200 per cent Tariffs on Used Cars Proposed

200 per cent Tariffs on Used Cars Proposed  

The Ministry of Industry has proposed to increase the import tax on used cars to 200 per cent, doubling the current tariff and equaling the current rate on new cars in order to avoid trade frauds. The move is part of a tax policy on imported cars and spare parts that the ministry has urged the Vietnamese Government to submit to the National Assembly, the Vietnam’s legislature.

The ministry has also called for the application of the same special consumption tax level on both imported and locally assembled cars within this year, instead of the current level of 80 per cent on imported cars and 40 per cent on locally-assembled ones.

2012 has been set by the ministry as the year when the roadmap for the reduction of import tax on cars ends.

• T.V