IT workers likely to enjoy 50% income tax cut

The Government has proposed the National Assembly (NA) reduce the personal income tax by 50% for workers in the information technology sector.

Prime Minister Nguyen Xuan Phuc signed Resolution 41/NQ-CP last week proposing tax incentives to promote the development and application of IT in Vietnam to improve the competitiveness of IT enterprises and attract investment in the sector in the international integration process.

Employees who might be eligible for a 50% tax cut include those meeting requirements for research, development and application of IT, working in high-tech services and management, operating high-tech equipment, and overseeing information system security.

Activities including production of digital content and information, software services, production of key IT products, information security troubleshooting services and protection of information security could get corporate income tax incentives.

New IT projects with over 1,000 full-time employees each could enjoy a corporate income tax of 10% in 15 years, including those having already benefited from the 15-year preferential tax  treatment.

The Ministry of Science and Technology is responsible for coordinating with the Ministry of Finance, the Ministry of Information and Communications and other relevant agencies to build criteria and conditions for high-tech workers to enjoy a lower personal income tax.

 

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