To facilitate the development of cold-water fisheries, Ministry of Finance is proposing the Government to turn eggs for nursery into a separate item which should be imposed import tax 0%. Accordingly, further document and reports need to be fulfilled so that tax exemption can be practical.
The proposal was made in the Draft of Decree to amend and supplement Decree no.125/2017/ND-CP and Decree no.122/2016/ND-CP by the Government about import and export tax, preferential import tax, list of goods and maximum tariff, mixed tariff, and import tax beyond customs quota.
According to Ministry of Finance, some cold-water fisheries development associations and businesses recommended to reduce import tax on inseminated eggs which would be used for multiplication of other aquatic breeds. This would match the Government’s current policy to support and encourage the breeding for production.
As presented in the Import tax table in Decree no.125/2017/ND-CP dated 16 November 2017, breeding caviar (code 0511.91.90) would be imposed import tax5%.
Some comments sent to Ministry of Finance said such imposition could not create favorable conditions for sturgeon culture and production in Vietnam. Meanwhile, vegetal goods and animal products for breeding are imposed tax 0%.
Considering the actual situation, to facilitate cold-water fisheries, Ministry of Finance plans to propose the Government to turn eggs (sturgeon and others included) for nursery into a separate item and state this in Chapter 98, paragraph 98.51 with tax level 0%. Besides, further document and reports need to be fulfilled so that tax exemption will be officially stipulated in Chapter 98.
Based on statistics by Ministry of Finance, import volume of goods code 0511.91.90 in the first 9 months of 2018 was worth 378,000 USD;however, the goods include so many items that they can not determine the number of imported eggs for nursery. Fortunately, this might not affect budget revenues due to low import volume.