Thursday , June 20 2024

Automaker’s tax deferred by 5 months

The government has issued a decree to defer the special consumption tax payable by automakers until November.

Payment of the tax for June-September has been put off until November 20.

This is the fourth such deferment since 2020 to helps automakers overcome challenges amid tightened spending and economic woes.

Last year the over VND9.6 trillion ($408.25 million) worth of tax was deferred.

The special consumption tax rates are 45-60% for passenger cars (nine seaters or less) and 15-30% for buses (10 to 24 seaters).

For electric vehicles it is 1-15%.

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