VIETNAM: In another step toward economic reform,...
Times staff and wire reports
VIETNAM: In another step toward economic reform, Vietnam will adopt its first national income tax system in April. Progressive tax rates will vary from 10% to 50% but exempt individuals earning less than $58 a month, the Vietnam Council of State announced. However, most Vietnamese probably will be exempt because the minimum monthly wage is just $50. The council said the revenues are needed to bail the nation out of a worsening financial crisis involving its depreciating currency, rising inflation and widespread unemployment.
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