Topic: reduction

Of the total, valued added tax (VAT), corporate income tax, personal income tax, and land rental fee extension was estimated at over VND51.3 trillion ($1.95 billion).

The move expected to help boost automobile sales of domestically-produced and assembled cars.

Finance ministry plans limit reductions to certain commodities only.

The Ho Chi Minh City Export Processing and Industrial Zones Authority (Hepza) has said the time taken to complete three administrative procedures has been cut by 30 per cent, to support businesses in industrial parks and export processing zones. Hepza is also implementing a “Receiving and handling administrative procedures on the same day” program on seven administrative procedures, and will apply it to five others from next year.

Figures from the Ministry of Finance show that as of the end of August, the amount of tax extensions totaled VND52 trillion ($2.2 billion), or 38.5 per cent of the plan. The amount of tax exemptions and reductions, meanwhile, is unprecedented, at nearly VND48 trillion ($2.03 billion).

Gasoline prices have now fallen by more than 20 per cent compared to a month ago, and businesses and individuals are both looking forward to substantial reductions in freight rates. The Hanoi Department of Transport has said that about 30 per cent of the city’s transport companies have cut their rates, by an average of 5-10 per cent.

Despite freight rates having been adjusted, it remains difficult to cope with escalating gasoline prices. To remove difficulties facing businesses and to implement solutions to stabilize prices and control inflation, the Directorate for Roads has proposed cutting VAT rates for transportation services as well as corporate income tax rates.