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Investing.com -- Vietnam plans to increase the tax-free income threshold and boost deductions for dependants as part of efforts to stimulate consumption and economic growth, according to state media reports on Friday.
The tax changes will reduce government income-tax revenue by 21 trillion dong ($800 million) annually, deputy finance minister Nguyen Duc Chi said, as reported by the Cong Thuong newspaper.
The measures were outlined in a parliamentary resolution, though specific details about the new threshold levels or implementation timeline were not provided in the announcement.
This tax reform aims to put more money in citizens’ pockets, potentially increasing domestic spending and supporting broader economic growth objectives in the Southeast Asian nation.
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