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Vitas petitions against tax on polyester fibre import
05 Oct '06
1 min read
Textile and Apparel Association (Vitas) recently submitted official correspondence to Ministry of Finance (MOF) to petition against four import goods in fibre category.
MOF's scheme to increase import tax from 0 to 5 percent that was implemented since September 15 this year, Theo Vitas, would drive domestic fibre traders and producers into bankruptcy, Vitas explained.
The reason given by the association is that such import tax would hike production cost by almost 3.5–4.0 percent, resulting in weak competition with other producers in China, India and several ASEAN countries.
Presently, Vietnam's domestic fibre production is facing weakness in both capacity and quality, because of the fact that most textile and garment enterprises are relying on imported sources for raw materials.
MOF's scheme to increase import tax from 0 to 5 percent that was implemented since September 15 this year, Theo Vitas, would drive domestic fibre traders and producers into bankruptcy, Vitas explained.
The reason given by the association is that such import tax would hike production cost by almost 3.5–4.0 percent, resulting in weak competition with other producers in China, India and several ASEAN countries.
Presently, Vietnam's domestic fibre production is facing weakness in both capacity and quality, because of the fact that most textile and garment enterprises are relying on imported sources for raw materials.
Fibre2fashion, News Desk - Vietnam
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