Automobiles enjoy VAT reduction

Vietnam has halved the value added tax (VAT) on wholly-assembled cars and automobile components. The reduction took effect on Feb. 1 and will run until the end of this year.

Engines, gear boxes, coal, basic chemicals and hotel and tourism trade have also enjoyed a 50 percent VAT reduction.

As of January 24, the import tax on oil and gas was reduced to 35 percent for petrol wholesalers.

vna

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