Friday , December 8 2023

Finance ministry seeks tax delay for auto industry

The Ministry of Finance wants special consumption tax payable by auto companies to be deferred by up to four months to help them recover from the impact of Covid-19.

The tax for June-September, worth a total of VND20 trillion ($871 million), can be paid on November 20.

If the government approves the ministry proposal, auto manufacturers will get extra time to pay the tax for a third straight year.

The ministry said last year auto manufacturers saw sales plunge due to social distancing restrictions and also struggled with a shortage of semiconductors.

Though the tax delay goes against Vietnam’s international commitments, the ministry said it is needed to help businesses overcome difficulties.

Many countries have done the same to help their manufacturers recover, and Vietnam is unlikely to be sued for it, the ministry added.

Auto sales in Vietnam last year dropped 3 percent from 2020 to 383,444 units, according to data from data from the Vietnam Automobile Manufacturers Association (VAMA), TC Motor and VinFast.

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