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Ministry proposes import tax hike on heavy trucks

The Ministry of Finance has proposed to increase import tax on complete built-up units (CBUs) of trucks weighing more than 45 tonnes from the current zero to 10 percent.
Ministry proposes import tax hike on heavy trucks ảnh 1The current zero tax rate levied on imported trucks of more than 45 tonnes does not encourage local producers (Photo: VNA)

Hanoi (VNA) - The Ministry of Financehas proposed to increase import tax on complete built-up units (CBUs) of trucksweighing more than 45 tonnes from the current zero to 10 percent.

This tax level is equal to commitments underthe World Trade Organisation (WTO).

The proposal was listed in the draft circular onrevising import tax on trucks and spare parts.

The ministry said the more than 45-tonne truckshave simple functions and configurations that most domestic enterprises canmanufacture and assemble. The zero tax rate does not encourage local producersto make this type of vehicle as well as hinders them from competing withimported ones.

Meanwhile, the demand in Vietnam for the truck was500 to 700 vehicles a year, mainly from brands of HOWO, BELAZ and VOLVO fromChina, Sweden and Eastern European countries.

Vietnam now has only assembly companies of thetruck including THACO, HINO and TMT with capacity of some 2,000 trucks a year.

Last year, the country imported 117 trucks of morethan 45 tonnes worth 19 million USD. In the first four months of the year, thecountry imported 254 trucks worth 43.8 million USD, double that of the whole oflast year.

The ministry said the tax adjustment wouldcontribute 1.9 million USD to the State budget.-VNA
VNA
#heavy trucks #import tax on complete built-up units of trucks #import tax on trucks and spare parts #truck imports into Vietnam #vehicle imports into Vietnam #updated Vietnam news #Vietnamplus #Vietnam News Agency
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