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Taxes to be slashed until year’s end
Under the Prime Minister’s Decision 58/2009/QĐ-TTg, various kinds of taxes and fees will be cut dramatically from May 1 until the year’s end.
This move is considered an effective way to stimulate consumption and investment, to prevent economic slowdown and help Vietnamese enterprises.
Specifically, from May 1 to December 31, 2009, the value-added tax (VAT) rate will fall by 50% on some categories of goods and services, namely: fibre, cloth, garments and footwear of all kinds; paper and paper products of all kinds; books of all kinds (except for political books, textbooks, legal documents, sci-tech books, books in ethnic minority languages, newspapers); cement, bricks and tiles of all types; two- and three-wheel motored vehicles of over 125 cm3.
For less-than-10-seat cars, the registration fee will decrease by 50%. Thus, the registration fees will decrease from 12% to 6% in Hanoi, and to 5% in the 62 remaining provinces and cities.
The deadline for paying VAT will be extended to 180 days for some kinds of imported products, for instance machinery, equipment, spare parts, specialised vehicles that Vietnam cannot manufacture and are imported as fixed assets of businesses.
In addition, fibre, knitting, dying, garment and footwear enterprises will enjoy a 30% corporate income tax reduction in the fourth quarter of 2008.
vietnamnet
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