03:42 (GMT +7) - Tuesday 06/12/2016

Vietnam Today

Excise taxes on car imports adjusted

Released at: 08:41, 07/04/2016

Excise taxes on car imports adjusted

Rates to fall on cars with a cylinder capacity of up to 2,500 cu cm and increase on those over 2,500 cu cm.

by Tue Lam

Excise tax rates on imported cars will be adjusted as a result of the recently-approved Law on Amendments and Supplements to a Number of Articles of the Law on Value Added Tax, the Law on Excise Tax and the Law on Tax Administration.

The rate on imported completely-built-unit (CBU) motor cars of up to nine seats and a cylinder capacity of up to 1,500 cu cm will be reduced from the existing 45 per cent to 40 per cent from July 1, 2016 and then to 35 per cent from January 1, 2018.

Those on motor cars with a cylinder capacity from over 1,500 cu cm to 2,000 cu cm will remain unchanged at 45 per cent until December 31, 2017 and then be reduced to 40 per cent from January 1, 2018.

The rate on motor cars with a cylinder capacity from over 2,000 cu cm to 2,500 cu cm is unchanged.

Excise tax rates will also be increased, meanwhile, on motor cars with a cylinder capacity exceeding 2,500 cu cm.

Rates imposed on motor cars with a cylinder capacity from over 2,500 cu cm to 3,000 cu cm will be increased from the current 50 per cent to 55 per cent from July 1, 2016 and then to 60 per cent from January 1, 2018.

A rate of 90 per cent will be imposed on cars with a cylinder capacity of over 3,000 cu cm to 4,000 cu cm, 110 per cent on cars with a cylinder capacity from over 4,000 cu cm to 5,000 cu cm, 130 per cent on cars with a cylinder capacity from over 5,000 cu cm to 6,000 cu cm, and 150 per cent on cars with a cylinder capacity of over 6,000 cu cm. The new rates will be effective from July 1, 2016.

  • TAGS
  • Excise tax rates
  • car
  • imported
  • cylinder capacity

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