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Tax Alert - 28/12/2021: Amending import and export tax rates of some products

Aiming to stabilize the macro-economy, control the inflation and support for domestic business under the impact of the COVID-19 pandemic, on November 15, 2021, the Government has just issued Decree No. 101/2021/ND-CP (“Decree 101”) amending Decree No. 57/2020/ND-CP and Decree No. 122/2016/ND-CP on preferential export and import tariff schedules. The regulations and adjustments in this Decree will take effect from December 30, 2021.


Accordingly, the export tax rates for some items are specifically adjusted as follows:

Description

Item code

Former tax rate

New tax rate

Natural sands of all kinds, whether or not colored, other than metal-bearing sands of Chapter 26

25.05

0%

10% & 30%

Articles of jewelry and parts thereof, of precious metal or of metal clad with precious metal

71.13

25% & 30%

0% & 1%

Articles of goldsmiths’ or silversmiths’ wares and parts thereof, of precious metal or of metal clad with precious metal

71.14

30%

0% & 1%

Other articles of precious metal or of metal clad with precious metal

71.15

30%

0% & 1%

Unwrought lead

78.01

0%

15%

Besides export tax rate, Decree 101/2021/ND-CP also adds 2 items with preferential import tax rate of 0%, including Oil seeds and oleaginous fruits suitable for planting and Engine ECU used for motor vehicles.


In addition, this Decree amends a number of contents of the tax incentive program for automobile production and assembly; supplements regulations on period for tax incentives (Enterprises can choose 6-month or 12-month tax incentive period); amends production conditions to participate in the tax incentive program, extends the implementation period of this Program to December 31, 2027 so that automobile manufacturing and assembling enterprises can actively set up production and business plans in the following years.


Should you have any concerns during the implementation of this Decree, please contact RSM Vietnam.


Tax alert - December 28, 2021
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