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NEW TAXES IN VIETNAM DELIVER BODY-BLOW TO NINE-SEATER CARS.
HANOI, Dec 1 Asia Pulse - The newly-approved Law on Special Consumption Tax, revised, will deprive cars with between 6 and 9 seats of their current tax rate of 30 per cent, increasing production costs by 9,000 USD for each vehicle.
The new law, which comes into force on April 1, 2009, will increase the tax rate levied on these vehicle to at least 45 per cent and possibly 60 per cent, as it will be calculated on the basis on the cars engine capacity instead of the number of seats, as is currently the case.
Currently, cars with between six and nine seats enjoy a low tax rate of 30 per cent, compared with the 50 per cent rate levied on cars with five seats, giving the former a huge price advantage and explaining their higher sales.
The tax adjustments will influence market trends and cause a shift in the plans of car manufacturers and importers, said experts.
Pham Anh Tuan, Head of the Toyota-Vietnam's Planning Section, said the company's Innova brand is facing a sharp drop in sales and forcing them to reconsider their localisation scheme, following years of producing up to 37 per cent of parts in Vietnam.
The scheme is even on the brink of bankruptcy, he said.
Regarding imports, a car dealer ...
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