Circular No. 111/2011/TT-BTC dated August 02, 2011 of the Ministry of Finance amending some regulations on export tax of some gold commodities in the Export Tariff

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Issuing body:	Ministry of Finance	Effective date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Official number:	111/2011/TT-BTC	Signer:	Do Hoang Anh Tuan
Type:	Circular	Expiry date:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Issuing date:	02/08/2011	Effect status:	Known Please log in to a subscriber account to use this function. Don’t have an account? Register here
Fields:	Commerce - Advertising , Export - Import , Tax - Fee - Charge

SUMMARY

INCREASE EXPORT TAX FOR GOLD TO 10% TO STOP GOLD MATERIAL BRAIN

The Ministry of Finance issued the Circular No. 111/2011/TT-BTC dated August 02, 2011 amending some regulations on export tax of some gold commodities in the Export Tariff.

According to previous regulations, goldsmith and spare parts of goldsmith made by gold with the weight of over 01 ounce troy (0,8294 tael) which has component of over 99% shall be submitted to tax of 10%.

However, for the issuance of new List, from August 06, 2011, gold products (including platium gold) with component of under 99,99%; goldsmith, industrial products and spare parts of goldsmith, industrial products and other products made by gold with gold component from 80% and above will pay 01 import tax rate of 10% instead of 0% as current regulation.

This is considered as a solution in tightening management of Government and Ministry of Finance before the current situation that enterprises are making use of regulations on export tax, they only manipulate golden jewelry, goldsmiths under ounce and having component under 99% in order to export without paying tax.

According to data of the General Department of Customs, export turn-over for jewel, special metals and products to June 30, 2011 is USD 1,203 billion; especially USD 800 million for export in June, increasing to 133% compared to previous month. Golden jewelry is major and material price is USD 50 million per ton, the export amount in June is estimated to be over 14 tons and 24 tons in 06 first months of the year.

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THE MINISTRY OF FINANCE

Circular No. 111/2011/TT-BTC dated August 02, 2011 of the Ministry of Finance amending some regulations on export tax of some gold commodities in the Export Tariff

Pursuant to the Law on Export and Import Tax dated June 14, 2005;

Pursuant to the Resolution No. 295/2007/NQ-UBTVQH12 dated September 28, 2007 of the Standing Committee of National Assembly promulgating the export tariff according to the list of dutiable commodity groups and the duty rate bracket for each commodity group and the preferential import tariff according to the list of dutiable commodity groups and the preferential duty rate bracket for each commodity group;

Pursuant to the Decree No. 87/2010/ND-CP dated August 13, 2010 of the Government detailing a number of articles of the Law on Import Duty and Export Duty;

Pursuant to the Decree No. 118/2008/ND-CP dated November 27, 2008 of the Government defining the functions, tasks, powers and organizational structure of the Ministry of Finance;

On the implementation of the Resolution No. 11/NQ-CP dated February 24, 2011 of the Government on major solutions for controlling inflation, stabilizing the macro economy and ensuring social security;

On the implementation of directives of the Prime Minister at the Official Dispatch No. 804/VPCP-KTTH dated July 26, 2011 of the Government Office;

Basing on opinions of the State Bank of Vietnam at the Official Dispatch No. 539/NHNN-QLNH.m dated July 08, 2011 and the Official Dispatch No. 565/NHNN-QLNH.m dated July 26, 2011;

The Ministry of Finance amends some regulations on export tax of some gold commodities in the Export Tariff as follows:

Article 1. To amend some regulations on export tax

To amend some regulations on some gold commodities in the Export Tariff at Appendix 1 issued attached with the Circular No. 184/2010/TT-BTC dated November 15, 2010 of the Ministry of Finance promulgating tax rate of the Preferential Export Tariff and Preferential Import Tariff in accordance with list of tax liable commodities at the new list issued with this Circular.

Article 2. Implementation effect

This Circular takes effect on August 06, 2011.

FOR THE MINISTER

DEPUTY MINISTER

Do Hoang Anh Tuan

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Circular No. 111/2011/TT-BTC dated August 02, 2011 of the Ministry of Finance amending some regulations on export tax of some gold commodities in the Export Tariff

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