US to extend anti-tax evasion investigation into Vietnamese stainless steel plates
|Illustrative image. (Photo: VNA)|
Accordingly, the consideration will last until January 4 next year.
The DOC initiated the investigation on the products (belt and strip) on May 15, 2020.
Specifically, the department investigated the issues related to scope inquiry to determine whether stainless steel sheet products are manufactured in China, then further processed in Vietnam before being exported to the US is subject to tax or not; and the anti-circumvention behaviour of Vietnamese businesses.
The investigation on stainless steel plate (belt and strip) was carried out by the DOC’s own investigation, not based on the submission of any other third parties, including U.S. domestic industries.
The MoIT said since February 2017, the DOC has imposed anti-dumping and anti-subsidy duties on stainless steel products (HS code of class 7219 and 7220) originating in China with anti-dumping duty rate from 63.86 to 76.64% and anti-subsidy duties from 75.60% to 190.71%. Meanwhile, the US import duty rate applied to Vietnam’s stainless steel plate is 0%.
Recently, on May 5, 2022, the DOC announced the extension of the time to issue final conclusions for its investigation to September 6, 2022. This is the fourth time the US has announced an extension of the investigation period.
To protect the legitimate interests of Vietnamese exporters, stakeholders have been advised to keep a close watch on the developments of the case, and update regulations, order and procedures for anti-tax evasion investigation of the US.
Exporting businesses need to cooperate with goodwill and provide sufficient information to investigation agencies as well as work closely with the MoIT to receive timely assistance.