Vietnam lawmakers offer income tax breaks to ease economic difficulty

TN News

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Vietnamese lawmakers have waived income tax for the second half of this year for people with monthly incomes of up to VND9 million (US$430), who make up 73 percent of all tax payers.

The resolution was passed at a National Assembly session Thursday to ease pressure on struggling individuals during what is called a tough economic situation.

The resolution also extends a 30 percent reduction in full-year corporate income tax for small and medium-sized enterprises and those in manufacturing, processing, and outsourcing.

It also waives income tax for individuals renting out apartments and houses to workers, students, day-care centers, nurseries, and companies supplying meals to workers, but on condition they do not increase rents.

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