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Higher import tax may affect Chinese-made cars in Venezuela
Shanghai. November 29 (Gasgoo.com) – The Venezuelan government may raise tax on imported vehicles and Chinese-made car may be impacted, according to a report posted on China's Ministry of Commerce.
The report says that Venezuela government may raise automobile import tax by 5 percent. After the tax hike, the prices of imported vehicles will go up 20 percent to 40 percent.
Currently Venezuela has four tax items on imported cars: import duty, financial transaction tax, value-added tax and luxury consumption tax (applicable only to imported vehicles worth $30,000). These four tax items will constitute 55 percent of the total price of an imported car.
Venezuela currently has 4 million vehicles in use and 60 percent of these vehicles are imported. The country imported 170,000 vehicles in the first seven months of the year, whereas it imported just 18,500 units last year.
In the first nine months of the year, Venezuela is the fifth largest importer of Chinese-made cars world wide. Geely, Chery, Great Wall, BYD and Chang’an Auto are major Chinese automakers selling cars in Venezuela.
The tax hike may have a negative impact on Chinese-made cars in Venezuela, the Ministry of Commerce report says.
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