1 Sept 2016
VIETNAM: CIT Cut to 10% for Companies Redeveloping Hanoi and HCMC Housing Stock
Corporate income tax (CIT) is to be cut from 20% to 10% for all companies active in the restoration of dilapidated apartment buildings. According to government figures, at least 4,000 of the country’s apartment buildings are in need of repair, with the majority of them to be found in Hanoi or Ho Chi Minh City.
The preferential taxation regime will apply from four years beginning on 1 January 2017. To qualify, all applying companies must declare their income for each renovation project separately.