Library

Reduction of tax rates for import from Japan and ASEAN countries

Implementation of Agreement on ASEAN Japan Comprehension Economic Partnership (AJCEP) and Vietnam Japan Comprehension Economic Partnership (VJCEP), Ministry of Finance issued Circular No. 02 20/2012/TT-BTC and Circular No. 21/2012/TT-BTC dated 15.02.2012 giving instructions on the new special preferencial import tariff.

Accordingly, from the date of Apr 1st, 2012, import tax of products such as electronics, refrigerators, appliances, machinery, and agricultural products, processed food imported from Japan and ASEAN countries into Vietnam will be reduced to the committed schedule.

Under the VJCEP and AJCEP Tariff, most of food items such as meat products and by-products, fish fillets, butter, milk, rice, chemicals, plastics, fabrics and textile materials, iron and steel will be reduced import tax according to the schedule committed; notably some items will have import tax reduce to 0%.

Many electronics will be applied new tariffs such as: telecommunication camera taxes will be reduced from 5% to 2.5% in 2014, some digital cameras will even be enjoied a tax rate of 0% after two years. The appliances such as kitchen utensils, sink, bathtub will also decrease from 19% in 2012 to 14% in 2014.

Notably, agricultural tractors taxe rates will reduce from 10% to 0%; motor vehicles used to transport goods, which the maximum weight of not over 05 tons from 80% to 20%; vehicles used to transport goods with a total weight of 05-10 tons from 60% to 20%.

As commitment in the AJCEP Agreement, goods on the list of common goods (accounting for 88.6% of total tariff lines) are forced to reduce tariffs to 0% in 2025, while during the process, a total of 62.2% tariff lines will be lowered to 0% in 2018.

AddThis Website Tools
ANT Lawyers

Recent Posts

US Tariffs on Vietnamese Goods: 7 Powerful Insights Every Investor Needs for a Resilient and Rewarding Future

The recent imposition of US tariffs on Vietnamese goods has stirred both caution and opportunity…

14 hours ago

5 Essential Insights into Provincial Mergers in Vietnam: What Foreigners and Businesses Must Know

Why Provincial Mergers in Vietnam Matter to You Imagine waking up one morning to find…

2 weeks ago

5 Key Highlights and How Low-Orbit Satellite Internet in Vietnam Would Revolutionize Connectivity and Economic Growth

The Pilot Policy of Low-Orbit Satellite Internet in Vietnam Now, Vietnam has moved its position,…

1 month ago

Legal Intern Position in Hanoi

ANT Lawyers in Hanoi Recruitment We are currently hiring Legal Intern Position in Hanoi for…

2 months ago

Fast-Track Investment Procedure: 5 Breakthrough Steps to Attract High-Quality Capital to Vietnam

Introduction to the Vietnam Fast-Track Investment Procedure In the highly competitive global race to attract…

2 months ago

Vietnam Digital Currency Exchange: 7 Critical Insights for Foreign Investors

With plans to pilot a Vietnam digital currency exchange, the government is signaling a shift…

2 months ago