Steel is produced at Viet Nam-Germany Steel Pipe Joint Stock Company in northern Vinh Phuc’s Binh Xuyen Industrial Zone (Photo: VNA) Hanoi (VNA) - The General Department of Customs has just asked itsofficials to strengthen checks on imported steel products after a series ofreports on steel firms submitting incorrect declarations about product codes.
All customs departments of provinces and cities have been ordered to directtheir sub-departments to strictly implement regulations on sampling, analysingand inspecting imported steel products, and identify imported products withincorrect codes.
As per the Ministry of Industry and Trade’s (MoIT) Decision No 2968/QD-BCTdated July 18, 2016 on safeguards, the tax rate for imported steel billets is23.3 percent and for imported long steel products is 15.4 percent (as of March21, 2017).
From March 22, 2017 to March 21, 2018, the tax rate for imported steel billetsand long steel products is 21.3 percent and 13.9 percent, respectively.
The MoIT has imposed additional tariffs on imported steel products as asafeguard against cheap imports that are believed to be threatening thedomestic industry.
Also under the decision, imported products on which safeguards have beenapplied include alloy and non-alloy steel billets, and alloy and non-alloy longsteel products coded: 7207.11.00; 7207.19.00; 7207.20.29; 7207.20.99;7224.90.00; 7213.10.00; 7213.91.20; 7214.20.31; 7214.20.41; 7227.90.00;7228.30.10; 9811.00.00.
Steel billets and long steel products that do not have these codes will beexcluded from the tougher safeguards.
However, after the safeguards were applied, representatives of the VIetnamSteel Association said the import volume of the two types of steel havedeclined sharply, while the import volume of steel products with non-taxablecodes has shot up. Officials suspect that local steel importers are changingproduct codes to avoid paying higher tax.-VNA
All customs departments of provinces and cities have been ordered to directtheir sub-departments to strictly implement regulations on sampling, analysingand inspecting imported steel products, and identify imported products withincorrect codes.
As per the Ministry of Industry and Trade’s (MoIT) Decision No 2968/QD-BCTdated July 18, 2016 on safeguards, the tax rate for imported steel billets is23.3 percent and for imported long steel products is 15.4 percent (as of March21, 2017).
From March 22, 2017 to March 21, 2018, the tax rate for imported steel billetsand long steel products is 21.3 percent and 13.9 percent, respectively.
The MoIT has imposed additional tariffs on imported steel products as asafeguard against cheap imports that are believed to be threatening thedomestic industry.
Also under the decision, imported products on which safeguards have beenapplied include alloy and non-alloy steel billets, and alloy and non-alloy longsteel products coded: 7207.11.00; 7207.19.00; 7207.20.29; 7207.20.99;7224.90.00; 7213.10.00; 7213.91.20; 7214.20.31; 7214.20.41; 7227.90.00;7228.30.10; 9811.00.00.
Steel billets and long steel products that do not have these codes will beexcluded from the tougher safeguards.
However, after the safeguards were applied, representatives of the VIetnamSteel Association said the import volume of the two types of steel havedeclined sharply, while the import volume of steel products with non-taxablecodes has shot up. Officials suspect that local steel importers are changingproduct codes to avoid paying higher tax.-VNA
VNA
