HANOI: Vietnam's government plans to seek parliamentary approval for a 30% cut in income taxes for small businesses and household businesses with annual revenue of up to 10 billion dong (US$380,000), as part of efforts to support growth, the government said over the weekend.
The proposed tax reduction would apply in 2026 and 2027 to household businesses, individual business operators and micro-enterprises meeting the revenue threshold, the government said in a statement.
The proposal will be submitted to the parliament this month for approval, the government said.
"The move is aimed at encouraging household businesses, individual business operators and small and medium-sized enterprises to expand their production and business activities, thereby helping to drive economic growth," the government said.
* Vietnam is targeting annual gross domestic product growth of above 10% during the rest of the decade. - Reuters
