Vietnam waives tax exemptions on soybean meal imports
Regulation & Compliances
Published Nov 29, 2023
The Ministry of Finance in Vietnam has proposed maintaining the current tax rate on soybean meal imports at 2% or reducing it to 1%, rather than the previously proposed 0% by the Ministry of Agriculture. The Ministry of Finance argues that the current rate already falls below the WTO commitment ceiling of 5%. They also highlight that changing the tax rate could lead to a drop in demand for domestic products and an increase in reliance on imports, despite domestic production being able to meet 35% of demand.
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Vietnam’s Ministry of Finance (MOF) said it should either maintain the current tax rate on soybean meal imports at 2% or reduce it to 1% rather than 0% as previously proposed by the Ministry of Agriculture. The Ministry of Finance explained that the 2% tax rate is already below the WTO commitment ceiling of 5%. In addition, adjusting the tax rate could lead to a decrease in demand for domestic ...