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Official Gazette

Thursday, October 6, 2022

Revised duty policies expected to boost import-export activities

Updated: 08:34’ - 08/11/2018
With a view to removing barriers and difficulties in import and export activities, the Ministry of Finance has recently issued Circular 95/2018/TT-BTC, annulling a number of circulars on import and export duties.

The Ministry of Finance has recently issued Circular No. 95/2018/TT-BTC annulling a number of circulars in the field of import and export duties__Photo: Internet

Accordingly, the removed tax policies include the Minister of Finance’s Circular 35 of March 12, 2010, guiding the export duty on wood and coke commodities produced from imported materials; Circular 118 dated August 16, 2011, guiding import duty and value-added tax on imports of power projects; and Circular 10 of 2015 on import duty exemption for components imported to produce or assemble medical equipment prioritized for research and manufacture.

In another move, the Finance Ministry has also directed its attached units to review, simplify, reduce and remove unnecessary and troublesome administrative formalities. During 2011-15, the ministry had managed to remove 248 administrative procedures and simplify 962 others. As a result, by the end of 2015, the number of administrative procedures in the financial sector had reduced to 1,045.

In the period from 2016 until now, 174 administrative procedures have been reviewed for reduction while 888 ones have been simplified.

According to the Ministry of Finance, there remain 987 administrative procedures in the financial sector, of which 140 will probably be slashed while 28 others will likely be simplified soon.

In addition, the ministry is also working on a draft decree revising several decrees regulating investment and business conditions under its state management for submission to the Government, expecting to cut down 117 business conditions.- (VLLF)



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