2:52:09 PM | 28/12/2005
Tax priorities
Vietnamese and foreign investors, as well as overseas Vietnamese, who invest in Kien Giang province, will enjoy tax priorities. Accordingly, investors will pay corporate income tax at a rate of 10 per cent for 15 years for projects developed in Duong Dong town, and 12 per cent for 12 years for projects developed outside Duong Dong town. Also, investors will be exempted from corporate income tax for four years after they become profitable and enjoy a 50 per cent reduction for between seven and nine following years for projects developed in Duong Dong town. Projects developed outside the town will be exempted from corporate income tax for two years after becoming profitable and enjoy a 50 per cent reduction for eight following years.
Land priorities
Foreigners, overseas Vietnamese and foreign residents in Vietnam, who invest in projects in Kien Giang province under the Law on Foreign Investment in Vietnam, will enjoy exemption and reduction of their rent of land, waters and seas during the capital construction period of their project, and for 11 more years after their projects become operational. Those who invest in the Duong Dong border gate economic zone or develop eco-tourism projects on islets will have to pay 50 per cent of prices for their land, waters and sea areas. In particular, overseas Vietnamese and foreign residents in Vietnam, as well as Vietnamese, who invest in projects in the Duong Dong border gate economic zone or develop eco-tourism projects on islets under the Law on Domestic Investment Encouragement, will be exempted from rent of land, waters and sea areas for the entire lifetime of their projects. If they invest in projects outside Duong Dong town, or their projects are not in eco-tourism on islets, they will be exempted from rent of land, waters, and sea areas for 15 years at a price equal to 0.7 – 0.7 per cent of the real price stipulated by Kien Giang province. At the same time, investors will enjoy the exemption and reduction of import and export tax and value added tax as stipulated by the State.
Other priorities
The Government has allowed Kien Giang province to use the land fund in Phu Quoc to develop infrastructure on the island. Accordingly, investors who develop infrastructure facilities, including seaports, roads, electricity supply, water supply and drainage, and waste treatment, will get paid with the land fund on the island, equal to their investments. At the same time, the Government is designing more priority mechanisms and policies for Phu Quoc Island district to attract Vietnamese and foreign investors to the island. Also, the People’s Committee of Kien Giang has assigned the provincial Department of Planning and Investment to act as the focal point to receive and settle procedures for investors, creating more favourable conditions for them.
For further information, please contact:
Kien Giang Department of Planning and Investment
29 Bach Dang, Rach Gia city, Kien Giang province
Tel: 077.871152
Fax: 077.862037
Huong Thao