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The Ministry of Finance is considering increasing import tax rates on specialized trucks to support local auto manufacturers. The ministry plans to raise import tax rates on new trucks of over 20 tonnes from 15-20% to 25-30%. The new tax rates on used trucks would be 1.5 times of those on new products. According to the Ministry of Finance, tax increase will firstly make impacts on the users, particularly transport companies because at the new tax rates, the prices of specialized trucks may increase by 8.3-8.7%. If the tax rates are adjusted, the ministry will ask local manufacturers to not increase their prices. In the long term, tax increase will help the import of trucks of 20 tonnes upwards and old trucks that can harm the environment while helping local producers to raise their sales. According to statistics of the General Department of Customs, nearly 2,000 trucks of over 20 tonnes were imported in 2006, including only 750 new cars. Imported cars currently account for 65% of sales. Under the ASEAN - China commitment, import tax rate on large, medium and specialized trucks in this area is 10% as of 2006. (Source: VNE)
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