The Hanoitimes - Corporate income tax applied for micro and small firms will be cut from the current 20 percent to 15 and 17 percent, respectively, aimed at supporting such firms. It was under a Ministry of Finance’s draft Law on Amendments and Supplements to a Number of Articles of the 5 Tax Laws, including the Corporate Income Tax Law, sent to the Government recently. The ministry classified that micro firms are those having total turnover of below VND3 billion (US$132,160) a year while small firms are those having below 200 employees with social insurance and total turnover of VND3-50 billion a year. Micro firms are those having total turnover of below VND3 billion (US$132,160) a year In a move to avoid firms setting up subsidiaries to benefit from the tax relief policy, the ministry also drafted that the preferential tax rates will not be applicable for firms under the parent-subsidiary structure in which the parent firms hold more than 25 per cent of … [Read more...] about Tax incentives proposed to support small and micro firms
Incentives
New circular puts ASEAN incentives in SMEs’ reach
The Ministry of Industry and Trade (MoIT) recently issued Circular No.27/2017/TT-BCT, which supplements and amends some items of Circular No.28/2015/TT-BCT, dated August 20, 2015 on the pilot implementation of goods-origin self-certification as per the ASEAN Trade in Goods Agreement (ATIGA), valid for four ASEAN markets, including Laos, the Philippines, Indonesia, and Thailand.Self-certification of product origin (C/O) means traders may declare the origins of exported goods on their commercial invoice instead of C/O form D. As it currently stands, many businesses have to ask for C/O from management agencies.Under Circular 28, an enterprise is allowed to conduct self-certification of goods origin if its total export turnover to ASEAN comes to at least $10 million, under C/O form D in the preceding year.However, Circular 27, taking effect on December 6, 2017, removes this regulation, stating that a firm will be eligible to conduct product-origin self-certification if it is a small- or … [Read more...] about New circular puts ASEAN incentives in SMEs’ reach
Incentives guaranteed for Mekong Delta expressway developer
Incentives guaranteed for Mekong Delta expressway developerBy Song Nguyen - The Saigon Times DailyHCMC – BIDV Expressway Development Company (BEDC), the developer of an expressway linking Trung Luong and My Thuan Bridge in the Mekong Delta, will get incentives to build the 54-kilometer thruway.In a decision issued on Tuesday, the Prime Minister approved favorable policies for the Trung Luong-My Thuan eThe investor will have the exclusive right to providing services along the expressway and advertising billboards along both Trung Luong-My Thuan and HCMC-Trung Luong expressways. BEDC has bought the right of toll collection to the just-completed 62-km HCMC-Trung Luong expressway.The Bank for Investment and Development of Vietnam (BIDV), which is the lead shareholder in BEDC, has got approval to raise funds at home and abroad for the Trung Luong-My Thuan project, including ODA loans re-lent to BEDC.The PM in the decision said the Government would provide guarantees for the bank to … [Read more...] about Incentives guaranteed for Mekong Delta expressway developer
Banks look for borrowers via incentives
Banks look for borrowers via incentivesBy Thuy Trieu - The SaigonTimes DailyHousing Development Bank (HDBank) has launched a program ofoffering incentive rates for enterprises in supporting industries includingcars, motorbikes, computing, home appliances, garments and shoes.The bank’s rates for those customers are 1-4 percentagepoints lower than the normal rates. The bank also offers services ofconsulting, plan or project formulation, and paperwork for borrowers.A customer in Tan Binh District said Asia Commercial Bank,or ACB, announced an interest rate reduction from 22.6% to 21.4%. “This is justa small cut but it still helps.”This reduction, applicable to loan disbursements from Augustto December, is part of a special offering of ACB aimed at individuals andhouseholds in need of capital for trading. Each loan in Hanoi and HCMC amounts to VND500 million andVND300 million in other parts of the country.Le Xuan Nghia, vice chairman of the National FinancialSupervisory … [Read more...] about Banks look for borrowers via incentives
Agricultural investors promised incentives in Quang Ninh
Agricultural investors promised incentives in Quang NinhHung Le By Hung Le - The Saigon Times Daily HCMC- Investors pouring money into hi-tech agricultural areas in the northern province of Quang Ninh will be given many incentives on land, taxes and loans to carry out their projects, according to a decision issued by the province. According to Decision 3262, the target investors must have investment schemes on studying or applying hi-tech application research on agriculture including cultivation, forestry and fish farming or projects on personnel training for hi-tech agriculture. Depending on the scheme, investors may be given land while they do not have to pay land usage fee or may enjoy a fee reduction or exemption. Besides, they are also offered land rental discounts and the highest incentives in line with local regulations on corporate income tax, value-added tax and export-import taxes. Enterprises starting business with investment projects on hi-tech agriculture and scientific … [Read more...] about Agricultural investors promised incentives in Quang Ninh
Completing the Decision on the incentive policy towards athletes and coaches who achieve excellent results
(Cinet) – Recently, the General Department of the Physical Training and Sports (the MOCST) said that, the General Department is now completing the draft Decision on the incentive policy for athletes and coaches who of the Physical Training and Sports (the MOCST) who achieve excellent results. Accordingly, the incentive policies will be applied for athletes belonging to the high sports result achieving medals: in the arenas of Olympic, Asiad, SEA Games and coaches directly train the above athletes. Athletes and coaches will be received specific incentive policies: incentive policies in studying, training ( admitted to universities and colleges of the physical training and sports, or specialized in the physical training and sports without examinations, decreasing by 70% expenditures when studying at the schools belonging to the national education system.; incentive policies with introducing jobs, incentive policies on housing. … [Read more...] about Completing the Decision on the incentive policy towards athletes and coaches who achieve excellent results
Incentives specified for auto industry
Incentives specified for auto industryThe Saigon Times Daily HCMC – The Government has issued a decision specifying incentives relating to finance, trade promotion, land and taxation for the auto industry, a report on the Government’s portal chinhphu.vn said. Enterprises can take out loans from Vietnam Development Bank to invest in auto parts production and car assembly projects, according to a decision, which is issued to implement Vietnam’s automotive industry development strategy to 2025 with a vision towards 2035 and the master plan on Vietnam’s automobile industry development by 2020 with a vision up to 2030. Companies which are part of the global supply chain for production, parts or car exports can enjoy export credit. Meanwhile, manufacturers of priority vehicles will get backing on trade promotion. Besides, government agencies, organizations and individuals who purchase agricultural multipurpose minivans … [Read more...] about Incentives specified for auto industry
Green projects need both incentives and enforcement
Green projects need both incentives and enforcementBy Dinh Dung - The Saigon Times DailyAlso, material price hike, environment protection and market demand have created a motivation for property investors to seek green designs to save energy in their buildings, said Kevin Hydes, general director of Integral Group Canada at the FuturArc Forum held in HCMC last Friday.However, despite many efforts, there are still obstacles due to the limited awareness of the community and the lack of connectivity from the design to the final completion of the project, said Hydes.In fact, more investment capital is needed in green projects and the return will last longer.Speaking on the sidelines of the seminar, Tran Dinh Thai, deputy director of the Department of Science, Technology and Environment under the Ministry of Construction, said green designs offer energy efficiency and huge benefits. Still, he agreed a hefty capital is required, especially with completed projects wishing for upgrade to save … [Read more...] about Green projects need both incentives and enforcement
Two more firms receive customs incentives
Two more firms receive customs incentivesChau Giang and Da Ban By Chau Giang and Da Ban - The Saigon Times Daily HCMC – Datalogic Scanning Vietnam Co., Ltd and Samsung Electronics Vietnam Thai Nguyen on Thursday received certificates from the General Customs Department to receive special customs incentives. According to a representative of Datalogic Scanning Vietnam, since being recognized as a priority enterprise on February 12, the firm’s operations and export-import activities are made easier and quicker, thus enhancing its competitiveness. Besides, Vietnam’s customs is modernized with the automated customs system to be applied from April 1, which helps relieve foreign investors of time-consuming administrative procedures when investing in Vietnam, he added. Nguyen Duong Thai, deputy director of the General Department of Customs, said that recognized priority enterprises were those having fully complied with laws and having a modern control process of production … [Read more...] about Two more firms receive customs incentives
Incentives needed for green investment
Incentives needed for green investmentBy Dinh Dung - The Saigon Times DailyHCMC - Vietnam’s monitoring of energy efficiency and carbon foot print is more widespread, but most local companies say tax incentives should be offered to accelerate green investment, according to workspace solutions provider Regus plc’s new global survey.Around 46% of companies say they will only invest in low-carbon equipment if the running costs are the same or lower than those of conventional equipment. A disappointing 40% have invested in low-carbon equipment and only 38% have a company policy to do so, according to the Regus.In Vietnam, the survey found that monitoring of energy efficiency and carbon foot-print are much more widespread than elsewhere in the world. Companies monitoring their carbon footprint account for 31% and energy consumption monitoring is 69%. However, 46% have no company policy to invest in energy efficient equipment. The company says that running costs are important to … [Read more...] about Incentives needed for green investment