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| Vietnam to hike mining tax - 21 Aug, 2008 | ||
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Reuters reported that Vietnam’s finance ministry has proposed steep tax hikes on domestic production of minerals, metals, natural gas, coal and gemstones to help protect the environment and prevent unauthorized mining. The ministry said that "Raising the natural resource tax on minerals will contribute to limiting the widespread exploitation and raising revenues for provincial budget to help improve the environment.” The ministry said in its draft proposal has outlined taxes on mining manganese, steel, lead, zinc, copper and tin would be raised to between 10% and 30%, from 1% to 5% now. Natural gas production would be taxed at 6% to 25%, on par with the current tax on crude oil and up from 0% to 10% now, while coal mining would be taxed at 5% to 20%, from 1% to 3% at present. The ministry also proposed a tax of 5% to 20% for gemstone production up from 3% to 8%. The finance ministry said it has sent the proposal on the tax changes to relevant authorities and asked them to give opinions by August 29th2 008 before the plan is submitted to the government. It did not say when the new taxes would be approved. The ministry said that Vietnam’s natural resource tax collection last year dropped by 7.6% to VND 21.4 trillion and at a minimum mineral tax rate of 10%, Vietnam would be able to collect taxes of VND 21.5 trillion. | ||
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