Tax Laws on Overseas Investment to be Revised
Nov. 18 – Vietnam’s Ministry of Finance is planning to revise tax laws to encourage more Vietnamese businesses to make overseas investments.
The draft of the tax circular is pending official approval at the end of the year. If the new plan is approved it will allow for incentives for projects in energy, power, petroleum, mining, and the cultivation of crops used in industry says Nhan Dan.
Moreover, Vietnamese companies who invest abroad will be exempt from export and value-added taxes levied on machinery, equipment and other materials. These firms will also be exempted from taxes on foreign made products and imported back to the country.
The draft has set corporate income taxes on Vietnamese overseas projects at 25 percent and will deduct taxes already paid to foreign tax authorities.
Vietnamese companies have invested a total of US$6.8 billion in more than 440 projects in 49 countries globally.
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