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
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 28th Mar 2017

India may impose duty on elastomeric filament yarn

The Government of India is likely to impose anti-dumping duty on...

Courtesy: Lee Cooper

Apparel/Garments | On 28th Mar 2017

CCI clears FLFL proposal to divest Lee Cooper

The Competition Commission (CCI) of India has approved the proposal...

Textiles | On 28th Mar 2017

Bardoli CEFC to benefit south Gujarat MSMEs

India’s first common engineering facility centre (CEFC) at Bardoli,...

Interviews View All

Yash Maniyar
Rekha Maniyar

Indian fashion market is growing at a staggering rate

Nitin Soni
Dolphin Jingwei Machines

Taxation policies need to be made simpler

Frank Gossmann
Rotorcraft AG

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

Marten Alkhagen
Swerea IVF AB

Marten Alkhagen, Senior Scientist - Nonwoven and Technical Textiles of...

Kai Poehler
Voith Paper GmbH & Co. KG

The glass mat industry is growing by five to eight per cent annually. Kai...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Yash P. Kotak
Bombay Hemp Company

One of the directors of Bombay Hemp Company, Yash P. Kotak, speaks to...

Mike Hoffman
Gildan Activewear SRL

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

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies

March 2017

March 2017

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


Browse Our Archives


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