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Vietnam To Create More Attractive Investment Environment

The government wants to ensure tax policy equality for businesses and create a more attractive investment environment by the amendment of the Law on Corporate Income Tax

The government wants to ensure tax policy equality for businesses and create a more attractive investment environment by the amendment of the Law on Corporate Income Tax.
Finance Minister Vu Van Ninh made a presentation on the draft revised law at the on-going session of the 12th National Assembly on the morning of May 7.

The bill outlines that the present 28 percent tax rate for businesses and organizations in the economic sector will be replaced by three preferential tax rates of 10 percent, 15 percent and 20 percent for, respectively, 15-year, 12-year and 10-year durations from business start up.

The draft law also sets out tax exemption and reduction regulations for projects that implement socio-economic policies such as applying new scientific and technological advances and employing social welfare beneficiaries as workers.

Also at the session, Minister of Industry and Trade Vu Huy Hoang delivered a report on the bill on amendments and supplements to a number of articles of the Oil and Gas Law.

The Oil and Gas Law is amended and supplemented to ensure domestic energy security and to conform with international oil and gas treaties to which Vietnam is a party, he said.