Vietnam considers tax hike on luxury products

TN News

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The Ministry of Finance may propose higher taxes on luxury products including cars, airplanes and boats, news website VnExpress reported Friday.

Under the proposal, the value added tax on cars may be increased to 15-20 percent, from the current 10-15 percent.

VnExpress quoted an anonymous source as saying that the Ministry's Tax Policy Department has been reviewing regulations and tax rates since mid-December.

The focus is on special consumption, income and value-added taxes.

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