Import tariff on new cars continues rising to 83%
26-APR-2008 Intellasia | VnExpress
Apr 26, 2008 - 7:00:00 AM
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Vice finance minister Do Hoang Anh Tuan on April 21 signed a decision approving the increase in import tariff on new automobiles from 70% to 83%. The tariff level will be applied on customs declaration from today April 22.
Import tariff of automobile spare parts for domestic assembly is also raised by 3-5% for each type.
When building up the tariff increase plan, three proposals including 80, 83 and 85% were offered but the finance ministry closed the final increase of 83% in harmony with a rise of 3-5% on automobile accessories imports.
According to the finance ministry, all import tariffs of 80, 85% or even 90% are matched with WTO commitments.
This is the second time import tariffs on new cars in 2008 and the first time on automobile spare parts during the last five years.
In 2007, the ministry three times cut import tariffs on automobiles to ease the selling price of cars in the domestic market. In February 1, 2007 when Vietnam became WTO's official member, the import tariff of full new cars was lowered from 90% down to 80% that was continuously cut to 70% in last August and 60% in November 16.
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