Import tax on raw cashew nuts cut to 3%

The import tax rate on raw cashew nuts in Vietnam will be cut to 3% from August 25, replacing the current rate of 5-7.5%.

This was regulated under circular No 102 of the Ministry of Finance on modifying preferential import tax rate on the commodity.

The Vietnam Cashew Association has asked the Ministry of Agriculture and Rural Development to remove raw cashew from the commodity groups. This is because they are obligatory for checking hygiene safety as regulated under the decree.

Currently, domestic cashew nut output only meets 50% of the demand of processing while the rest must be based on imports, said the Vietnam Cashew Association. While, the price of imported cashew nuts was higher than that of domestic cashew nuts purchased over the past few years.

Slashing cashew nut import tax is expected to help local processors maintain importing materials, improve their processing capacity and increase their competitiveness in importing materials. – VCCI

http://vietnambusiness.asia/import-tax-on-raw-cashew-nuts-cut-to-3/