The Government has agreed to offer import tax incentives to the FormosaHa Tinh Steel Project to create the most favourable conditions for theproject's implementation.
According to a report in the Dau tu(Vietnam Investment Review) newspaper, Deputy Prime Minister Hoang TrungHai exempted the company from import taxes on a number of machines andequipment to create fixed assets for the giant steel and port project inthe central province of Ha Tinh.
Besides, the project is also exempted from natural-resources tax on sand to level the project's surface.
Themove was made following a proposal from the project's investor – theTaiwan's Hung Nghiep Formosa Ha Tinh Steel Limited Company, a subsidiaryof Formosa Plastics Group – late last year.
After scrutiny,authorities said some machines, equipment and construction materialsimported to build the project were not produced or manufactured in thecountry. Therefore, these goods would also be exempted from import taxin accordance with the current regulations.
Besides, theGovernment also agreed to exempt import taxes on the project'sheat-resistant bricks and electric cable lines, even though thematerials are produced in the country. The materials had to be importedto fit with the project's initial designs.
The project has registered investment capital of nearly 10 billion USD. It is expected to begin operations in 2015.
Localauthorities expected that the complex, with an annual output of 7.5million tonnes, would create 10,000 local jobs in the first phase, withthe figure to grow to 30,000 upon completion of the second phase.-VNA
According to a report in the Dau tu(Vietnam Investment Review) newspaper, Deputy Prime Minister Hoang TrungHai exempted the company from import taxes on a number of machines andequipment to create fixed assets for the giant steel and port project inthe central province of Ha Tinh.
Besides, the project is also exempted from natural-resources tax on sand to level the project's surface.
Themove was made following a proposal from the project's investor – theTaiwan's Hung Nghiep Formosa Ha Tinh Steel Limited Company, a subsidiaryof Formosa Plastics Group – late last year.
After scrutiny,authorities said some machines, equipment and construction materialsimported to build the project were not produced or manufactured in thecountry. Therefore, these goods would also be exempted from import taxin accordance with the current regulations.
Besides, theGovernment also agreed to exempt import taxes on the project'sheat-resistant bricks and electric cable lines, even though thematerials are produced in the country. The materials had to be importedto fit with the project's initial designs.
The project has registered investment capital of nearly 10 billion USD. It is expected to begin operations in 2015.
Localauthorities expected that the complex, with an annual output of 7.5million tonnes, would create 10,000 local jobs in the first phase, withthe figure to grow to 30,000 upon completion of the second phase.-VNA
