Wednesday , May 22 2024

Government defers auto industry tax

The government has deferred the special consumption tax payable by carmakers.

Payment of the tax for June-September has been put off until November 20 following a proposal made by the Ministry of Finance earlier this month.

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.

This is the third time the tax has been postponed for the auto industry since 2020.

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

For electric vehicles it is 1-15 percent.

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