Car prices jump in VN after tax adjustment

The new tax calculation has caused many car dealers to increase their prices.

Under the new tax calculation, which took effect on January 1, the special consumption tax for imported vehicles with 24 seats and below is based on the importer’s price, but the price must not be lower than 105 per cent of the cost of an auto, which includes its import price, import tax and special consumption tax at the importing point. If it is lower than this level, the tax will be fixed by a tax agency under regulations on tax management. – Vietnam News

 

Deal on hotel project for Yangon

Myanmar’s Yoma Group and that country’s Ministry of Rail Transport have signed a framework agreement for the Yangon Peninsula Hotel Project.

The landmark project for the old railway building will consist of a five-star hotel, high-standard apartments and offices in two prime downtown sites, one 3.8 hectares and the other less than 4,050 square metres.

Its master lease will last 50 years from a start date of 1998. However, the lease for Site 2 can be extended through the Myanmar Investment Corporation.The MIC can extend the lease by 10 years, although 50 years is the maximum length under the 2012 Foreign Investment Law.

The International Finance Corporation and Asian Development Bank each reportedly agreed to invest US$70 million (Bt2.53 billion), with $50 million going to debt and $20 million to equity.

– Eleven Myanmar