Value-Added Tax On Cars, Other Products Set for 50 per cent Cut

The Vietnamese government has decided to halve value added tax on cars automotive parts, precious metals and tourist services like hotels and transport from February 1 through the end of this year, the Labor newspaper reported.

 

The move is aimed to help domestic companies overcome challenges caused by the ongoing world recession, the paper said.

 

The same reduction will also apply to other goods such as coal, chemicals, industrial concrete. The Government is also extending the deadline to pay the 2009 corporate income tax.

 

Companies specializing in construction, tourism, food and fertilizer will be permitted to pay corporate income tax within nine months. Wood products which are made from imported timber will be free from export taxes if companies registered to export before December 1, 2008. (Labor)