Collection of Personal Income Tax Moved to End of May
Feb. 10 – The Vietnamese government has announced that it will move the collection of personal income tax to the end of May to boost domestic spending.
The National Assembly is still undecided whether payments will be cut completely or collected at a later date. The personal income tax covers salaries, profit from real-estate and stock transactions and other investment returns.
Non-resident individuals will not be required to pay tax for income from financial investments, transactions, copyright and franchising until May as well.
SMEs worth less than VND10 billion in capital or employ fewer than 300 workers will be qualified for a 30 percent discount on tax bills beginning from the fourth quarter of last year.
Value-added tax for February will also be cut in half for products including coal, construction materials, engineering equipment and automobile parts.
By delaying collection of personal income taxes, the country is set to lose about VND1 trillion monthly.
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