Car taxes cut from January 1 The Ministry of Finance yesterday issued a new tariff on vehicle imports with tax cuts spelling benefits for car buyers from January 1. Under the new tariff regime, the import tax on vehicles with less than nine seats and having a cylinder of 1.8-2.5 litres will be shaved 1 percentage point to 82 per cent. But cars with a cylinder of more than 2.5 litres will see a more substantial rate cut of 6 percentage points to 77 per cent. The new rate for four-wheel drives will be 5 points lower at 72 per cent. The ministry said they had made the adjustments to gradually meet Viet Nam's commitments to the World Trade Organisation (WTO) and ASEAN. According to WTO commitments, vehicles will attract a tax rate of 83 per cent next year while the rate committed to ASEAN is 70 per cent. Industry insiders said though the import tax cut was marginal, it became significant when other taxes including special consumption tax and value added tax, which will be also … [Read more...] about Car taxes cut from January 1
Claim back car tax
Uber BV Netherlands Co., Ltd. (Uber) will have to pay nearly VND67 billion ($2.94 million) in tax arrears, including personal and corporate income tax, withholding tax and value-added tax (VAT), as well as late payment fine, according to newswire Vnexpress. The Ministry of Finance's inspection found Uber's tax payments lacking After inspecting Uber BV’s tax records since it started operations in Vietnam in 2014 to June 2017, the Ho Chi Minh City Department of Taxation has requested Uber BV to pay its tax arrears. Notably, Uber BV will have to pay VND10.5 billion ($461,589) in withholding tax, as well as VND26.3 billion ($1.16 million) of VAT and more than VND14.6 billion ($641,841) applied to personal income tax. Besides, the taxation authority issued a fine of VND10.3 billion ($452,805) for its … [Read more...] about Uber $2.94 million in tax arrears
Overseas Vietnamese may have to satisfy stricter regulations to claim exemptions from import tax and value added tax on cars and motorbikes they bring back home. A draft circular outlines several measures to control the number of vehicles brought back by overseas Vietnamese - and make sure their owners are not trying to avoid paying taxes. Under the draft circular, they will only be able to bring home cars less than five years old (from the production date to the date of arrival in Viet Nam). Motorbikes must be less than three years old and must be models permitted in Viet Nam. The vehicles must clear customs with certificates of technical safety and environmental protection granted by quality inspection agencies. Currently, every repatriate bringing a car back to Viet Nam is exempt from both import tax and the VAT. The number of luxury vehicles brought in by repatriating viet kieu has rapidly increased, with more than 1,140 cars in 2012 compared with 164 in 2011. Do you think … [Read more...] about Do you think Viet Nam should continue allowing imported cars and motorbikes to enter the country as expatriate assets?
HA NOI (VNS) — The trade organisation representing the nation's auto industry is voicing its support for a recent regulation requiring automobile importers to be authorised dealers of the auto manufacturer from which they are importing vehicles. Imported cars remain idle on the lot of the An Phu Auto Co in Ha Noi. The Viet Nam Automobile Manufacturers Association (VAMA) is supporting a regulation requiring importers to be authorised dealers of the imported car's manufacturer. — VNA/VNS Photo The Duyet Ministry of Industry and Trade Circular No 20, which took effect in June of last year, has drawn fire from some dealers who have claimed that the strict requirement has effectively created an auto import monopoly. Last Thursday, the General Department of Customs joined in the calls to amend Circular No 20, reporting to the Ministry of Finance that the requirement was signficantly reducing import tax revenues and harming car dealers. According to Customs … [Read more...] about Automakers back rigid import law
Imported cars on sale at a shop on Nguyen Van Cu Street in Ha Noi. Overseas Vietnamese may have to satisfy stricter regulations to claim exemption from import tax and value added tax on cars and motorbikes they bring back home. — VNS Photo Truong Vi HA NOI (VNS)— Overseas Vietnamese may have to satisfy stricter regulations to claim exemption from import tax and value added tax on cars and motorbikes they bring back home. Regulations to this effect are now being drafted by the Ministry of Finance. The new rules apply to overseas Vietnamese with or without permanent residence in Viet Nam. The new circular will replace Circular 118/2009/TT-BTC issued in 2009. The draft circular outlines several measures to control the number of vehicles brought back by overseas Vietnamese - and to make sure their owners are not avoiding tax. Under the draft circular, they will only be able to bring home cars under five years old (from the production date to the date of arrival in Viet Nam). … [Read more...] about Overseas Vietnamese face strict car rules