October 10, 2001 |
By
Keith Martin in Washington, DC
VIETNAM imposed a 25% surtax on highly profitable companies.
The tax will be collected on top of the normal 32% corporate income tax and is retroactive to the start of the current income tax reporting year, which started in July. It will apply to any company that reports after-tax income of more than 20% of its capital base. Companies with special tax holidays or that operate in special manufacturing zones may be temporarily exempted.
