Bills to support businesses passed

VGP – The National Assembly on Wednesday passed the draft Law on Value-added Tax and the draft Law on Corporate Income Tax.

June 19, 2013 4:25 PM GMT+7

Photo: VGP

The revision of the Law on Value-added Tax and the Law on Corporate Tax is expected to create a sizable momentum for businesses to overcome the current economic hardships.

The Law on Corporate Tax sets out a roadmap for reducing tax rate from 28% down to 25% and 22% in the coming years.

Meanwhile, the Law on Value-added Tax stipulates 25 groups of beneficiaries subjected to value-added tax exemption.

The other two new laws are on natural disaster prevention and mitigation and on national defense and security education.

On the same day, the Legislature also discussed on the draft Law on Employment./.

By Huong Giang