Vinacomin coal exports decline after tax hike
Vinacomin coal exports decline after tax hike
Viet Nam National Coal and Mineral Industries Group (Vinacomin)'s coal exports last month declined by 10 times over the previous month to 100,000 tonnes after a rise in export tax from 10 per cent to 13 per cent in mid July.
The rise in coal export prices caused many importers to seek other providers with lower prices, Vinacomin said.
The coal exploitation output and consumption in July also declined due to the wet season.
Statistics showed that the sold volume of coal in both domestic and foreign markets last month hit a record low, staying at only 2 million tonnes, equivalent to 60 per cent of the average volume of the first six months of this year.
Vinacomin said the demand of coal for electricity generation was down while the group had not received export contracts this month.
Previously, Vinacomin proposed the Government keep the coal export tax at 10 per cent as it was in the first six months of the year.
Fees and taxes imposed on coal mining are around 30 per cent, including national resource tax (5-7 per cent), export tax (13 per cent), value added tax (10 per cent), environmental fees (3 per cent).
According to the statistics of the Ministry of Industry and Trade, in the first seven months of this year, the export turnover of coal declined by 15.5 per cent year-on-year.
Coal exploitation output in the period was estimated at 24.8 million, 14 per cent lower than the same period last year.
vietnamnews
