PM slashes import/export tariffs under CPTPP

Tariffs on imported products including fruit and frozen foods from six member countries of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) will be reduced to zero backdated to January 14 this year to 2022.— Photo vneconomy.vn

This is part of the Decree No. 57/2019 signed recently by Prime Minister Nguyen Xuan Phuc, promulgating Viet Nam’s preferential export tariffs and special preferential import tariffs to implement the CPTPP until December 31, 2022.

The decree is applicable to Mexico, Japan, Singapore, New Zealand, Canada and Australia, where the CPTPP Agreement has come into effect.

A number of import tariffs on raw poultry, fresh or chilled fish, lignite, cotton fibre and fruit from Mexico will return to zero per cent. The rest of the above countries will reduce import tariffs on fruit from 2020.

The decree also states that customs declarations of imported and exported goods registered from January 14 to date, if all conditions are met, will receive overpaid tax from the customs office according to regulations.

From now to 2022, the import tax for frozen beef and buffalo, unsweetened milk and cream, and lamb from these countries will also be zero per cent.

From 2021, cars used to pull trailers with engines of 1,100cc or less will also be exempt from import tax.

The preferential export tariffs under the CPTPP include 519 tariff lines.

In order to enjoy preferential export tax rates, exported goods must have the correct documentation and import declarations expressing the destination within the territory of the member countries where the CPTPP agreement has entered into force.

Regarding the special preferential import tariffs under the CPTPP agreement, it consists of nearly 11,000 tariff lines. The imported goods, including used cars, must meet required conditions for special preferential import tariffs. — VNS