300 items are subject to very deep CPTPP tax reduction

Sky Nguyen 14/06/19 10:29pm nguồn bình luận 999

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The Ministry of Finance intends to issue Vietnam’s preferential import and export tariff schedule which is expected to apply to 300 items to implement the Comprehensive and Trans-Pacific Partnership Agreement (CPTPP) for the period from January. -2019 until the end of 2020.

300 items are subject to very deep CPTPP tax reduction — The countries in the CPTPP began to make a roadmap to commit deep tax cuts to the goods of the countries participating in the agreement and many of Vietnam's key export products benefited from this.

In the draft decree on the above tariff schedule, there is a full list of 300 items that have a deeper tax reduction than the current FTAs. The Ministry of Finance and the General Department of Customs also provide a comparison of the tax rates of FTAs with CPTPP so that enterprises can choose which preferential tax rates are suitable and most beneficial to them.

In order to apply incentives under CPTPP, enterprises must have preferential C / O which is a provenance provenance of origin proving their origin according to the provisions of the agreement, which can be granted to many lots with no more than 12 conditions. months and can be issued to many different importers.

Tax incentives for Vietnamese exports to countries in CPTPP are in two different stages. From the end of 2018, four countries including Canada, Australia, New Zealand and Singapore have allowed the elimination of tariffs on aquatic products, gao, coffee, vegetables ... from Vietnam; Import goods are similar. Some countries like Mexico, Chile and Peru apply from 2019.

According to the Import and Export Department (Ministry of Industry and Trade), the total import turnover of 10 partner countries in CPTPP is nearly 2.500 billion USD.

Vietnam currently exports to these countries about 42 billion dollars, accounting for about 1.7% of total imports of countries. Therefore, the country’s export surplus to these markets is still large. Many markets and partners in CPTPP have a large import-export structure for Vietnam, such as Japan.

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