Vietnam Reports Tax Concessions Worth VND18T So Far This Yr
Tax concessions by the Vietnamese government to spur the economy has reached VND18 trillion since early this year, according to the General Tax Department.
Of the figure, deferral of value-added taxes for local exporters accounted for VND3.7 trillion; corporate income tax extension VND2.393 trillion; VAT tax reduction VND10.727 trillion, the department said.
The department also added that domestic collection was VND253.397 trillion by late October, equal to 95.3% compared to the same period last year and fulfilling 85.4% of the whole-year estimate.
A report by the National Assembly’s Standing Committee released Nov 10 showed 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. (New Hanoi)
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