Tuyết 0985991640 Ha Noi

Tuyết 0985991640 Ha Noi

Undecided on dividend tax, says Vietnam government

The Vietnamese government has yet to decide on taxing securities investments, Deputy Minister of Finance Truong Chi Trung said amid warnings that taxes would come as a blow to the nascent stock market.

Investors said the government should not make haste on a planned tax on dividends. Nguyen Hong Nam, head of securities firm Saigon Securities Incorporation (SSI), said the government should tax capital gains instead of dividends. Another investor called on the government to shelve the dividend tax until 2010 instead of the scheduled 2009 giving the fledgling securities markets time to attract more foreign investors. A related proposal, this one to tax bonus shares, from the Ho Chi Minh City Tax Bureau, has also come in for fierce criticism. Nguyen Hoang Hai, secretary general of the Vietnam Association of Financial Investors, said there were no grounds to collect personal income tax on bonus shares while even a law on taxing dividends was yet to be passed. Ly Xuan Hai, CEO of Asia Commercial Bank, warned that any move to tax bonus shares without making sufficient studies could extract a heavy toll on the securities market. Source: Thanh Nien, VnExpress – Compiled by An Dien