In the process of completing the draft decree amending and supplementing Decree 26/2023/ND-CP on preferential import and export tax rates, the Ministry of Finance has asked for opinions from ministries, branches and associations. This is a mandatory step to get opinions before submitting to the Ministry of Justice for appraisal.
According to the Ministry of Finance, 5/8 agencies and organizations have sent feedback. In which, the State Bank, the Ministry of National Defense, and the Ministry of Science and Technology all agreed with the draft decree.
Notably, the Vietnam Gold Business Association, in addition to agreeing with the draft, also proposed reducing the import tax on raw gold to 0% to remove difficulties for businesses.
However, in the explanatory document, the Ministry of Finance affirmed: according to the current preferential import tax table issued with Decree 26/2023/ND-CP, raw gold in Group 71.08 (including unprocessed gold, finished gold or powder) has been subject to a tax rate of 0%. Therefore, this recommendation has been implemented, without further amendment.
In addition, the Ministry of Home Affairs also gave comments to ensure that the draft decree dossier is in accordance with the law and international commitments. This agency requested the Ministry of Finance to clarify resources and implementation conditions to avoid additional organization and staffing. The Ministry of Finance later added the assessment content in the submission, affirming that the decree does not create a new apparatus, does not affect the payroll and salary earners from the budget.
The Ministry of Finance said that up to now, the comments have been compiled, explained and accepted.
According to the review results of the Ministry of Justice, the draft decree to reduce export tax on gold jewelry and handicrafts to 0% has closely followed the policies and instructions of the Party and the Government, including the conclusions of General Secretary To Lam and the Government Standing Committee on gold market management.
The Ministry of Justice also determined that the new policies in the draft are consistent with the Law on Export Tax, Import Tax, Law on Foreign Trade Management and Decree 24/2012/ND-CP on gold business management. At the same time, the draft is compatible with international commitments to which Vietnam is a member, such as WTO, GATT 1994, CPTPP and EVFTA.
The Ministry of Justice said that the 0% tax rate adjustment is not only in line with the domestic orientation, but also ensures compliance with international trade principles, contributing to encouraging the development of the jewelry and fine arts gold industry, promoting the conversion of accumulated gold into products with added value.
