: Vietnam should hasten steps to adopt the global minimum corporate income tax from next year, reported Xinhua quoting a Vietnam News report Monday, citing Deputy Director of the General Department of Taxation Dang Ngoc Minh.
The newspaper quoted Minh as saying that in Vietnam, the global minimum tax is not compulsory, but will have a significant impact on foreign capital recipients like Vietnam, which are offering tax incentives to multinational enterprises as a major tool to attract capital influx. It is estimated that about 113 multinational enterprises in the country will be affected by the global minimum tax if it is applied from early next year.
Minh said applying the global minimum tax would be essential for Vietnam to gain the right to collect the top-up taxes, given the context that major Foreign Direct Investment investors such as Singapore, Japan, and Korea were adopting the global tax policy next year. The Vietnamese Ministry of Finance proposed the introduction of a qualified domestic minimum top-up tax and income inclusion rule to adapt to the global minimum tax.
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