Vietnam Continues Extending CIT Collection Tills Q1/2010
The government of Vietnam will continue extending the Corporate Income Tax collection for small and medium apparel and leather shoes companies and processing firms till the first quarter of 2010.
The extension was mentioned in a resolution of the government at a meeting on November 11.
The government noted in the resolution that from 2010 it will stop all tax reduction and exemption policies that have been applied since Feb 1 under a decision on the first stimulus package to prevent the economic downturn.
More than 125,500 enterprises and 937,000 individuals subject to personal income tax payment benefited from the government’s tax concessions by August 31.
Of the figures, over 36,000 companies had CIT reduced by 30%, 42,000 subject to CIT extension and 47,000 have VAT halved.
A report by the National Assembly’s Standing Committee released Nov 10 showed that since 2007, Vietnam has to cut 1,500-2,000 tariff lines. This has resulted in the decrease of VND2,000-VND3,000 billion a year for state budget collection.
Vietnam will continue cutting tax as committed, which will slash VND3 trillion from the state budget revenues in 2010. (chinhphu.vn)
Vietnamese
