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 enterpris…