Government to triple tax break, ease Covid pain

The government plans to triple the tax break value to VND60 trillion ($2.62 billion) to boost the economy amid Covid-19 impacts.

The figure was suggested by the National Assembly, up from the VND21.3 trillion announced in October, Minister of Finance Ho Duc Phoc told a meeting Friday.

The October figure included a 30 percent reduction in corporate income tax for companies with revenues of VND200 billion or less this year.

It also included a 30 percent reduction in value-added tax for manufacturing companies, and discounts in personal income tax.

As of Friday, revenues from tax have reached over VND1,510 trillion, more than 12 percent higher than earlier forecasts.

Ho Chi Minh City is set to contribute most to the budget with some unexpected revenue from banking and real estate. Its revenue is set to exceed forecasts by 3 percent.

Hanoi’s revenue from tax is set to exceed forecasts by 9 percent