Latest blog articles
Vietnam looks at giving SMEs a tax break
The Ministry of Finance has sent a proposal to the National Assembly presenting a number of tax solutions to boost small and medium enterprises (SMEs).
One of the solutions is to cut corporate income tax from 20 percent to 17 percent. If approved, the proposal will be valid from 2017-2020.
The ministry said that the adjustment will encourage SMEs to grow and use the extra capital for further investment to improve their competitiveness.
The ministry cited examples from other Asian countries like South Korea, Thailand and Singapore, which have made SMEs their top priorities in economic policies.
The ministry added that cutting corporate income tax would not have a major impact on state budget revenue as SMEs only make a small contribution to government coffers.
However, the definition of what constitutes an SME remains unclear.
The Saigon Times quoted a new draft by the Ministry of Planning and Investment as saying that companies recording annual revenue lower than VND100 billion ($4.5 million) will be regarded as SMEs.
Based on this, 95.2 percent of Vietnamese enterprises are SMEs, contributing about VND8.7 trillion ($391 million) to the state budget each year. Should the 17 percent tax duty be approved, the country would lose VND5.2 trillion over four years.
However, the Ministry of Investment's news portal views SMEs as companies whose annual revenue don’t exceed VND20 billion. Under this definition, about 86.2 percent of the local companies are SMEs, paying some 2.7 trillion in corporate tax each year. This would leave a hole in the state budget of around 1.6 trillion over the four-year period.
In addition to measures aimed at SMEs, the Ministry of Finance also suggested a plan to reduce income tax for start-ups, making them exempt for four years and levying a rate of 10 percent for the next 15 years.Read on the original site
Trumps taps retired Marine general John Kelly for DHS
WASHINGTON (AP) — President-elect Donald Trump is tapping another four-star military officer for his administration. He has picked retired Marine Gen. John Kelly to lead the Homeland Security Department, according to people close to the transition.Kelly's last command included oversight of the Guantanamo Bay detention center.Kelly, who joined the Marine Corps in 1970, retired this year. He wrapped up a final, three-year post as head of U.S. Southern Command, which spanned some of the fractious… chat_bubble_outline Read More...
Jordan's foreign, interior ministers replaced in reshuffle
AMMAN, Jordan (AP) — Jordan's interior and foreign ministers have been replaced in a Cabinet reshuffle, at a time of public discontent with perceived security lapses and rising unemployment.King Abdullah II swore in the new Cabinet on Sunday, with six of 30 posts being reassigned.Outgoing Interior Minister Salameh Hamad was moved to the post of state minister. Hamad had faced a motion of no confidence in parliament over his handling of last month's shooting attacks by Islamic State group… chat_bubble_outline Read More...
Why a gay, Indian-heritage prime minister isn't a sign of a 'new' Ireland
Rarely does the appointment of a new Irish prime minister make global headlines. But Leo Varadkar, who won his party’s leadership campaign last week, has been hailed by the world’s press as symbolizing a changed Ireland.Openly gay and the son of an Indian immigrant doctor, the 39-year-old Mr. Varadkar will be Ireland’s youngest ever prime minister, or "taoiseach," when he assumes the office in the coming days. That he could so easily seize the crown of the center-right and traditionalist Fine… chat_bubble_outline Read More...
Ministry predicts 2017 export growth
Products including telephones and spare parts, garment and textile, electronics and computers are expected to bring highest export turnover to the country in 2017, said the Ministry of Industry and Trade. A Samsung Electronics earphone production line in Viet Nam. Telephones and spare part exports are expected to reach $39 billion this year, representing a 13 per cent year-on-year rise. Last year, Viet Nam’s total export turnover was US$175.9 billion, an increase of 8.6 per cent over… chat_bubble_outline Read More...
Gov’t okays three special economic zones
The Government has approved a plan to build three special economic zones (SEZs) to spearhead the country’s growth and tap local advantages to impel growth there. The SEZs, to be built in the coastal districts of Van Don (in the northern province of Quang Ninh), Van Phong (in the central province of Khanh Hoa) and Phu Quoc Island (in the southern province of Kien Giang), will pilot key new economic and administrative policies before they are applied nation-wide to develop the maritime… chat_bubble_outline Read More...