Overseas Vietnamese get car import break
Overseas Vietnamese get car import break
The Ministry of Finance (MoF) has allowed the overseas Vietnamese people (Viet Kieu) to import automobiles as movable assets when they return to the country.
These vehicles should have been registered in the country of residence for at least six months and have clocked at least 10,000 kilometres by the time of their arrival at Vietnamese ports.
The move, which is part of the MoF's Circular 20 /2014/TT-BTC, came into effect on April 1.
The Viet Kieu are permitted to import motorcycles which are allowed to be registered and used in Viet Nam, provided their circulation has not exceeded three years since the year of production.
After completing the registration procedures for getting permanent residence in Viet Nam, the vehicles imported by the Viet Kieu will be exempted from import duty but will still face taxes and fees.
Each Viet Kieu is allowed to import one car and one motorcycle.
After completing the automobile and motorcycle import procedures, the Viet Kieu will not be charged any import tax but will have to pay special consumption and value-added taxes, and vehicle registration and circulation registration fees.
The new circular is aimed at preventing trade fraud as many expensive cars have been imported into the country in recent times as private assets of Viet Kieu, when, in fact, they were new vehicles imported by traders who wanted to take advantage of legal loopholes.
vietnamnews
