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VIETNAM: Ho Chi Minh City Considering Imposing Tax on Luxury Items

The Ho Chi Minh City (HCMC) municipal government is considering imposing a Special Consumption Tax (SCT) on a range of non-essential/luxury goods and services, including mobile phones, perfumes, cosmetics, security cameras and cosmetic surgery. The move follows calls from the country’s Finance Ministry for local authorities to contribute more in terms of overall tax revenue.

While it remains to be seen if the measure will be implemented and at what rate, the tax is seen as very much targeting the city’s more affluent residents. Proponents of the new levy have also maintained that, should it be adopted, luxury items will still be taxed at a lower rate than in a number of neighbouring countries.

Content provided by Picture: HKTDC Research
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