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Ministry of Finance proposes to reduce tax for rubber firm

Luu Duc Huy, deputy director of Tax Policy, the Ministry of Finance said that after considering the proposal of the Vietnam Rubber Association and Vietnam Rubber Industry Group to exempt export tax for products of natural rubber to remove difficulties for businesses.

The Ministry has finished the Circular Draft to amend export tax of rubber in the groups of 40.01, 40.02 and 40.05 according to regulations on the Export Tax Table and Circular No.193/2012/T-BTC to seek for comments of relating parties.

Basing on many factors, the Ministry of Finance proposed to reduce export tax for natural rubber products from 3 percent and 5 percent to 1 percent. The tax ratio of other natural rubber products of group 40.01 is raised from 0 percent to 1 percent to agree a unique export tax rate for natural rubber products.

Huy said that if the relating Ministries and Agencies agree this above adjustment, the Ministry of Finance will early issue the Circular to remove difficulties for businesses in the context that inventory increased more and more. Currently, the amount of inventory of the Vietnam Rubber Industry Group is about 60,000 tonnes. As expected, at the end of the year, this inventory will be 200,000 tonnes.

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