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Vietnam To Reduce Corporate Tax On SMEs

Vietnam is looking to slash the corporate income tax rate by three percent for small and medium-sized enterprises (SMEs) to boost their number to one million by 2020.

A draft plan, which the Government will submit to the National Assembly this month, proposes to cut corporate income tax for SMEs as well as start-ups from the current 20 percent rate to 17 percent between 2017 and 2020.

Pham Dinh Thi, the Director of the Finance Ministry's Tax Policy Department, said the plan, if approved, "will ensure that there are thousands of newly established enterprises every year," and said "the contribution of these new firms to the state budget will help offset the revenue drop and over time will increase the state budget revenue."

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