Ministry of Finance had recently decided to cut the import tax of gold ingots to 0.5 percent from 1 percent a move aimed at creating favorable conditions for developing the local gold market in Vietnam.
A seminar was held by The Vietnam Gold Business Association at Ha noi wherein the association also petitioned the Government to reconsider the method for collecting value added tax (VAT) on gemstones and diamonds.
Even though import tariffs for gemstones and diamond have been waived, VAT still remained at 10 percent, causing great financial difficulties for importers and traders as VAT is paid in advance and have to wait to collect the taxes after they sell the goods.
The Association has appealed the Government to reconsider the problem and permit importers to pay VAT after they sell their goods.
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