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Car registration fees in HCMC, Hanoi proposed to be raised
2011-1110
The Ministry of Industry and Trade has sought the National Assembly (NA) for the green light to raise the car registration fees in Vietnam’s two biggest cities of Hanoi and Ho Chi Minh City to 20 percent to limit private vehicles
The car registration fee is now 12 percent and 10 percent of the vehicle prices in Hanoi and HCMC which have highest traffic density of the country.
Further measures, including the increase of the excise tax and registration fee on cars, should be applied to limit the rise of personal vehicles and trim down trade deficit, according to newswire Vnexpress.
The agency has also proposed then NA to adjust the special consumption tax on cars with less than 9 seats up to higher levels, effective as from 2012.
The current excise tax on less than six-seat cars have three levels of 45 percent, 50 percent and 60 percent, based on the cylinder of the machine. For cars of 6-9 seats, tax tariff is 45 percent-60 percent, depending on each type.
The ministry’s proposal has also been sent to the other functional units.
For registration fee, both general Department of Taxation and general Department of Vietnam Customs have agreed with the proposal to impose the highest pressure in Hanoi and HCMC at 20 percent.
The reason is that these cities have high vehicle density and traffic congestion is increasing.
Earlier this year, the Ministry of Finance has decided to increase the car registration fee cap from 15 percent to 20 percent.
Based on the allowable cap, provinces and cities nationwide will determine specific rates based on their local conditions. However, there have been no local authorities reported to have made the decision to increase the registration fees under the cap.
The current registration fees, which range from 10 percent to 20 percent of the vehicle price, have been officially in effect since October 15.
According to the statistics of the finance ministry, at present, the average income from car registration fees reaches about VND7 trillion per year, accounting for 2.5 percent of the country's total state budget revenue.
The total collection of car registration fees is rising steadily in recent years In particular, from VND3.363 trillion in 2006 to VND5.636 trillion in 2007, VND7.363 trillion in 2008, VND7.565 trillion in 2009, and VND9.209 trillion in 2010.
Vietnam imported about 48,000 autos worth $895 million in the first 10 months of this year, up 15.1 percent in volume and 16.5 percent in value year on year, according to estimates of Vietnam’s General Statistics Office (GSO).
October estimates show that 3,000 autos worth $46 million were imported, down around 33 percent in volume and value month on month, said GSO.
Car dealers affirmed that the decline in import value may persist in the last months of the year, but added that imports might be limited this year because unauthorized companies were not allowed to import cars.
The car registration fee is now 12 percent and 10 percent of the vehicle prices in Hanoi and HCMC which have highest traffic density of the country.
Further measures, including the increase of the excise tax and registration fee on cars, should be applied to limit the rise of personal vehicles and trim down trade deficit, according to newswire Vnexpress.
The agency has also proposed then NA to adjust the special consumption tax on cars with less than 9 seats up to higher levels, effective as from 2012.
The current excise tax on less than six-seat cars have three levels of 45 percent, 50 percent and 60 percent, based on the cylinder of the machine. For cars of 6-9 seats, tax tariff is 45 percent-60 percent, depending on each type.
The ministry’s proposal has also been sent to the other functional units.
For registration fee, both general Department of Taxation and general Department of Vietnam Customs have agreed with the proposal to impose the highest pressure in Hanoi and HCMC at 20 percent.
The reason is that these cities have high vehicle density and traffic congestion is increasing.
Earlier this year, the Ministry of Finance has decided to increase the car registration fee cap from 15 percent to 20 percent.
Based on the allowable cap, provinces and cities nationwide will determine specific rates based on their local conditions. However, there have been no local authorities reported to have made the decision to increase the registration fees under the cap.
The current registration fees, which range from 10 percent to 20 percent of the vehicle price, have been officially in effect since October 15.
According to the statistics of the finance ministry, at present, the average income from car registration fees reaches about VND7 trillion per year, accounting for 2.5 percent of the country's total state budget revenue.
The total collection of car registration fees is rising steadily in recent years In particular, from VND3.363 trillion in 2006 to VND5.636 trillion in 2007, VND7.363 trillion in 2008, VND7.565 trillion in 2009, and VND9.209 trillion in 2010.
Vietnam imported about 48,000 autos worth $895 million in the first 10 months of this year, up 15.1 percent in volume and 16.5 percent in value year on year, according to estimates of Vietnam’s General Statistics Office (GSO).
October estimates show that 3,000 autos worth $46 million were imported, down around 33 percent in volume and value month on month, said GSO.
Car dealers affirmed that the decline in import value may persist in the last months of the year, but added that imports might be limited this year because unauthorized companies were not allowed to import cars.
Source: Tuoi Tre
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