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Vietnam announces tax exemption list under TPP
09
Nov '15
Vietnam's Finance Ministry has officially announced the list of goods which will enjoy tax reduction when the Trans-Pacific Partnership (TPP) agreement is signed and takes effect, the state-owned radio has said.

Around 78 per cent to 95 per cent of taxes will be removed as soon as the pact comes into force. The taxes on the remaining goods will be removed within five to 10 years, excluding some sensitive goods.

Several Vietnamese key export items in the TPP market including garments and textiles, agricultural products, seafood and shoes, in addition to wooden furniture, electronics and rubber, will enjoy zero tax three to five years later.

In terms of import taxes, Vietnam has committed to applying a common tariff for all the TPP members, of which, 65 per cent of tariffs will be removed for cotton garments and textiles, animal feed, milk, rice, and leather, apart from leather products and fertilisers, the report said.

The ministry said the TPP members had completed technical reviews and necessary procedures for preparation of the official signing at the beginning of 2016. (SH)

Fibre2Fashion News Desk – India

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