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Vietnam Proposes Tax Breaks For Property Developers

by Mary Swire, Tax-News.com, Hong Kong

24 August 2016


Vietnam is proposing to halve corporate income tax for firms that renovate deteriorating apartment blocks, the state news agency said.

Under the proposal, firms will enjoy a 10 percent preferential tax rate in the 2017-20 period. Firms must declare the income of each project separately to enjoy that rate.

The proposal is aimed at attracting developers to participate in restoring unsafe old apartment buildings, which are a pressing problem in Hanoi and Ho Chi Minh City.

According to Vietnam's Finance Ministry, of 4,000 potential developments, 1,516 are in Hanoi and 900 are in Ho Chi Minh City. More than 200 buildings are severely dilapidated and need to be rebuilt.

The proposal will be submitted to the National Assembly in October.

TAGS: Finance | Construction | tax | business | law | ministry of finance | legislation | tax rates | tax reform | standards | Vietnam

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