While the policy reflects Vietnam’s intent to strengthen trade relations with the US, the real impact on car prices will be modest partly because import tariffs are just one part of the vehicle's cost.
Tobacco smoke contains 7,000 chemicals, 69 of which are known carcinogens and contribute to 25 different diseases, including cancer, cardiovascular, respiratory and reproductive health conditions.
The proposed cut would apply to goods and services currently subject to a 10% VAT rate, lowering it to 8%, except for sectors such as telecommunications, finance, banking, insurance, real estate, metals, and mining (excluding coal), as well as goods and services subject to special consumption tax (except petrol).
National Assembly (NA) deputies on November 22 morning discussed in groups the draft amended Law on Corporate Income Tax and the draft amended Law on Special Consumption Tax as part of the ongoing second phase of the 15th National Assembly’s 8th session.
E-cigarettes and heated tobacco products were at the centre of a question-and-answer event at the ongoing 8th session of the 15th National Assembly (NA) on November 11.
Stronger action is needed to reduce tobacco use in Vietnam and protect people's health and lives, Representative of the World Health Organization (WHO) in Vietnam Angela Pratt has stressed.
A draft proposal to increase special consumption tax on alcoholic beverages may hurt the Vietnamese beverage industry's ability to compete on their home turf, putting the entire supply chain at risk, said industry insiders.
The impacts of the imposition or increases of special consumption tax on several products must be studied carefully to ensure State budget revenue and the development of production and business, experts said.
The Vietnam Chamber of Commerce and Industry (VCCI) has made a renewed call for the Ministry of Finance (MoF) to eliminate the special consumption tax (excise tax) on gasoline.
The Ministry of Finance has proposed to increase the special consumption tax (SCT) on a number of items harmful to health including tobacco, beer, and alcoholic products to limit imports, production and consumption.
The Ministry of Finance said it does not support removing current special consumption taxes on petroleum in response to recent calls to drop taxes from the Vietnam Chamber of Commerce and Industry (VCCI).
A mixed excise regime with a suitable roadmap is a reasonable way to increase the special consumption tax on tobacco, a conference titled “Special consumption tax – Harmonising the State budget and business development” heard in Hanoi.
Cuts of the special consumption and environmental protection taxes on petroleum may be a suitable solution to the current petrol price issue, according to economists.
Vietnam has seen a marginal 2 percent decline in the number of cigarette smokers since the Law on Tobacco Harm Prevention and Control took effects six years ago, heard a conference held in Ho Chi Minh City on May 10 to seek measures to improve the efficiency of the law’s implementation.
The revenue from taxes that is meant to discourage the production and consumption of products hazardous to the environment is said to have yet to make up for the losses they cause.
The prices of imported automobiles in the Vietnamese market may not reduce as much as expected after the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) came into effect on January 14, according to the Ministry of Industry and Trade.
Ho Chi Minh City’s State budget collection topped 378.5 trillion VND (16.4 billion USD) as of December 31, 2018, or 100.47 percent of the estimate and marking a 8.65 percent increase year-on-year, Chairman of the municipal People’s Committee Nguyen Thanh Phong told a local conference on January 3.
HCM City authorities are seeking more effective measures in the fight against counterfeit products, smuggled goods and trade fraud as e-commerce grows at a fast pace, an official has said.
