Wednesday, 23rd November 2005 (2840 views)

The Vietnamese Ministry of Finance has announced it will reduce the gold import tax by 0.5 per cent.

The decision is intended to overcome difficulties brought about by the recent increase in gold prices.

The legislation will see import tax on material gold fall from 1 per cent to 0.5 per cent and unprocessed diamonds and gemstones will drop from 1 per cent to 0 per cent.

Quach Duc Phap, director general of tax policy for the Ministry of Finance told VietNamNet Bridge that an intended reduction on gold tax for the New Year had been brought forward due to the highest global gold prices in 18 years.

"Tax reduction is not what all enterprises need, but in such circumstances, it will help them to overcome difficulties," he said.

Vietnam based Saigon Jewelry Holding adjusted its gold selling rate eight times on Tuesday as Vietnamese prices matched the worldwide hike in gold which saw levels in the US reach £282.89 an ounce.

 

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