Toyota and Ford were denied tax incentive requests

The Ministry of Finance rejected requests for tax incentives from Toyota Vietnam and Ford Vietnam despite having policies to support domestic automobile production and assembly.

In the submission to the Ministry of Finance to the Government regarding the draft decree amending and supplementing a number of articles of Decree No. 26/2023 on preferential import and export tax policies, there is a content of rejecting 2 preferential proposals. Toyota and Ford taxes.

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Accordingly, Toyota Vietnam proposes to add a number of spare parts and components to the list of group 98.49 to enjoy preferential import tax MFN (Vietnam import tax applied to goods from WTO member countries). at 0%. The condition for approval is that imported auto components must be listed in group 98.49 and cannot be produced domestically.

But the items that the Japanese manufacturer proposed for tax exemption are mostly domestic products that can be produced domestically and the company only provides HS codes, not specific descriptions of the goods, so there is no basis for consideration. Therefore, the Ministry of Finance submitted to the Government not to add spare parts and components to the list of group 98.49 to apply the 0% MFN tax rate as proposed by Toyota Vietnam.

As for Ford, the proposal is related to regulations to participate in the 2023 tax incentive program for imported components and spare parts for automobile production and assembly of the 2023 tax incentive program. Accordingly, businesses Businesses need to have a certificate that meets the conditions for vehicle model, output, emissions, components, etc. This is to encourage businesses to invest, expand production scale as well as increase the localization rate. .

Through the Vietnam Automobile Manufacturers Association and Hai Duong Provincial People’s Committee, Ford Vietnam has proposed to the Ministry of Finance to reduce output conditions to easily enjoy 0% MFN tax. However, this recommendation was also not approved.

Currently, Ford has a factory in Vietnam located in Hai Duong specializing in assembling vehicle models such as Ranger, Transit and Territory. But the two models Ford Ranger and Ford Territory only account for 35% of Ford vehicles sold, the rest are mainly Ford Ranger and Ford Everest models imported from Thailand.

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