Nghe An: Expected shortfall of 160 billion VND in vehicle registration tax revenue.

(Baonghean.vn) - The increasingly frozen car market towards the end of the year is the reason for the sharp decrease in registration fees. This is especially true for high-value vehicles, which are virtually non-existent.

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Revenue from vehicle registration fees is an important source of income for the city's budget, but according to a report from the Vinh Tax Department, in the first 10 months of 2017, vehicle registration fees only reached VND 183.176 billion for 4,727 vehicles (compared to 5,711 vehicles with VND 264.119 billion processed during the same period in 2016). There were no high-value vehicles this year, and businesses did not invest in new taxis, pickup trucks, or passenger cars.

It is projected that the total registration fee for the whole year of 2017 in Vinh City will reach 250 billion VND, exceeding the planned target of 381 billion VND.

Across the province, the projected vehicle registration fee for the whole year is 570 billion VND, equivalent to 78% of the budgeted amount (a shortfall of approximately 160 billion VND). The number of registered cars paying registration fees is only 80% compared to the same period last year. The shortfall in registration fee revenue has led to a sharp decrease in tax revenue at many tax offices.

The reason for the sluggish car market is that people are waiting for 2018, when the regulations removing tariff quotas on automobiles will come into effect.

Pearl