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Drastic tax measures applied to stop ‘price storm’
VIET NAM – The government has decided to cut import taxes on a lot of key products by up to 50 per cent and apply a lot of drastic measures in an effort to stop the price increase wave.Under the decision signed on 6 August, effective as of 8 August, the tax reduction will be applied on 18 groups of products which have been witnessing the biggest price increases.
The tax rate on beef and pork has been reduced to 12 from 30 per cent, dairy products to 20 from 10 per cent, poultry eggs to 1 per cent and 20 per cent from 20 per cent and 40 per cent, vegetable oil to 15-20 per cent from 20-50 per cent, while products for children, to 7-30 per cent from 10-40 per cent.
Foodstuff for livestock also enjoys tax reductions: the rate on corn has been decreased from 5 per cent to 2 per cent, while foodstuff for livestock is now imposed a 2-5 per cent instead of 5-10 per cent tax. Nguyen Tien Thoa, Head of the Price Control Department under the Ministry of Finance, said that it was the right decision to lower import taxes at this moment. This aims to help raise the supply of commodities, thus balancing supply and demand. Lower taxes on foodstuff for livestock will help make the prices cheaper, thus encouraging animal husbandry.
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Source: Vietnam.net Bridge
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