NA passes tax incentives

The National Assembly yesterday passed a resolution which will offer numerous tax incentives to individuals and businesses.

According to the resolution, from now until December 31, individuals who earn less than VND9 million (US$438) a month will be exempted from personal income tax.

Personal income tax will be not levied on dividends earned from investments in the stock market or businesses and a 50 percent reduction of this tax will be applied to income from securities transfer.

The resolution also offers a 30 percent deduction in corporate income tax to small-and medium-sized enterprises and labor-intensive businesses in infrastructure, manufacturing, outsourcing, food processing, seafood, textile and garments, leather and shoes, and electronic appliances.

In addition, individuals or households that lease their houses or rooms to students and workers or provide food rations to workers for the same prices as the prices at the end of last year will receive a 50 percent deduction in lump-sum VAT, personal income tax, and corporate income tax.

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