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VAT on textile & garments to be halved
24 Apr '09
1 min read
For boosting the economy of the country, Prime Minister Nguyen Tan Dung has lowered down the taxes on the sale of various goods, which will come in to force from the next month and to increase domestic consumption the government may spend up to $6 billion this year
The government published this information on its website regarding its various plans to boost economy, where it has mentioned that it will reduce the value-added taxe by up to 50 percent on textiles, garments, leather, paper, cement and other goods.
From next month to the end of the year, importers of various machineries will also be allowed a delay in payment of taxes by up to 180 days and the local producers of textile and footwear will be allowed to enjoy 30 percent corporate tax reduction for the fourth quarter of 2008.
The government published this information on its website regarding its various plans to boost economy, where it has mentioned that it will reduce the value-added taxe by up to 50 percent on textiles, garments, leather, paper, cement and other goods.
From next month to the end of the year, importers of various machineries will also be allowed a delay in payment of taxes by up to 180 days and the local producers of textile and footwear will be allowed to enjoy 30 percent corporate tax reduction for the fourth quarter of 2008.
Fibre2fashion News Desk - India
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