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Vietnam to cut 13% tax on cars imported from ASEAN from Jan 2011
2010-1203
The Vietnam Ministry of Finance has sent a circular to the Vietnam Automobile Manufactured Association (VMA) to collect its opinion about 13% tax cut on automobile imported from ASEAN, effective from 1st November 2011 as committed.
In details, tax rate on automobile from 9 seats or fewer imported from ASEAN will be 70% effective on 1st November 2011 as committed, down 13% from current 83%. While cars imported from other markets will still bear 83% tax.
Domestic consumers would benefit from the move while the domestic automobile companies will have to compete more with foreign peers in prices and quality.
Car sales are believed to be affected by the new move as buyers will wait for the new tax announcement to make decision.
VAMA members’ car sales fell 11% on year to 10,421 cars in October including 15% fall in multi-function cars, 16% in small cars and 6% in passenger cars.
In details, tax rate on automobile from 9 seats or fewer imported from ASEAN will be 70% effective on 1st November 2011 as committed, down 13% from current 83%. While cars imported from other markets will still bear 83% tax.
Domestic consumers would benefit from the move while the domestic automobile companies will have to compete more with foreign peers in prices and quality.
Car sales are believed to be affected by the new move as buyers will wait for the new tax announcement to make decision.
VAMA members’ car sales fell 11% on year to 10,421 cars in October including 15% fall in multi-function cars, 16% in small cars and 6% in passenger cars.
Source: Stoxplus.com
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