Import tax on cars to increase in May

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Nhân dân English - 34 month(s) ago 12 readings

Import tax on cars to increase in May

Nhan Dan - Import duties imposed on several kinds of automobiles will increase on May 7, in accordance with the Finance Ministry's Circular No.63/2012/TT-BTC.

The highest tax rate will be levied on ambulances, four-wheel-drive vehicles and automobiles with their interior designed as an apartment, with the adjustment from 4-5% to 78%. Tax rate on buses and coaches weighing between 6 to18 tonnes will increase from 5% to 70%.

In addition, the tax rate on several types of automobile spare parts and accessories will also rise.

The duties increase supports regional trade agreements, including the ASEAN-Japan Comprehensive Economic Partnership (AJCEP), the Vietnam-Japan Economic Partnership Agreement (VJEPA) and the ASEAN-Australia-New Zealand Free Trade Agreement (AANZFTA).

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