Vietnam Lawmakers to not Review 20 per cent Capital Gain Tax Delay

The Vietnamese National Assembly’s Standing Committee has said in a statement that lawmakers will not review two options of introducing personal income tax including delay of 20 per cent capital gain tax during this working session.

 

The committee will hear measures by the government of Vietnam to lift the national economy out of recession, instead.

 

The government of Vietnam has recently authorized the Finance Ministry to propose delay of the tax until July 1 next year and break 30 per cent corporate income tax for stock brokerages to the national assembly for approval to support the local market which has slumped 68 per cent so far this year, the Asia’s second worst behind China.

 

The stock market immediately responded to the news, and closed down slightly at 302.19 points on December 25.

 

HSBC has calculated that the total market capitalization value of the local stock market has evaporated $17 billion so far, dropping to $13 billion, or 19 per cent of the country’s GDP value. (HCMC Law)