Tax rise low­ers auto im­ports of Viet­nam

China Daily (Canada) - - BUSINESS -

Viet­nam im­ported around 97,000 au­to­mo­biles in the first 11 months of 2016, down 12.9 per­cent year-on-year, due to tax rise, ac­cord­ing to theGen­eral Sta­tis­tics Of­fice. From Jan­uary to Novem­ber, the coun­try spent $2.1 bil­lion on auto im­ports, down 19.6 per­cent year-on-year. The de­clines in auto im­ports were at­trib­uted to the changes in Viet­nam’s tax pol­icy. Specif­i­cally, from Jan 1, 2016, a newspe­cial con­sump­tion tax on cars with 24 seats and be­low has been im­posed, based on the im­porters’ price, in­stead of the pre­vi­ous cal­cu­la­tion based on cost, in­sur­ance, freight value and cur­rent im­port tar­iff.

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