for debt restructuring but need to manage bad debt risks

Another six months for debt restructuring but need to manage bad debt risks

VCN - The decision to continue extending the debt restructuring period, keeping the debt group unchanged for another six months, is expected to continue to contribute to solving difficulties for businesses, reduce debt repayment pressure, and add resources for production and business recovery.
Promote  information transparency to increase large-scale investors in  stock market

Promote information transparency to increase large-scale investors in stock market

VCN - Deputy Minister of Finance Nguyen Duc Chi talked with Customs News about the goal of upgrading Vietnam's stock market and solutions to achieve this goal by 2025.
Ministry to release final draft circular on stock market upgrades

Ministry to release final draft circular on stock market upgrades

The Ministry of Finance is set to announce the final draft of a circular related to the upgrade of Vietnam's stock market and operate the Korea Exchange (KRX) system this week.
Ensure price stability associated with macroeconomic stability

Ensure price stability associated with macroeconomic stability

VCN – To stabilize market prices from now until the end of the year, especially implementing the salary reform, the Ministry of Finance will implement solutions and respond to ensure price stability associated with macroeconomic stability.
Minister of Finance: continue to advise on promulgating fiscal policies to help economy recover and develop

Minister of Finance: continue to advise on promulgating fiscal policies to help economy recover and develop

VCN - According to Minister of Finance Ho Duc Phoc, although implementing policies to reduce and extend taxes and fees will impact budget revenue, the Ministry has reviewed, evaluated and continued to promulgate a number of fiscal policies to support people and businesses.
Vietnam rises 11 places in budget transparency ranking

Vietnam rises 11 places in budget transparency ranking

VCN - The results of the Open Budget Survey 2023 (OBS 2023) have just been announced by the International Budget Cooperation (IBP), Vietnam's budget transparency ranking continues to be raised to 57 out of 125 countries, climbing 11 places compared to the 2021 assessment period and rising 20 places compared to 2019.
Total budget revenue in first half of year reaches 60% of estimate

Total budget revenue in first half of year reaches 60% of estimate

VCN - According to the Ministry of Finance, total state budget revenue in the first six months of the year was quite good and grew over the same period last year. This results in effective implementation of tax laws and state budget collection tasks, revenue management, and anti-revenue loss of the Ministry of Finance. Along with that, the Ministry of Finance actively deployed policies to help remove difficulties for businesses and people.
Adding goods item subjected to special consumption tax

Adding goods item subjected to special consumption tax

VCN - According to Ministry of Finance – drafting agency, one of the purposes of amending Law on Special Consumption Tax this time is to perfect regulations on special consumption tax policy to expand the collection base and ensure transparency, ease of understanding, and ease of implementation to contribute to improving the capacity and efficiency of tax management activities. To achieve this goal, the draft Special Consumption Tax Law has many amendments on taxable objects.
Read More

Your care

Latest Most read
Continue to warn about forms of fraud against taxpayers

Continue to warn about forms of fraud against taxpayers

General Department of Taxation has issued directives to strengthen individual income tax management and provide warnings and preventive measures to protect themselves from fraudulent activities
Under amended law, it needs clarification on cooperation between commercial banks and insurance companies

Under amended law, it needs clarification on cooperation between commercial banks and insurance companies

VCN - Banks and insurance businesses have different understandings of the regulations in the Law on Credit Institutions 2024.
Corporate bond issuance soars in comparison to 2023

Corporate bond issuance soars in comparison to 2023

According to the Ministry of Finance, from the beginning of the year to June 21, 2024, 41 enterprises have issued private corporate bonds with a total value of VND 110.2 trillion.
Tax debt recovery is estimated to achieve VND 45,468 billion

Tax debt recovery is estimated to achieve VND 45,468 billion

In the first half of 2024, tax authority at all level has issued 16,859 notifications on temporary exit suspension and recovered VND918.7 billion of tax debt from 1,482 taxpayers.
Public accounting standards publication contributes to spreading investment attraction

Public accounting standards publication contributes to spreading investment attraction

VCN - According to a World Bank (WB) expert, the publication of public accounting standards not only helps strengthen the sustainability of the financial system but also creates a ripple effect in attracting private sector and foreign investment.
Mobile Version