Vietnam Clothing Import And Export Tax Extension Policy Will Be Abolished

Vietnam?

Exporters are beginning to worry.

The grace period for import duties and accessories will be gradually concluded.

It is learnt that, according to Vietnam's current "import and export tax law", the use of

Enterprises that produce and export goods and accessories can enjoy a 275 day grace period in respect of imported materials.

However, the revised import and export tax law and the tax administration law abolished the tax extension policy, and required enterprises to pay taxes before the customs clearance or to provide guarantee for credit institutions.

This is partly due to many Vietnam.

Tax evasion was made by the original regulations, which caused difficulties for the tax authorities and the national budget loss.

However, the cancellation of the grace period has also put pressure on the legitimate businesses in Vietnam.

One person

The new regulations make them "go on thin ice", the director said.

For example, if the new regulations are to be implemented in the fourth quarter of this year, his company will have to pay 26 billion Vietnamese Dong (US $1 million 240 thousand) import duties, and the first half of 2013 will be 50 billion Vietnamese Dong (about US $24 billion).

He said that the only way for companies to pay taxes on time is to make loans, but interest rates are still too high.

Vietnam?

Deng Fangrong, vice president of the clothing association, said the association had issued a document to the Ministry of finance of Vietnam, calling for a reconsideration of the proposal.

However, the Ministry of finance of Vietnam has decided that if enterprises do not want to pay taxes immediately, they should apply for commercial bank guarantee, but not all enterprises can meet the requirements of banks.

In addition, the guarantee application process will also cause resistance to exporters because they need to spend time on asset pledge or temporarily freeze bank accounts.

Vietnam, Socialist Republic of Vietnam, is located in the eastern part of the Indochina Peninsula. It borders China on the north and the west border with Laos and Kampuchea, facing the South China Sea in the East and south, and more than 3260 kilometers in the coastline.

Vietnam has rich wildlife resources and resources.

Reform and opening up began in 1986.

In 1996, the Eighth National Congress of the Communist Party of Vietnam proposed to vigorously promote the industrialization and modernization of the country.

In 2001, the Ninth National Congress of the Communist Party of Vietnam decided to establish a socialist market economy.

The Communist Party of Vietnam is the only legitimate political party in the country.

General Vietnamese, Chinese and English are also widely used.

Vietnam is the most influential Chinese culture in Southeast Asian countries, and the only country that accepts Confucianism.

Vietnam is also a member of the association of Southeast Asian nations.