Tax Policy Reform: Positive Changes
With its ongoing efforts to improve the business environment, Vietnam is increasingly affirming its development and attractiveness to European companies and investors in the country.
The information was announced the Whitebook 2016 released in Hanoi on March 2 by the European Chamber of Commerce in Vietnam (EuroCham). According to the Whitebook 2016, Vietnam is undergoing fundamental transformation steps to build a foundation of attractiveness and competitiveness on the threshold of joining the ASEAN Economic Community (AEC) and before the implementation of EU - Vietnam FTA (EVFTA) and Trans-Pacific Partnership (TPP).
Also in the Whitebook 2016, EuroCham’s Tax and Transfer Pricing Working Group spoke highly of positive steps in tax laws and regulations in Vietnam. Specifically, in 2015, some important changes began to take effect and these changes included the eradication of a regulation on ceiling limit of advertising and promotion costs, reapplication of preferential tax for business expansion and for industrial zone-based companies. Besides, positive changes were also seen in the Personal Income Tax Law and the Value Added Tax Law while many measures have been launched to reduce tax paper requirements.
Hien Hung
Vietnamese
