The Hanoitimes – Under this draft proposal, the Ministry of Finance proposed to impose 10% excise tax on sweetened beverages, excluding dairy products as of 2019. Recently, the Ministry of Finance has completed second proposal to revise five tax laws, including the value-added tax (VAT) law, excise tax law, corporate tax law, personal income tax law, and royalties law. Sweetened beverages are expected to be under 10% of excise tax. On August 2017, the Ministry of Finance has issued the first proposal, in which for the first time sweetened beverages are subject to excise tax. This time, the authority clarified the excise tax rate for these products is of 10%, in addition to 12% of VAT. As such, all sweetened beverages, regardless of whether it is soft drinks, tea, coffee or energy drink will be under the imposition of excise tax, excluding dairy products. The Ministry of Finance referred to the current adult obesity rate in Vietnam accounted for 25% of the population. For children under 5 years of age, the obesity rate has increased rapidly from 0.6% in 2000 to 5.3% in 2015, while this rate in Ho Chi Minh city has increased to 10.8%, and 12% in the downtown area. As such, Vietnam’s obesity rate is higher than the average rate of the Asian region and developing countries (the current global obesity rate is at 6.9%). Meanwhile, based on the recommendation of the World Health Organization (WHO), sweetened beverages have negative impact on customers’ health. In order… [Read full story]
The excise tax must particularly be applied to online games that can cause addiction, and those with violent content, the finance ministry said in its report to the government on the amendment of the law on special consumption tax.The report, based on the findings of the finance ministry’s study of the Vietnamese online gaming market, was made after the National Assembly’s Standing Committee proposed subjecting online games to the excise tax.In 2013, there were around 58 businesses, mostly located in Hanoi and Ho Chi Minh City, that provided online games in Vietnam, the finance ministry said, citing data from tax…... [read more]
Two press briefings were held in Hanoi on February 24 after the EU proposed to impose anti-dumping tax on Vietnamese and Chinese leather-capped shoes. According to the EU announcement, an EC mission will be in Vietnam to discuss with the Government how to address the issue in the next two weeks.... [read more]
The Indian Ministry of Finance has announced it will impose anti-dumping taxes of between $25.98 and $50.51 per 1,000 discs on Recordable Digital Versatile Discs (DVD-R) coded HS8523, imported from Vietnam. Ritex Vietnam Ltd., Co. will face the duty of $25.98 per 1,000 discs while others will have to pay $50.51 per 1,000 discs. The anti-dumping duties will be imposed for five years starting April 12, 2010. The decision was made after the Indian Directorate General of Anti-dumping (DGAD) probed these imports from Malaysia, Thailand and Vietnam following complaints filed by India’s Optical Disc Manufactures Welfare Association (ODMWA). This is the third…... [read more]
Ministry proposes to cut consumption tax on carsBy The DatHA NOI (Biz Hub) — Car prices in Viet Nam are likely to reduce by hundreds of millions of dong next year, if the industry and trade ministry's draft plan is approved.In the draft plan, the ministry has proposed to cut 50 per cent of the special consumption tax and the registration fee on new cars. In particular, the cuts will be up to 70 per cent for cars that have 40 per cent locally produced parts.The higher the percentage of locally produced parts in cars, the more these cars will…... [read more]
India had decided to impose anti-dumping tax of up to US$527 over one ton of imported yarns and fabrics originated from China, Thailand and Vietnam last weekend in order to product its domestic industries against cheap imports. Indian Directorate General of Anti-dumping said that his country’s producers have been financially damaged over the past time since these countries’ products being sold at dumping prices in India. The duty, which will be effective till September 25 this year, would be between US$112.64 and US$527.31 per ton. India is also imposing anti-dumping duty to Vietnam’s compact discs-recordable (CD-R) and compact bulbs, at tax…... [read more]
