Vietnam to Reduce Rates in 3,800 Tax Lines

The Ministry of Finance said Vietnam will cut rates of 3,800 tax lines out of a total 10,600 tax lines after it joined the World Trade Organisation (WTO) and the tax cut roadmap will be mainly carried out 5-7 years after the accession.

 

Several commodities with the high tax rate of 20-30 per cent will see reduced taxes immediately after the admission. The sharpest decliners are garments, textiles, fish, fish products, timbers, electric and electronic equipment and machinery.

 

At present, the Ministry of Finance is stepping up studies and analyses the impacts of the WTO admission to help enterprises to introduce plans and projections for the production and business development in the new integration process in which tax policies play important roles.