NA ratifies resolution on tax reductions and exemptions

 National Assembly deputies gathered in Hanoi on August 6 to approve a resolution on tax reductions and exemptions for businesses and individuals to boost economic development in 2011. 

The resolution reduced the 2011 corporate income tax 30 percent for small and medium-sized enterprises operating in the lottery, real estate, securities, finance, banking, insurance, production, goods and services.

This will also apply to businesses that recruited many labourers for production, agro-forestry and seafood processing, garments and textiles, leather footwear, electronic spare parts and the construction of socio-economic infrastructure.

A 50 percent reduction of personal income tax will be applied to those renting rooms to students and workers from the third quarter to the end of the year.

The NA also agreed to reduce and exempt personal income tax on dividends for stock market investments and shares as well as revenue from security transfers from August 1, 2011 to December 31, 2012.

In addition, the Government also asked the NA to exempt individuals with salaries and wages from personal income tax.

(VOV)

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