Vietnamplus

The Ministry of Finance (MoF) expects to keep this year’s State budget deficit at 3.7 percent of the GDP, below the 3.9 percent mandated by the National Assembly.

The budget revenue of the General Department of Customs (GDC) surpassed 261.1 trillion VND (11.5 billion USD), or 91.6 percent of the 2017 target as of November 28.

Taxes on alcohol and soft drinks should not be hiked again in the next few years since successive hikes in special consumption tax have had a strong impact on the market, heard a round table in Ho Chi Minh City.

The Ministry of Finance (MoF) has introduced a draft of amendments to laws on Value Added Tax, Special Consumption Tax, Corporate Income Tax, Personal Income Tax and Natural Resources Protection Tax.

The Ministry of Industry and Trade is crafting a new strategy to protect the auto industry with tax policies at its centre, Sai Gon Times Weekly reported.

The enforcement of the law on tobacco harm reduction should be promoted in ministries, branches and local authorities to reduce dangers from smoking and lower the death rate caused by smoking.

Special consumption tax must be adjusted to avoid a serious budget deficit when fuel import tax is cut in line with various trade agreements Vietnam has signed.

Automobile companies have seen profits down since the beginning of this year despite robust car sales in the domestic market.

Vietnam’s automobile sales in June totaled 24,421 units, dropping six percent against the previous month, announced the Vietnam Automobile Manufacturers’ Association (VAMA) on July 8.

The special consumption tax for cars with engines of 2,500 cu.cm – 3,000cu.cm will increase to 55 percent from 50 percent starting from July 1.

The import of completely built-up (CBU) autos from India in May jumped more than 20 times from February to over 3,500 units with an average price of only 112 million VND (4,870 USD).

Auto importers in Vietnam petitioned the Prime Minister and relevant sectors to consider problems related to some revised articles and supplements in the Law on Special Consumption Tax.

A number of draft laws sailed through the 11th meeting of the 13th National Assembly in Hanoi on April 6 with the majority of votes in favour.

Health activists say special consumption taxes imposed on alcohol, beer and tobacco should be increased to improve community health and tackle the national budget deficit.

Vietnamese auto businesses imported about 5,000 completely built-up unit (CBU) cars, worth 131 million USD, in February, 1,000 cars less than the previous month, the General Statistic Office (GSO) sai

National Assembly deputies concentrated their attention on the draft law on amendments and supplements to some articles of the Laws on Taxation and the draft revised law on export and import tariffs.

A number of types of automobiles will see prices drop by up to 42 percent by 2019 as a result of lower import and special consumption taxes.

The Government wants to raise the special consumption tax on vehicles with high engine displacement, according to a statement it delivered to the National Assembly recently.