Preferential import duty rates increase

Wednesday, Apr 17, 2013 13:24

(Biz Hub)--On April 4, the Ministry of Finance issued Circular No38/2013/TT-BTC amending preferential import duty rates applicable to some commodities, including polymeric styrene in primary forms; synthetic filament yarn (other than sewing thread) not for retail sale, including synthetic monofilament of less than 67 decitex; tyre cord fabric made from high tenacity yarn of nylon or other polymides, polyesters or viscose rayon; and wire made from iron or non-alloy steel in the Preferential Import Tariff.

Accordingly, the preferential import duty rates applicable to the above commodities listed as taxable products in Section I, Annex II to Circular No193/2012/TT-BTC of November 15, 2012 of the Ministry of Finance will be higher.

From May 19, the preferential import duty rates applicable to the above commodities will be as follows: (i) The duty rate applicable to grains, high-impact polystyrene and others in the group of polymeric styrene in primary forms will be 5 per cent instead of 3 per cent as stipulated in Circular No193; (ii) elastomeric products in the synthetic filament yarn group, others in the tyre cord fabric group and copper alloy-coated high-carbon steel wire used in the manufacture of pneumatic rubber tires (bead wire) will be subject to the new tax rate of 3 per cent; and (iii) the preferential import duty on nylon-6 yarns will be increased from the current 5 per cent to 7 per cent. — VNS



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