Ministry of Industry and Trade extended safeguard taxes on billet and construction steel

On March 20, 2020, the Ministry of Industry and Trade issued Decision 918 / QD-BCT on extending the application of safeguard measures to steel billet and long steel imported into Vietnam. The document takes effect from March 22, 2020 to March 21, 2023.

See details of the Decision of the Ministry of Industry and Trade here

On the same day, the Ministry of Industry and Trade also issued Decision No. 920 / QD-BCT on extending the application of safeguard taxes evasion avoidance measures to wire steel products imported into Vietnam from regional countries. The level of evasion avoidance is equal to the safeguard taxes imposed on the long steel.

Earlier, on July 18, 2016, the Ministry of Industry and Trade announced the first official application of safeguard taxes on imported steel and long steel billets in Decision No. 2968 / QD-BCT. The safeguard tax period from 2016 to now has decreased gradually from 23.3% to 17.3% for steel billet and 14.2% - 10.9% for long steel.

According to the Department of Trade Defense - Ministry of Industry and Trade, on the basis of the results of the final review of safeguard measures on imported steel and long steel products, the Ministry of Industry and Trade determines the extension of the application of safeguard measures on imported billet and long steel is necessary to prevent the loss of the domestic manufacturing industry and ensure the effectiveness of the measure, giving the domestic manufacturing industry more time to adjust.

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