Tax Cuts Cost Vietnam State Budget 6.1Tr dong: Ministry

20-Jul-2012 Intellasia | StoxPlus | 7:01 AM

Tax cut under the Resolution 29 of the National Assembly will cost Vietnam’s state budget some VND6.1 trillion, said the Ministry of Finance.

Of the sum, tax cut for businesses and individual businesses is VND4.1 trillion and income tax exemption for level 1 income tax payers of VND2 trillion.

The Resolution 29 states that to ease difficulties for businesses, and stimulate production, Vietnam will cut 30 percent income tax for SMEs, exempt tax for small individual businesses providing houses for rent, food for workers and students and remove income tax for those who earn under VND9 million/month from July 1 to end-2012.

Earlier, the government also issued a package of VND29 trillion focusing on tax cut and tax delay for support businesses.

http://stoxplus.com/News/84984/1/188/tax-cuts-cost-vietnam-state-budget-vnd6-1 trillion-ministry.stox