Composite Fabric,bonded fabric,Lamination Fabric Lamination Fabric News After the TPP comes into effect, Vietnam will cancel % import taxes and tariffs

After the TPP comes into effect, Vietnam will cancel % import taxes and tariffs



According to Vietnam’s Ministry of Finance, the TPP Agreement has a number of relevant financial commitments, including commitments on import and export tariffs, financial services, and customs affairs. Regardi…

According to Vietnam’s Ministry of Finance, the TPP Agreement has a number of relevant financial commitments, including commitments on import and export tariffs, financial services, and customs affairs. Regarding import tariffs, Vietnam has made the same tariff reduction commitment to all TPP member states. After the TPP comes into effect, more than 65% of import taxes will be abolished, and nearly 98% of import taxes will be eliminated after 10 years. ; The remaining goods will have a tariff concession period of more than 10 years or be subject to tariff quotas.

Products that Vietnam has committed to immediately canceling import tariffs after the TPP Agreement comes into effect include live animals, feed, certain dairy products, grains, rice, leather and leather products, rubber and rubber products, plastics, pharmaceuticals, pesticides, and chemical raw materials , minerals, certain papers, textile raw materials for garments, leather footwear, various cotton cloths, textile garments, fertilizers, perfumes, cosmetics, machinery and equipment, indoor furniture, wood and wood products, musical instruments, steel products, electronic parts, etc.

Products that will have import tariffs eliminated in the fourth year after the TPP comes into effect include biscuits and candies, tea and coffee, sweet corn, watches, household products, sewing machines, generators, decorations, building materials, milk, machinery and equipment, and plastics And plastic products, electronic products, etc.

Products that will have import tariffs eliminated in the 6th year after the TPP comes into effect include vegetable cooking oils, vegetable and fruit products, certain rubber products, etc. Products that will have import tariffs eliminated in the 8th year after the TPP comes into effect include bicycles, motorcycles and other components, certain automobile parts, biscuits and candies, aquatic products, animal and vegetable fats and oils, fruits and vegetables, steel, complete bicycles, certain special vehicles, etc. wait.

Products that will have import tariffs eliminated in the 10th and 11th years after the TPP takes effect include various meats, beer and wine, sugar, eggs, salt, oil, automobiles, steel, and certain automobile parts. Steel blanks, tires, etc.

Regarding export taxes, Vietnam has committed to abolishing export tariffs on most products that are currently subject to export tariffs within 5 to 15 years after the TPP comes into effect. Certain important product items will continue to retain export tariffs.

In terms of customs affairs, the TPP agreement also proposes the simplification and harmonization of customs procedures to provide the most convenient conditions for importers and exporters, including procedures for express delivery goods, predetermined regulations, origin certification mechanisms, and the origin of goods. Supervision mechanism, risk management mechanism for import and export goods, and regulations on customs clearance hours for goods.

In addition, the TPP Agreement also stipulates a self-certification mechanism for origin in terms of procedures for inspecting and identifying the origin of imported and exported goods. Accordingly, manufacturers can declare the origin of their products on their own (according to current regulations, manufacturers must submit a certificate of origin issued by the competent authority of the exporting country to the customs unit).

Regarding financial services, its commitments include the commitment to expand market opening plus a transparency system (investment project management services, financial information flow and provision, additional securities services, strengthening transparency), investment protection (effective and clear disputes resolution mechanism), allowing exceptions to apply, etc. After the TPP comes into effect, Vietnam will cancel 65% of import taxes and duties

This article is from the Internet, does not represent Composite Fabric,bonded Fabric,Lamination Fabric position, reproduced please specify the source.https://www.yjtextile.com/archives/10928

Author: clsrich

 
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