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Import tax reduction of multiple products from December 30, 2021
Table Of Contents
Table Of Contents
Recently, the Government issued Decree No. 101/2021/ND-CP about amending, supplementing, and adjusting export tax rates and preferential import tax rates for several commodities.
Accordingly, from December 30, 2021, the most favored nation (MFN) import tax rates of some commodities such as steel, wheat, corn, ... will be reduced to stabilize the economic macro and control inflation. These are commodities with high prices in the recent period, affecting the input costs of many domestic manufacturing industries.
Specifically, the import tax of wheat was reduced from 3% to 0% and corn products from 5% to 2% to support the domestic livestock industry under the pressure of rising raw material prices.
Similarly, the Government adjusted and reduced the MFN import tax rates of some construction steel products, steel plates with tax rates from 5% to 10% to lower domestic steel prices, help enterprises cut the cost …
In addition, Decree No. 101 also amends the export tax rates and the MFN import tax rates for several items to promote the efficient exploitation, use of domestic natural resources, restrict the export of raw and unprocessed resources.
For stone products and products made from stone, it is implemented according to a 3-year roadmap, from 2022-2024, and the tax rate increase of each adjustment does not exceed 5%.
