(VOV) -In a decision entering into effect on September 1, he Vietnamese Ministry of Finance (MoF) lowered the tax rate on exported coal to 10 percent from its previous 13 percent level.
- Coal and mineral industry fetches VND70,000 billion in 2010 revenue
- Coal imports to start in 2015
- 49,000 tonnes of coal shipped abroad in Quang Ninh
Under the MoF’s Circular 124/2013/ (dated May 23, 2013), the new tax rate applies to coal products falling under the 27.01 export tariff.
The Ministry’s latest tax adjustment aims to help local coal producers overcome their ongoing difficulties.
Vietnam Customs reports more than 8 million tonnes of coal were shipped abroad in the past eight months, representing a year-on-year decrease of 3.8 percent.
Le Dang Doanh, a former Director of the Central Institute for Economic Management, raised concerns regarding the lowered tax, noting Vietnam does not normally encourage mineral exports.