Tax Cut Proposal for Animal Feed Imports Submitted - Vietnam Briefing News
Apr. 1 – Vietnam's Ministry of Agriculture and Rural Development has submitted a recommendation that the government decrease import taxes on animal feed for farmers struggling with costs.
The ministry has requested in its proposal that taxes should be slashed by fifty percent on finished feed products to 4 percent in addition to taxes on dry beans to 5 percent.
Moreover, it has also been proposed that various feed ingredients should be given a zero rate. Vietnam currently imports 49 to 52 percent of its ingredients for animal feed.
Le Ba Lich, the chairman of the Vietnam Animal Feed Association told Thanh Nien News that of 22 kinds of ingredients in total, soybean meal is imported. He added that animal feed prices could increase next month as prices of imported ingredients have increasing for more than a month.