Posted on 25 Sep 2008
The Ministry of Finance announced on Monday it will reduce export taxes on steel ingots from the current 20 per cent down to 10.
The ministry’s decision is in direct response to the Ministry of Industry and Trade’s suggestion to reduce export tax on steel ingots to help enterprises offload more of the 500,000 tonnes of product currently sitting in storage.
Local demand for steel ingots has decreased, despite a reduction in price from VND19 million (US$1,100) to VND16 million per tonne.
To compound the problem, steel ingot prices in
The Ministry of Finance increased the steel export tax from 10 per cent to 20 per cent a month ago in an overly effective attempt to limit the wave of steel exports.
The new tax deduction will be in effect 15 days after the decision is issued in the Government gazette.
