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Vietnam cuts corporate tax for SMEs; exempts certain dividends from listed companies
By TII News Service
Aug 10, 2011 , Hanoi |
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THE Vietnamese Parliament has approved several tax incentives,
particularly to small and medium-sized enterprises (SMEs) and individuals on
lower incomes.
Accordingly, there will be a 30% reduction in corporate
income tax (CIT) to be paid in 2011 by SMEs, except for taxes payable by real
estate, banking and insurance companies, and income from the production and
trading of goods and services subject to excise tax. The reduction will also not
be available for subsidiaries, where a larger parent company holds more than 50%
of the equity.
The parliament also decided to grant a personal income tax
(PIT) exemption for employed individuals earning less than VMD9m (USD 430) per
month, from August 1 to the end of this year.
Over the same period, there
will be a temporary PIT exemption on dividends received from listed companies
from August 1, 2011 to December 31, 2012, except those received from banks or
investment funds, while PIT will be halved on capital gains made from the
transfer of securities during the same period.
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