Viet Nam: MoF cuts import tax on sugar to 15%

07/03/2011 12:00 - 413 Views

The Ministry of Finance(MoF) has issued the Circular 29/2001/TT-BTC to cut tariff on imported sugar to 15% from April 4,

The Ministry of Finance(MoF) has issued the Circular 29/2001/TT-BTC to cut tariff on imported sugar to 15% from April 4, MoF said.

In detail, the tariff on raw and refined sugar will be reduced to 15% from 25% and 40%, respectively.

The decision came amid the condition that the domestic retail prices of sugar surged to VND25,000/kg and Vietnam’s domestic sugar prices are currently believed to sold at $900/ton, $100 higher than the world prices.

Sugar output is forecast to reach 1 million ton in the 2010-2011 crop, unlikely meeting the domestic demand. Therefore, the Ministry of Industry and Trade (MoIT) has granted a quota of 140,000 tons of refined and crude sugar to 24 local sugar importers until 7 July 2011.

Earlier, Vietnam cut the import quota of sugar in 2011 to 250,000 tons, down 50,000 tons from 2010, according to the Circular 45/2010/TT-BCT of the MoIT –

Mar 4th, 2011

Source: Stoxplus.com