Global

Details

  • Service: Tax, International Corporate Tax, Global Indirect Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 7/10/2012

Vietnam - Tax relief for business and individual taxpayers 

July 10:   Tax relief resolutions for business and individual taxpayers, as passed by the National Assembly in late June 2012, include:
  • A 30% corporate income tax rate reduction for 2012 for certain small and medium enterprises (SMEs) and labour-intensive businesses engaged in manufacturing and processing of select categories of goods and products
  • A six-month individual income tax exemption for “first threshold” income earners (i.e., individuals with taxable income from salary, wages, and business income of up to VND 5 million or approximately U.S. $250 a month) from 1 July 2012 through 31 December 2012
  • A full year (2012) tax exemption for individuals who derive rental income from workers, labourers, and students

Resolution 24/2012/QH13 is effective on 28 June 2012.


Read a July 2012 report [PDF 685 KB] prepared by the KPMG member firm in Vietnam: Tax relief for individuals and businesses




©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to go-fmtaxnewsflash@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now

Contact us