Vietnam Congress to consider 29tr dong bailout package

09-May-2012 Intellasia | VOV | 7:01 AM Print This Post

The third session of the 13th National Assembly (NA), or Congress scheduled for May 21, will consider a bailout package worth 29 trillion dong (US$1.3 billion) as a solution to save businesses, the government announced at its regular meeting for April.

The bailout programme includes tax deferment of around 16 trillion dong (including value added tax of around 12.030 trillion dong and corporate income tax of 3 trillion dong). It will cut down land use fees by 50 percent (1.5 trillion dong), and reduce corporate income tax by 4.1 trillion dong.

A solution to delay the collection of road-use fees until January 2013 will help businesses to save 3-3.2 trillion dong. Other measures related to spending will also help businesses save around 2.670 trillion dong.

Deputy Finance minister Vu Thi Mai said the package may reduce the State budget revenue by 9 trillion dong.

Deputy Chair of the NA Uong Chu Luu has asked NA relevant agencies to check tax regulations for submission to the NA, to release a resolution to carry out the bailout.

NA Chair Nguyen Sinh Hung also requested the NA Office to work with the government to report the NA on the bailout package.


Category: Economy

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