The Vietnamese government slashes value-added tax and corporate income tax in the textile and apparel sector

The Vietnamese government slashes value-added tax and corporate income tax in the textile and apparel sector

According to Vietnamese news, at a cabinet meeting, Vietnamese Prime Minister Nguyen Tan Dung said that because the gross domestic product (GDP) grew only 3.1%, falling to a multi-year low, he will ask the National Assembly to revise the GDP growth rate in 2019 to 5%. , and increased planned budget overruns to approximately 8%.

At the Cabinet meeting held in October 2019, the government decided to maintain the GDP growth rate of 6.5% in 2019 and control excess expenditure at 4.3% through expenditure cuts, compared with 4.8% in 2019. .

The Finance Minister also proposed reducing value-added tax (VAT). He suggested reducing VAT in industries such as yarn, fabrics, clothing, building materials and automobiles.

He also proposed reducing and exempting corporate income tax for small and medium-sized enterprises, as well as exempting low-income earners from personal income tax. He announced that corporate income tax will be significantly reduced within 9 months for enterprises with a capital of less than 10 billion VND or workers. Less than 300 people.

In addition to other measures that the government should take, the Vietnamese government will also reduce the corporate income tax rate by 30% for companies in the textile and clothing industry, footwear and mechanical engineering, or extend the repayment period for importing companies.

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