The Vietnamese government has announced its intention to introduce a number of tax concessions for the country's businesses in an attempt to boost the flagging economy.
In what has been described as the "country's biggest-ever tax concession" by officials at Vietnam's General Department of Taxation, the government will begin by introducing a 30% reduction to the income tax rate paid by small- and medium-sized enterprises; a measure that will apply to the fourth quarter of 2008, and last for the duration of 2009.
Further to this, the government has announced that it will be reimbursing companies who export goods with the value-added tax they have paid throughout 2008 on the materials used in the production of those goods.
Just days prior to the government's latest announcement, it was also revealed that a decision had been made to lower corporate tax rates by 3% from January 1, 2009, and exempt the capital raised via the farming and scientific research industries from being taxed altogether.
Once the measures come into effect, the current 28% rate of company tax will be lowered to 25%.
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