News

Vietnam waives tax exemptions on soybean meal imports

Agricultural By-products
Soybean Meal
Vietnam
Regulation & Compliances
Published Nov 29, 2023

Tridge summary

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.
Disclaimer: The above summary was generated by a state-of-the-art LLM model and is intended for informational purposes only. It is recommended that readers refer to the original article for more context.

Original content

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 ...
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