VietNamNet Bridge – Returning overseas Vietnamese (OV) would have to satisfy stricter regulations to be exempt from import tax and value added tax on the cars and motorbikes they bring back home.

Such regulations are shaped by the Ministry of Finance in a draft circular on import of cars and motorcycles by OV with permanent residence in Vietnam, or returning citizens. This circular would replace Circular 118/2009/TT-BTC issued in 2009 with similar content.

The draft circular outlines several control measures for automobiles and motorcycles that OV bring back to Vietnam.

Returning citizens could only bring home cars under five years old (from the production date to the date of arrival in Vietnam). As for motorbikes, they must be less than three years old and models permitted in Vietnam.

These vehicles could only clear customs with certificates of technical safety and environmental protection granted by quality inspection agencies.

In addition, they must have been registered for circulation in the nations OV had resided before receiving permits for permanent residence in Vietnam. They would also have to meet the regulations of other agencies.

The draft circular says vehicles brought back home by OV should be subject to management by the General Department of Customs.

Local customs offices receive applications and send the data to the General Department of Customs, which would send back a notice within five working days. On this basis, local customs offices would decide whether to permit car and motorbike imports or not.

The draft circular is currently open for public comment.

Stricter controls on cars and motorcycles brought back to Vietnam by OV become necessary after many cases of tax evasion have been discovered. The number of cars and motorbikes imported by returning citizens rose sharply in 2012.

Source: SGT