From March 31, Vietnam reduces import tax rates on cars and many other goods.

Decree No. 73 amends and supplements preferential import tax rates of a number of goods in the Preferential Import Tariff according to the List of taxable items issued together with Decree No. 26/2023/ND-CP dated May 31, 2023 on Export Tariff, Preferential Import Tariff, List of goods and absolute tax rates, mixed tax, import tax outside tariff quotas.

Reduce preferential import tax rates for automobiles with HS codes 8703.23.63 and 8703.23.57 from 64% to 50% and automobiles with HS code 8703.24.51 from 45% to 32%. Illustrative photo source chinhphu.vn

Specifically, amend and supplement the preferential import tax rates of a number of items specified in Appendix II-Preferential import tax schedule according to the List of taxable items specified in Article 3 of Decree No. 26/2023/ND-CP into new preferential import tax rates.

Accordingly, the preferential import tax rate for automobiles with HS codes 8703.23.63 and 8703.23.57 will be reduced from 64% to 50% and automobiles with HS code 8703.24.51 will be reduced from 45% to 32%.

For Ethanol products, the preferential import tax rate is also reduced from 10% to 5%.

Import tax rate on frozen chicken thighs is reduced from 20% to 15%; on unshelled pistachios is reduced from 15% to 5%; on almonds is reduced from 10% to 5%; on fresh apples is reduced from 8% to 5%; on sweet cherries is reduced from 10% to 5%; on raisins is reduced from 12% to 5%.

Some imported wood products also enjoy reduced import tax rates from March 31. Illustrative photo source: internet

For wood and wood products, including: (1) Group 44.21: Wooden products (including products such as clothes hangers, coffins, thread spools, yarn tubes and bobbins, sewing thread reels and similar products, wooden matchsticks, etc.); (2) Groups 94.01 and 94.03: Seats and parts of seats; wooden furniture: import tax is reduced from the tax rates of 20% and 25% to the same tax rate of 0%.

Preferential import tax rate for liquefied natural gas (LNG) reduced from 5% to 2%.

Ethylene products: add HS code 2711.19.00 to chapter 98 with preferential import tax rate of 0%.

Preferential import tax rate for corn kernels is reduced from 2% to 0%; for soybean meal, it is reduced from 1%, 2% to 0%.

This Decree takes effect from March 31.

Source: https://baogialai.com.vn/tu-31-3-viet-nam-giam-thue-suat-thue-nhap-khau-doi-voi-o-to-va-nhieu-mat-hang-post317043.html