Vietnam to raise import duty on non-essential commodities

Tobacco is one of commodities to enjoy new import duty (Photo: SGGP)

Vietnam will raise taxes on some imported commodities in order to curb inflation.

The Ministry of Finance plans to raise import duty on some commodities from around 5-10 percent.  These commodities are not essential import items.

Duty on items like printing machines will rise by 5 % from 0%, tobacco will rise to 50 % and band magnetic for making films will rise to 15% from 10%.

These commodities all enjoyed duty lower than 4% than committed to the World Trade Organization. Moreover, according to Vietnam’s commitment to WTO, tobacco duty must actually be 100%.

By Thuy Luu - Translated by Nha Tran

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