Vietnam to cut import tax rates on carsStaff writer ▼ | December 5, 2014
Vietnam will cut import tax rates for specific auto products since the beginning of 2015, the Ministry of Finance said.
Good move The cut on auto products will boost sales
The rate for trucks with gross weight of less than five tons will be reduced from 59 percent to 56 percent, according to a circular issued by the ministry.
Meanwhile, the vehicles tax for some types of motorcycles and bicycles equipped with supporting engines will fall to 40 percent from 47 percent.
According to the ministry, the reduction of import tax rates is in line with Vietnam's commitments to the World Trade Organization. The new tax rates will be applied from January 1, 2015. ■