The Ministry of Finance has just submitted a draft decree regulating financial policies for the future International Financial Center (IFC) in Vietnam, which proposes tax incentive policies to attract investment and high-quality human resources.

According to the draft decree, managers, experts, scientists, and high-quality personnel working at the IFC will be exempt from personal income tax until the end of 2030. The draft also outlines corporate income tax incentives to attract investment and promote the development of priority sectors at the Center.

The draft decree's Article 8 stipulates that businesses undertaking new investment projects in the IFC area will be eligible for preferential tax rates, categorized by industry.

Specifically, for projects in priority sectors for development within the IFC, a corporate income tax rate of 10% will be applied for 30 years, with a maximum tax exemption of 4 years and a 50% reduction in payable tax for a maximum of 9 subsequent years.

For projects not in priority sectors for development within the IFC, the tax rate will be 15% for 15 years, with a maximum tax exemption of 2 years and a 50% reduction in payable tax for a maximum of 4 subsequent years.

The draft decree also clearly states that businesses must separately account for income from investment projects arising within the IFC area to enjoy tax incentives, distinct from income from other production and business activities not eligible for tax incentives.

Regarding personal income tax, the draft decree stipulates that managers, experts, scientists, and highly qualified individuals working at the IFC (including both Vietnamese and foreign nationals) will be exempt from personal income tax on income from salaries and wages earned from working at the center until the end of 2030.