An official from the Ministry of Finance (MOF) has said that his ministry was collecting opinions to revise four tax laws with the aim of facilitating the economic restructuring and formulating more reasonable incentive policies.
MOF plans to finalize its proposed amendments to the Law on Value-Added Tax, Law on Corporate Income Tax, Law on Personal Income Tax and Law on Excise Tax for submission to the National Assembly in October.
All corporate income tax incentives would be revised, he added.
Over the recent years, MOF and local tax agencies have proposed amendments to the four tax laws, including raising the annual taxable turnover of business individuals from current VND 100 million to VND 150 million or reducing the rate at which an individual income earner has to pay his personal income tax for a current income of VND 2 million or less from current 10 percent to 5 percent.-(VLLF)
