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Proposal to increase fertilizer export tax to lower domestic prices

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As suggested by The financial, fertilizer If the value of natural resources and minerals plus energy costs is less than 51% of the product’s cost, the export tax rate increases from 0% to 5%. Other fertilizer groups keep current tax rates.

The Ministry of Finance said that this plan to increase export tax would contribute to retaining the source of fertilizer for domestic use, especially in the context of high fertilizer prices, ensuring the harmony of interests between the state and businesses.

At the same time, it will reduce administrative procedures because businesses and customs must determine the proportion of mineral resources in the product according to current regulations. However, from another angle, this proposed increase in export tax may have an impact on some fertilizer exporters.

The Ministry of Finance said that recently, it has received recommendations from many agencies to review and consider export tax policies with fertilizers in the context of high fertilizer prices.

The Ministry of Finance has reported to the Government on an overview of the fertilizer market. Currently, the prices of fertilizers in the world and domestic markets are continuously increasing because most of the raw materials have to be imported and prices have increased sharply in recent times.

In addition, the scarcity of empty containers and the lack of raw materials for production caused fertilizer prices to rise.

According to market records, since the Lunar New Year, fertilizer prices have increased for the third time in a row. Currently, urea price is up to 18,000 VND/kg; DAP fertilizer threshold 18,500 – 19,000 VND/kg; NPK threshold 16,000-16,500 VND/kg…

Since the beginning of the year, fertilizer prices have now increased by 18-25%. Potassium has a point of constantly skyrocketing.

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