Ministry changes tax tariff for rubber exports

The Ministry of Finance has decided to make adjustments on the tax tariff for export of some rubber commodities.

Export of natural rubber products and natural rubber latex code 4005 which are either pre-vulcanized or un-vulcanized will be subject to a tax of 3 percent, instead of the earlier 5 percent.

New export duty rates for latex and other rubber products coded 4001 will be 3 percent.

Synthetic rubber code 4002 will have an export tax rate of 5 percent, instead of 3 percent.

Currently, almost all of the rubber products are enjoying a zero percent export tax rate.

The decision by the ministry of finance will take effect from December 8.

Vietnam's rubber exports in the first ten months reached 608,000 tons worth $2.6 billion, up 2.7 percent in quantity and 57.3 percent in value as against the same period last year.

China continues to be Vietnam's biggest rubber buyer with 60.1 percent of the market share, followed by Malaysia, Taiwan (China) and Korea with 7.4 percent, 4.8 percent and 4.2 percent of the market share respectively.

By T.Tuyet - Translated by Son Ha

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