Vietnam likely to axe tariffs on different goods

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HANOI, Aug 6 (Agencies): Vietnam's finance ministry has proposed the government lower import taxes on food, foodstuffs, animal feeds and construction materials on August 8 to curb rising commodity prices in the domestic market.
According to the proposal, fresh pork, beef and buffalo meat will have import taxes slashed from 30 per cent to 12 per cent; milk products from 20 per cent to 10 per cent; poultry eggs from 20-40 per cent to 12-20 per cent; vegetable oil from 20-50 per cent to 15-20 per cent; manufactured goods for children from 10-40 per cent to 7-30 per cent; maize from 5 per cent to 2 per cent; animal feeds from 5-10 per cent to 2-5 per cent; steel billets from 5 per cent to 2 per cent; and construction steel from 10-12 per cent to 5-10 per cent.
The new tax rates will be applied temporarily starting Wednesday. Vietnam will, in the coming time, apply lower tariffs on automobiles, cosmetics and electronics goods for longer periods of time, however. Completely-built automobiles will have import taxes lowered from 80 per cent to 70 per cent, and cosmetics from 40 per cent to 30 per cent.