Minister: Vietnam Plans to Break 30 per cent Tax, Delay 20 per cent Capital Gain Tax

Minister of Finance Vu Van Ninh on December 3 told mass media that the government of Vietnam plans to cut 30 per cent of corporate income tax in the fourth quarter for firms and delay the 20 per cent capital gain tax from 2009 to stimulate economic growth and support investors.

 

The ministry is working on detailed plans for tax reduction to submit to the government and the National Assembly, Ninh said.

 

On the same day, Prime Minister Nguyen Tan Dung urged the ministry to take flexible effective measures to stimulate production, consumption, exports and social welfare targets.

 

Vietnam’s budget income is estimated at VND399 trillion (US$24.18 billion) this year, higher than the target of VND323 trillion (US$19.57 billion) and up 26.3 per cent on year, the ministry said in its statement at the conference.

 

The government targets state budget income of VND389.3 trillion (US$23.59 billion) and coffer expenditure of VND491.3 trillion (US$29.77 billion) next year, up 23.1 per cent from this year. (chinhphu.vn, News)