3:26:19 PM | 7/8/2005
Moc Bai Economic Area: Furthering preferential treatment
The Prime Minister has recently decided to further preferential treatment in the Moc Bai border gate economic area, Tay Ninh Province. Accordingly, no import, export or value added taxes will be imposed on products and services of the Trade and Industry Zone of Moc Bai Economic Area.
All projects in the zone will enjoy maximum preferential treatment similar to those in socioeconomicly disadvantaged regions. They will be exempt from the enterprise income tax for the first four years, and a 50 per cent reduction for the following nine years. An enterprise income tax rate of 10 per cent will be applied for 15 years from the time projects commence business operations. Projects investing in new production lines, expanding production, applying new technology, improving the environment and ecology, increasing production capacity will be exempt from enterprise income tax on the increased value for four years and a 50 per cent reduction for a maximum of seven subsequent years.
The Chairman of Tay Ninh People’s Committee is empowered to implement investment in the Trade and Industry Zone projects employing US$40 million with the simplest formalities possible.
Vietnamese
