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Tuesday, July 23, 2024

Malaysia, Chile, Brunei granted CPTPP tax benefits

The Saigon Times

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HCMC – Malaysia, Chile, and Brunei have been granted access to trade tax benefits under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP), according to the Vietnamese Ministry of Industry and Trade.

Government Decree 68/2023, issued on September 7, expands the scope of the CPTPP to include Malaysia, Chile and Brunei, enabling these nations to enjoy preferential export and import tax rates when trading with Vietnam.

The CPTPP is designed to enhance economic cooperation among member countries by reducing trade barriers across the Asia-Pacific region. It was originally applicable to Australia, Canada, Japan, Mexico, New Zealand, Singapore and Peru.

The decree also outlines specific conditions for businesses engaged in trade between Vietnam and these newly added countries. In cases where businesses have previously paid taxes at higher rates, the customs authority will provide refunds for the excess amount.

The CPTPP is a trade agreement between Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam.

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