Home / Knowledge / News / Textiles / FM to slash VAT and corporate tax on textile & garment sector
FM to slash VAT and corporate tax on textile & garment sector
31
Mar '09
Mr Vu Van Ninh, Minister of Finance
Mr Vu Van Ninh, Minister of Finance
At a cabinet meeting convened by the Prime Minister of Vietnam, Mr Nguyen Dung, said that, since the Gross Domestic Product (GDP) had grown by only 3.1 percent, the lowest in many years, he would ask the National Assembly to revise the GDP growth rate to 5 percent and increase the scheduled budget over-spending to around 8 percent for 2009.

At a cabinet meeting held in October 2008, the government had decided to maintain GDP growth rate at 6.5 percent in 2009 and control over-spending to 4.3 percent compared to 4.8 percent in 2008, through cutting down expenditure.

A proposal to cut down Value Added Tax (VAT) was also put forth by the Finance Minister. He has suggested that VAT be reduced on yarn, fabric, garments, construction materials and automobile industries.

He also advised cutting down and exempting corporate income tax for small and medium enterprises and exempting personal income tax for low-income earners and announced that he would slash corporate income tax within nine months for enterprises that have capital of less than VND10 billion or less than 300 workers.

Amongst other measures to be taken up by the government; reducing the corporate income tax rate by 30 percent for textile and garment sectors, footwear and mechanical engineering enterprises, or extending the deadline for financial duties for importing enterprises

Fibre2fashion News Desk - India

Must ReadView All

Textiles | On 20th Jan 2017

TEA expects budget to upscale textile skill industry

The Tiruppur Exporters’ Association (TEA) has requested the Central...

Textiles | On 20th Jan 2017

Bangladesh could earn $60 billion in exports by 2021

Bangladesh is expected to earn over $60 billion in exports by the...

Courtesy: PIB

Textiles | On 20th Jan 2017

Govt to help Tangaliya weavers purchase looms: Irani

Government of India will facilitate Tangaliya weavers in purchase of...

Interviews View All

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

DK Sharma
Velocity Apparelz

We constantly communicate with employees at all levels

Frank Gossmann
Rotorcraft AG

‘RT3 motto is: Do not check millimetres, check colours.’

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Ashok Desai
Bombay Textile Research Association

Bombay Textile Research Association (BTRA) is a leading name in textile...

Mohammad Hassan
Biax Fiberfilm

About one in every 20 patients picks up an infection while hospitalised....

Mike Hoffman
Gildan Activewear SRL

Gildan Activewear, a manufacturer and marketer of branded clothing and...

Rupa Sood and Sharan Apparao
Nayaab

Nayaab, an exhibition meant to celebrate Indian weaves, is in its second...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH
January 2017

January 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

SUBSCRIBE


Browse Our Archives

GO


eNEWS
Insights
Subscribe today and get the latest News update in your mail box.
Advanced Search