Car imports rise sharply following tax adjustment
Vietnam spent 195 million USD on importing about 12,000 completely built-up cars in May, an increase of 33 percent in quantity compared to April and 12 percent against the same period last year.
Illustrative photo (Source:Internet)According to the General Statistics Office, the number of car imports in the first five months of this year was 41,000 units, worth a total 927 million USD.
Auto businesses said imports increased sharply as consumers wanted to buy cars before Government tax hikes on imported automobiles come into effect.
Under the new tax, which will apply beginning January 1, tax levels of 55 percent, 90 percent, 130-150 percent will be levied on cars with a cylinder capacity of 2.5 litres, 3 litres, 4-6 litres, respectively.
Currently, 2.5 litre cars are taxed at 50 percent, while 3 litre and 4-6 litre cars are both taxed at 60 percent.
The tax changes will increase the price of some cars by tens of thousands of USD.-VNA
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