On September 16, 2019, the Prime Minister issued Decision No. 28/2019 / QD-TTg on amending and supplementing Article 2 of Decision No. 45/2017 / QD-TTg dated November 16, 2017, amending and supplementing the Prime Minister’s Decision No. 36/2016 / QD-TTg of September 1, 2016, defining the application of ordinary tax rates to imported goods.
Specifically, the Prime Minister amended and supplemented the Appendix of the List of common import tax rates table prescribed in Article 2 of Decision No. Article 2 of Decision No. 45/2017 / QD-TTg of November 16, 2017. 2017. Whereby:
– Reduction of the ordinary import tax rate of crude oil goods item code 2709.00.10 from 5% to 0%;
– Amending description of commodity code 4907.00.10 from “Banknotes (banknotes), legal but not yet circulated into” Banknotes, legal documents “and keeping the tax rate unchanged 5%;
– To amend the description of goods item code 8457.20.00 from “Single-position processing machine” to “Single-piece structure machine (one processing position)” and maintain the tax rate of 5%;
– Amending description of commodity code 8457.30.00 from “Multi-position shifting processing machine” into “Multi-position shifting processing machine” and maintaining the tax rate of 5%.
Previously, maintaining the import tax rate of 5% for crude oil made petrochemical refineries suffer losses, reducing the efficiency of processing petroleum products.
The Government’s reduction of crude oil import tax is an opportunity for domestic refineries to access imported crude oil at competitive prices.