VietnameseINCREASE 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.
Circular 111/2011/TT-BTC DOC (Word)
Circular 111/2011/TT-BTC PDF (Original)
Circular 111/2011/TT-BTC ZIP (Word)
