Proposing to increase the export tax rate of steel billet (headings 72.06 and 72.07) from 0% to 5%.
It is proposed to reduce the MFN import tax rate for reinforced concrete from 20% to 15%.

In Official Dispatch No. 7672/BTC-CST on project construction documents Decree amending and supplementing a number of articles of Decree 57/2020/ND-CP dated May 25, 2020, the Ministry of Finance said, the price domestic construction steel continuously increased sharply. The main reason is the increase in raw material prices and the steel industry’s heavy dependence on external raw materials. The high steel price has greatly affected the progress and disbursement as well as provision costs of projects, especially public investment projects, to input costs of many manufacturing industries.

The Ministry of Finance believes that the preferential import tax rates (MFN) for some types of construction iron and steel have been applied for a long time with relatively high levels (up to 15%, 20% and 25%). . Therefore, in order to contribute to lowering the price of construction steel products and promoting businesses to reduce costs, the Ministry of Finance submitted to the Government a plan to adjust the export tax rate for steel billets and the tax rate. import MFN of some types of iron and steel.

Specifically, the Ministry of Finance submitted to the Government to increase the export tax rate of billet products (groups 72.06 and 72.07) from 0% to 5%. According to the Ministry, following this plan will contribute to stabilizing the domestic supply of steel billets, stabilizing prices in the market and limiting exports.

Regarding MFN import tax on some steel products, in order to contribute to reducing input steel prices, the Ministry of Finance proposed to the Government to reduce the MFN import tax rates for some steel products.

Goods include reinforced concrete of heading 72.13, 72.14, 72.15 (HS code 7213.91.20; 7213.99.20; 7214.20.31; 7214.20.41; 7214.20.51; 7214.20.61; 7215.50.91; 7215.90.10 ) from 20% to 15%.

For angle, mold and shaped steel of heading 72.16 (HS code 7216.33.11; 7216.33.19; 7216.33.90) and notched steel of heading 72.13 (HS code 7213.10.10 and 7213.10.90), the Ministry of Finance exports decreased from 15% to 10%.

For flat-rolled non-alloy steels belonging to 8 commodity codes of group 72.10 (HS 7210.41.11; 7210.41.91; 7210.49.12; 7210.49.91; 7210.61.11; 7210.61.91; 7210.69.11; 7210.69.91 ), proposed to reduce from 20% and 25% to 15%.

According to the Ministry of Finance, the adjustment and reduction of import tax rates for some of the above-mentioned products have some effects on reducing State budget revenue, but the expected impact is not large due to the need to import iron and steel. This steel current is not high. These are steels that can also be produced domestically and basically meet the demand.

This adjustment will contribute to promoting domestic steel manufacturing enterprises to invest and innovate technology to reduce product costs and increase competitiveness for imported steel products. In addition, the adjustment will contribute to stabilizing the domestic market, and at the same time, promoting the steel industry to develop sustainably.

Source: ndh.vn

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