Gov’t to raise tax on tobacco products
The Government is planning to increase the special consumption tax imposed on tobacco products to raise income for the state budget and reduce the number of smokers.
Deputy director of the Taxation Policy Department under the Ministry of Finance, Nguyen Van Tuan, said: “The Government has asked the National Congress to raise the tax imposed on tobacco products from 65 per cent to 70 per cent by the end of 2018 and to 75 per cent in 2019”.
However, the Government should improve its efforts to prevent people from using smuggled products because it hit the State budget, Tuan said. He predicted the draft law would help the Government claim VND154 trillion ($7.3 billion) in taxes for the State budget from 2015 to 2020.
Related Posts
FG Urged to Step up Fight against Counterfeiting
The federal government has been urged to intensify its effort in the fight...
Texas business owner sentenced in counterfeit circuit breaker scheme
A 63-year-old Austin, Texas, man was sentenced in Jacksonville to a year and a...
Bulgaria police bust large-amount of smuggled goods
Haskovo. Some 103,200 pieces of cigarettes without excise stamps, 317 pairs of...
Has your business been duped by counterfeit tech goods?
While fake consumer goods hit the headlines, products from all sectors of...