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Auto tax incentives won’t be extended
2009-1030
The Ministry of Finance has turned down a proposal by the Vietnam Automobile Manufacturers Association (VAMA) to extend the expiration date of tax incentives on automobiles until the end of next year, a ministry official has said.
In an effort to stimulate the economy, the Government halved value-added tax on automobiles in February and the automobile registration fee in May.
Speaking at a meeting with VAMA on Oct. 27, a representative of the ministry said that preferential tax policies for domestic car manufacturers could not be extended because car buyers were already on long waiting lists at automobile dealers.
VAMA had asked the ministry to maintain the current tax and fee rates, saying that the domestic automobile market had yet to recover and would slow down sharply if tax incentives were not continued.
In an effort to stimulate the economy, the Government halved value-added tax on automobiles in February and the automobile registration fee in May.
Speaking at a meeting with VAMA on Oct. 27, a representative of the ministry said that preferential tax policies for domestic car manufacturers could not be extended because car buyers were already on long waiting lists at automobile dealers.
VAMA had asked the ministry to maintain the current tax and fee rates, saying that the domestic automobile market had yet to recover and would slow down sharply if tax incentives were not continued.
Source: VNS
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