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MOIT proposes to cut taxes for domestic auto industry
The Minstry of Industry and Trade (MoIT) has proposed Prime Minister (PM) to taxes to support the domestic auto sector, the local newspaper Vneconomy reported.
In details, MoIT proposed to cut 50% of special consumption tax and 50% of registration fee for under 10-seat passenger cars. Vehicles are selected as strategic vehicles will enjoy 70% tax cut. The proposal was made when MoIT built up strategies for Auto Industrial Development in new stage to 2020 and vision to 2030.
If this tax cut proposal is approved, the carpurchasing volume is expected to grow by 20% per year, to 157,000 pieces in 2015; 383,000 pieces in 2020 and surpass 2 million units by 2030.
Concerning the state budget collection, the tax reduction will be compensated by increases in sales volume or numbers of car to pay taxes, MoIT said.
As scheduled, imported CBU (completed built unit ) cars to Vietnam from ASEAN countries and China, Korea, Japan will enjoy 0-5% taxes in 5 years (2018) and pressure of cheap imported CBU cars will put on domestic auto sector if the Government does not have remedial and reasonable measures.
Vietnam’s auto sales were estimated at 40,154 pieces in Jan-May, 2013, increasing 10% on year and the figures are expected to touch 108,000 unit for the whole year.