Vietnam's stock market has experienced a slowdown in trading since the new Personal Income Tax (PIT) Law came into force, it has emerged.
Under the new PIT law, which came into effect on January 1, stock traders are subject to a new capital gains tax, which requires them to choose between paying a charge of 0.1% per value of each transaction or a 20% lump sum on the annual net profit made from their shares.
It is thought that the complicated nature of the new laws has deterred many from trading. The first day of trading for the new year recorded a relatively small trading volume of 7.3 million compared to the 11.8 million daily average seen in 2008.
The timing of the introduction of the new PIT law was controversial, with the government in favour of postponing its introduction in the face of the current economic downturn. Vietnam's National Assembly Standing Committee insisted that the law would come into force on January 1, 2009, as planned, despite attempts by the government to delay its introduction.
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