Vietnam waives tax exemptions on soybean meal imports

Vietnam’s Ministry of Finance (MOF) said it should either maintain the current tax rate on soybean meal imports at 2% or reduce it to 1% rather than 0% as previously proposed by the Ministry of Agriculture.

The Ministry of Finance explained that the 2% tax rate is already below the WTO commitment ceiling of 5%.

In addition, adjusting the tax rate could lead to a decrease in demand for domestic products and increased dependence on imported sources.

Currently, domestic production is able to meet 35% of demand.

Tags: Vietnam, soybean meal