According to reports in the local media, Vietnam's Finance Ministry has abolished an export tax that was imposed on rice in August.The ruling ending the tax came into effect on Dec. 19 after exporters sought in October to remove the tax imposed on rice sold at $800 PMT or more to help boost domestic supply, the Ho Chi Minh City Laws newspaper reported.The duty has had little impact because export prices have been below the taxable level.
Asian rice prices almost trebled to their highest level ever this year, as export restrictions by leading suppliers fuelled insecurity over food supplies. Vietnamese rice soared to $1,000 PMT in May. But when the tax went into effect on Aug. 15, prices for Vietnamese 5 percent broken rice, the highest quality grain among the country's common grades for export, had fallen to $550 PMT, FOB. Last week it stood at $400 PMT.
Asian rice prices almost trebled to their highest level ever this year, as export restrictions by leading suppliers fuelled insecurity over food supplies. Vietnamese rice soared to $1,000 PMT in May. But when the tax went into effect on Aug. 15, prices for Vietnamese 5 percent broken rice, the highest quality grain among the country's common grades for export, had fallen to $550 PMT, FOB. Last week it stood at $400 PMT.
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