REDUCTION OF TAX RATES FOR IMPORT FROM JAPAN AND ASEAN COUNTRIES
Implementation of Agreement on ASEAN Japan Comprehension Economic Partnership (AJCEP) and Vietnam Japan Comprehension Economic Partnership (VJCEP), Ministry of Finance issued Circular No. 02 20/2012/TT-BTC and Circular No. 21/2012/TT-BTC dated 15.02.2012 giving instructions on the new special preferencial import tariff.
Under the VJCEP and AJCEP Tariff, most of food items such as meat products and by-products, fish fillets, butter, milk, rice, chemicals, plastics, fabrics and textile materials, iron and steel will be reduced import tax according to the schedule committed; notably some items will have import tax reduce to 0%.
Many electronics will be applied new tariffs such as: telecommunication camera taxes will be reduced from 5% to 2.5% in 2014, some digital cameras will even be enjoied a tax rate of 0% after two years. The appliances such as kitchen utensils, sink, bathtub will also decrease from 19% in 2012 to 14% in 2014.
Notably, agricultural tractors taxe rates will reduce from 10% to 0%; motor vehicles used to transport goods, which the maximum weight of not over 05 tons from 80% to 20%; vehicles used to transport goods with a total weight of 05-10 tons from 60% to 20%.
As commitment in the AJCEP Agreement, goods on the list of common goods (accounting for 88.6% of total tariff lines) are forced to reduce tariffs to 0% in 2025, while during the process, a total of 62.2% tariff lines will be lowered to 0% in 2018.
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