Vietnam Mulls Lower Corporate Income Taxes to Attract Foreign Investors
Vietnam is now weighing on lower corporate income tax rates to 25 per cent from the current 28 per cent in a bid to lure more foreign investment, Deputy Finance Minister Truong Chi Trung said at a seminar on personal income tax held in Hanoi June 26.
Vietnam is expected to adjust the levy on corporate incomes within this year, Trung noted.
Investors are complaining about the high tax rate in Vietnam, which will have bad impacts on the investment environment.
Corporate income tax rates in the ASEAN region stand at 20 per cent and 25 per cent.
The finance ministry is considering tax rate adjustments to create incentives for investors, Trung emphasized.
Vietnam now becomes a full WTO member, pledging to finalize all the WTO commitments including tax rate cuts from April 1 of this year. (www.vietstock.com.vn)
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