Government announces tax breaks to stimulate business

The Ho Chi Minh City Department of Taxation has unveiled a list of tax breaks offered by the Government to stimulate investment and consumption amid the economic crisis.

Garment firms will enjoy a 30 percent income tax reduction for the fourth quarter of last year (Photo: baoquangninh)

To be applicable from May 1 to December 31, it includes a 50- percent VAT cut on yarn products, garments, leather products, shoes, paper and paper products, cement, bricks, motorcycles, and three-wheeled vehicles.
 
Automobiles with fewer than 10 seats get a 50 percent waiver of registration fees.
 
Firms producing yarn, textile and garment, dyes, leather, and shoes will enjoy a 30 percent income tax reduction for the fourth quarter of last year.
 
Payment of import taxes on goods not manufactured in the country, like specialized vehicles, machinery and equipment, and spare parts can be delayed by six months.  

By Han Ni – Translated by Phuong Lan

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