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Vietnam Approves Laws Amending Investment Incentives, VAT, Interest Penalties and Other Measures

On 26 November 2014, Vietnam's National Assembly passed two laws amending the country's tax laws. The main measures include:

  • The 15% cap for deducting advertising and promotion expenses will be abolished
  • Tax incentives for certain manufacturing investment projects will be introduced, with the choice of either a 10% reduced income tax rate for 15 years, or tax exemption for 4 years followed by a 50% reduction in tax for 9 years
  • When profits are repatriated to Vietnam by a Vietnamese enterprise, the provisions of any applicable tax treaty will apply, but if there is no treaty in place and the corporate income tax rate of the foreign country is lower than the applicable rate in Vietnam, the difference will be payable
  • Fertilizers, livestock feed and equipment used exclusively for agricultural production will be VAT exempt
  • The interest penalty for late tax payment will be set at 0.05% per day, regardless of the number of days the payment is late (currently a 0.07% rate applies when exceeding 90 days)
  • The special consumption tax rates for tobacco products, alcohol and biofuels will be increased from 1 January 2016, with subsequent increases for certain products

Aside from the increased special consumption tax rate, the measures introduced generally apply from 1 January 2015.

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