Te wiki o te tāke; Government moves on the global minimum tax rate, sorts out a long standing over taxation issue, and fast-tracks a new Tax Principles Act
The GMT rate will enable Vietnam to switch businesses to preferential status to retain overseas investors, while also supporting the development of local SMEs.
The global minimum tax of 15 per cent applies to multi-national corporations with annual revenue of 750 million euros, starting from 2024, according to the Ministry of Finance.
Vietnam is looking for solutions to retain foreign investment firms, especially giants such as Samsung, Apple, and Foxconn, in the event that the global minimum tax is applied in the country.