Taxing imported luxury cars as gifts

Cars imported as gifts are fully taxed according to regulations, not only in 2016 but also in previous years.

Deputy Prime Minister Vuong Dinh Hue has just given instructions on the situation of importing cars as gifts.

The Deputy Prime Minister assigned the Ministry of Finance to continue to direct the review and full tax collection in accordance with the law on imported cars as gifts, not only in 2016 but also in previous years.

Many new cars of high value are imported into Vietnam as gifts. (Illustration photo)

At the same time, clarify and propose handling of responsibilities of relevant units and individuals in the work of preventing and combating smuggling and trade fraud of imported cars, including gifts; report to the Prime Minister on the implementation results in December 2016.

The Ministry of Finance shall preside over and coordinate with relevant agencies to urgently review all current regulations on customs and import and export, especially on the import of automobiles and other valuable assets in the form of gifts, in order to have appropriate solutions to improve the effectiveness of state management, promptly overcome loopholes, especially on declaration of customs tax value and taking advantage of policies to evade taxes.

Recently, taking advantage of import licenses for new cars as gifts for organizations in Vietnam, a series of cars worth tens of billions of VND were imported into Vietnam as gifts from foreign partners to organizations in Vietnam without going through official importers.

The phenomenon of importing new luxury cars as gifts started in 2014, after the policy of importing luxury cars as assets of overseas Vietnamese returning home was limited by new policies. The localities with the largest number of licenses to import cars as gifts are Hai Phong, Da Nang, Hanoi…/.

According to VOV