VASEP petitions to repeal requesting importers to provide a credit guarantee by credit institutions to enjoy imported tax payment grace in 275 days
(vasep.com.vn) VASEP petitions to repeal requesting importers to provide a credit guarantee by credit institutions to enjoy imported tax payment grace in 275 days in the draft on revised tax management law
In October 24th 2012, Vietnam Association of Seafood Exporters and Producers (VASEP) sent the official letter No. 111/2012/CV-VASEP to the National Assembly of Socialist Republic of Vietnam, the State President and the Prime Minister on petitioning to repeal requesting importers to provide a credit guarantee by credit institutions to enjoy imported tax payment grace in 275 days in the draft on revised tax management law.
On behalf of seafood enterprise community, VASEP respectfully petitions the National Assembly, the State President and the Prime Minister:
1. The authorities should consider and appreciate comprehensively the benefits created by businesses that import materials and make products domestically for export in comparison with the benefits created by businesses import materials to make products for domestic distribution. Because material imports to have further processing before exporting the processed products out of Vietnam fetch huge profit, the National Assembly and the government should encourage and support further for the businesses. The government shouldn’t apply the same rule on two different businesses because it can lead to seriously excess of imports over exports (trade deficit).
2. The authorities should consider offering the 275-day grace period on tax payments without guarantee by credit institutions for businesses. Enclosed with the official letter is “Report and Recommendation” which analyzes specifically the current situation and effects caused by the draft on revised Tax Management Law to seafood export revenue, production capacity, employment, and social costs.
Kim Thu