HANOI, Nov. 6 (Xinhua) — Vietnam ought to hasten steps to undertake the worldwide minimal company earnings tax from subsequent yr, Vietnam News reported Monday, citing Deputy Director of the General Department of Taxation Dang Ngoc Minh.
The newspaper quoted Minh as saying that in Vietnam, the worldwide minimal tax isn’t obligatory, however may have a big impression on international capital recipients like Vietnam, that are providing tax incentives to multinational enterprises as a significant device to draw capital inflow.
It is estimated that about 113 multinational enterprises within the nation will probably be affected by the worldwide minimal tax whether it is utilized from early subsequent yr.
Minh mentioned making use of the worldwide minimal tax can be important for Vietnam to achieve the fitting to gather the top-up taxes, given the context that main Foreign Direct Investment buyers reminiscent of Singapore, Japan and Korea have been adopting the worldwide tax coverage from subsequent yr.
The Vietnamese Ministry of Finance proposed the introduction of certified home minimal top-up tax and earnings inclusion rule to adapt to the worldwide minimal tax.