Vietnam mulls tax exemption on imported ingot steel

Vietnam mulls tax exemption on imported ingot steel

The Vietnamese Ministry of Finance (MOF) announced today that the General Department of Customs issued document 4374 demanding the end of tax exemption on imported ingot steel. As previously reported by SteelOrbis, the Vietnam Steel Association (VSA) asked the relevant authorities to terminate the tax exemption on imported ingot steel. The VSA alleges that the tax incentives given to many companies since the end of 2004 have caused unhealthy competition in the market, which caused instability in steel prices. Officials from the Ministry of Trade, the Ministry of Industry, and the Ministry of Planning and Investment are reportedly reviewing the issue for a final decision.