General Department of Customs has issued a new reference table

Hanoi (VNA) – The General Department of Customs has issued a new reference table
of imported car prices aimed at helping its officials to combat import tax evasion.

The department’s new taxable price table lists over 1,000 automobile and truck
models, both new and used (under 9-seat cars, buses and lorries), and increases the
reference prices for tax purposes by 2-20 percent.

The reference price of a Toyota Corolla, for purposes of calculating the import tax,
has risen in the table by about 1,500 USD over 2009, while high-grade models from
Bentley, BMW and Cadillac would see increases of thousands of US dollars.

The department based the new table on the suggested retail prices of foreign auto
manufacturers and the fluctuation in the foreign exchange rate between the dong and
the US dollar.

Customs officials would continue to apply tax rates set by the Ministry of Finance
to the actual declared value of the vehicles, but the higher referent prices would
increase pressure on importers to properly document any prices that significantly
vary from the reference prices in the table, said Nguyen Van Can, deputy head of the
department.

Deputy Minister of Finance Tran Van Hieu also said, at a press conference on March
2, that it was necessary to more closely control the importation of luxury goods to
balance the country’s trade deficit.

In light of Government’s efforts to cut the trade deficit, the volume of
automobiles imported into Vietnam decreased sharply in the first two months of
the year, with 3,400 units imported in January and 2,500 in February, decreases of
69.6 percent and 26.5 percent from previous months. The trend was expected to
continue in March, according to a General Statistics Office prediction.-Enditem






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