Collection of income tax under the new Personal Income Tax Law in Vietnam will be delayed until mid-2009 in what will amount to an effective tax cut for the country's taxpayers.
Announcing the news, Deputy Minister of Finance, Do Hoang Anh Tuan, explained that the government wants to push back the first collection date for income tax under the new law until May 2009. As the law stands, tax is assessed on a monthly basis.
The government has estimated that tax revenues will drop by VND1 trillion (USD57.2m) as a consequence of the delay in tax collection.
However, the government may seek to continue collecting tax in four areas, including income from real estate income, gambling income, gifts and non-residents' income.
The Ministry of Finance is also considering similar measures for the country's small businesses.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment