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Vietnam may cut corporate income tax in 2007 |
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13:45, June 29, 2007 |
Vietnam may this year lower corporate income tax to 25 percent from current 28 percent, aimingto attract more investment, especially foreign one, local newspaper Vietnam News reported Thursday.
The Vietnamese Finance Ministry is considering the reduction, which will bring the tax in Vietnam in line with those in other regional countries, Deputy Finance Minister Truong Chi Trung said.
A number of companies have complained about the tax in Vietnam,which is higher than the average of 20-25 percent in the rest of the world, he said, noting that maintaining the tax at the currentlevel could adversely impact the country's business environment.
Vietnam is likely to lure foreign direct investment of over 20 billion U.S. dollars this year, up from 10.2 billion dollars last year, according to the Vietnamese Ministry of Planning and Investment.
As of May 22, the country housed 7,267 foreign-invested projects with a total registered capital of nearly 65.6 billion dollars.
Source: Xinhua
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