Tax incentives to boost support industries

From August 18, imports of equipment and machinery for technology assembly lines that are not made by domestic producers will be given import tax breaks as part of a Government plan to enhance support industry development, the Ministry of Finance has announced.

Circular 96/2011/TT-BTC, issued by the ministry earlier this week, will modify soft financial policies specified in Government Decision 12/2011/QD-TTg issued in February to encourage support industry development in the machinery and manufacturing, electronics and information technology, automobile assembly and production, textile-garment and leather shoes sectors.

According to the circular, projects that support high-tech products will also be exempt from corporate income tax.

Imported commodities – including magazines and textbooks which are used in high technology research and development – will also enjoy tax breaks.

vietnamnews

>   How to lower deposit interest rates? (05/07/2011)

>   Vietnam to get tough on banking violations (12/07/2011)

>   High dong interest rates expected to ease slightly (05/07/2011)

>   Ford Vietnam faces tax arrears collection (05/07/2011)

>   MDB allowed to provide insurance agent service (04/07/2011)

>   Bank links up with building companies (04/07/2011)

>   Vietnam c.bank cuts a benchmark rate to 14% (04/07/2011)

>   Forex rates react to higher dollar supply (04/07/2011)

>   Information on banking activities in first six months of 2011 (04/07/2011)

>   Gold recovers; dollar weakens (01/07/2011)