Vietnam's Finance Ministry announced this week that it has begun working on preliminary revisions to the current law on special consumption tax, with the aim of reducing the amount of luxury goods imported into the country.
According to a report this week from the official Vietnam News Agency, the draft will expand the current list of 13 luxury items under regulation at present to include the following items:
The draft will be submitted to the National Assembly for approval in November.
According to the VNA, of the new items included, cars will be hit the hardest, with tax levies going up from 30% to as high as 70% on some 6-9 seat vehicles, according to cylinder capacity.
The country's Finance Minister, Vu Van Ninh, stated, however, that the planned measures will still be in accordance with Vietnam's WTO commitments.
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