CONTINUEThis site uses cookies. By continuing to browse this site you are agreeing to our use of cookies. Find out more.
  1. Front Page
  2. News By Topic
  3. Vietnam Cuts Rubber Export Tariffs

Vietnam Cuts Rubber Export Tariffs

by Mary Swire, Tax-News.com, Hong Kong

13 November 2013


On November 11, Vietnam's Ministry of Finance (MOF) issued a circular cutting the export tax rates on both natural and synthetic rubber exports, with effect from December 26, 2013.

According to the circular, the export tariff on all rubber exports will be fixed at 1 percent. This means that the tax on synthetic rubber exports is being reduced from 5 percent to 1 percent, while the tax on exports of natural rubber will also be 1 percent, after being 3 percent previously.

The MOF's move followed pressure from the rubber industry that is experiencing high unsold stock in a period of falling selling prices. After the export taxes took effect in 2011 during a period of higher price levels, world rubber prices fell by 30 percent in 2012 and have dropped by a further 10 percent so far this year.

The current price of around USD2,500 per tonne compares to more than USD4,500 per tonne at its highest level in 2011, and the industry has warned that the lower prices are likely to remain, with increased global supply and reduced demand. More than 80 percent of Vietnamese rubber production is exported, and the export tariff has had the effect of further restricting its international competitiveness.

TAGS: tax | export duty | law | ministry of finance | legislation | tax rates | legislation amendments | Vietnam

To see today's news, click here.

 















Tax-News Reviews

Cyprus Review

A review and forecast of Cyprus's international business, legal and investment climate.

Visit Cyprus Review »

Malta Review

A review and forecast of Malta's international business, legal and investment climate.

Visit Malta Review »

Jersey Review

A review and forecast of Jersey's international business, legal and investment climate.

Visit Jersey Review »

Budget Review

A review of the latest budget news and government financial statements from around the world.

Visit Budget Review »



Stay Updated

Please enter your email address to join the Tax-News.com mailing list. View previous newsletters.

By subscribing to our newsletter service, you agree to our Terms and Conditions and Privacy Policy.


To manage your mailing list preferences, please click here »