Corporate income tax

The government has also proposed that the National Assembly allow a 30 percent cut in environmental tax on jet fuel until the end of the year and another 30 percent cut in corporate income tax for micro businesses. … [Read more...] about Government cuts taxes, fees to support automakers, airlines

Dr. Tran Dinh Thien, Associate Professor, Director of Vietnam Institute of Economics, made the statement at the opening ceremony of the Autumn Economic Forum held yesterday in the southern city of Vung Tau. Dr Thien also pointed out some paradoxes in the Vietnamese economy such as local banks having large amounts of money, while many enterprises complain about accessing capital. “Many outstanding problems relating to land disputes, lax management at state-owned enterprises or risks to the banking system, etc. are bringing more difficulties to the economy and people’s lives,” he said, while proposing solutions including setting out a long range development plan, removing quotas for provincial GDP growth, and providing more assistance to enterprises. National Assembly Deputy Tran Du Lich from HCM City also agreed with Dr Thien, saying that it was necessary to lower corporate income tax and help firms access credit. Dr Nguyen Dinh Cung, Deputy Director of the … [Read more...] about Forum discusses the problems facing Vietnam’s economy

Hanoi (VNA) - The Philippine government is eyeing a stimulus package worth 846 billion pesos (16.7 billion USD) to enable a full economic recovery from the COVID-19 pandemic, according to Finance Secretary Carlos Dominguez. The stimulus package, which is waiting for Congress' approval, would include a cut in corporate income tax and modernisation of the country's fiscal incentive systems, Dominguez said. Local businesses have urged lawmakers to pass these reforms early so that small, medium and large companies can resume their operation and recover from the public health crisis. The Philippine tax authority said the country's total tax revenue in the first four months of 2020 dropped sharply to 527.41 billion pesos (22.6 million USD), or 25.4 percent below last year's collection over the same period. Despite the decreased revenue, Dominguez said the Philippines remains "financially able" to meet the unexpected challenges of the pandemic. The country also has practiced fiscal … [Read more...] about Philippines considers 16.7-billion-USD stimulus package

Data from market analysis firm FiinGroup revealed that the consumer finance segment grew 59 per cent on-year in the period of 2013-2017. In 2018, overall growth registered at 30.4 per cent. The slowdown is attributed to market development, growing from a larger base, and the increasing exposure to real estate loans, as well as the saturation of some key consumer finance products such as installment loans for home appliances and electronics. … [Read more...] about Consumers risk higher defaults amid lending sector fluctuation

The adjustment of socio-economic targets is a big and unprecedented issue, because the targets set in the NA’s Resolution are concretised from the Resolution of the Party Central Committee. On the basis of the Government’s proposal, the decision on the adjustment of growth targets will be made by the competent levels, with the current political and legal bases taken into account. According to economic experts, the adjustment of GDP growth target and relevant macro targets in accordance with the new developments in the domestic and international socio-economic situations will create favourable conditions for the Government in its management work, towards realising the dual goal of successfully combating the pandemic and reviving the economy after the disease. … [Read more...] about BUSINESS NEWS HEADLINES MAY 30