Gov’t introduces tax relaxation measures

VAT refunds shall be completed within five working days after tax agencies receive businesses’ valid documents requesting for the tax returns.

For real estate transfer, individuals shall be allowed to select one of the two ways for tax payment. They can pay 25% of the total income per each transfer or 2% of the selling price per each transfer.

Regarding securities transfer, individuals shall pay 20% of their annual income or 0.1% of the selling price per each transfer.

Tax payers with total revenues from VND 50 billion/year shall make tax declaration on the quarterly basis.

The Government also proposed tax relaxation measures which will be submitted to the eight  session of the National Assembly for approval in October this year.

Specifically, a project capitalized at least VND 12 trillion and disbursed within five years  since receiving investment certificate may be considered for a preferential tax rate of 10% for 15 years, four-year corporate income tax exemption, and 50% corporate income tax reduction for the next consecutive years.

A 20% corporate income tax rate may be applied for agriculture enterprises employing over 300 regular laborers in 2014 and 2015. Since January 1, 2016, tax rate may be lowered to 17%./.

By Huong Giang