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HCM City implements tax cuts to support struggling businesses

The Ho Chi Minh City government has rolled out support policies including tax cuts to help local businesses amid a difficult economic situation. Revenues in the first four months of 2023 were down 3.2% YoY, with a sharp drop in real estate and securities sectors being the main contributor to the fall. The city aims to reach the VND470tr (USD20.1bn) target set by the government, and has issued Decree No. 12/2023/ND-CP on deferring collection of value added, corporate and personal income taxes, and land rentals this year to support businesses in the city. The total tax reduction in 2023 could reach VND23tr (USD989.5m), according to Le Duy Minh, director of the city's Department of Finance.


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