HANOI, Nov. 29 (Xinhua) -- Vietnam will impose the global minimum tax on foreign companies from Jan. 1 next year, according to a resolution approved by the Vietnamese National Assembly on Wednesday.
The tax rate will be 15 percent for multinational enterprises with total revenue of at least 750 million euros (about 800 million U.S. dollars) in two years of the four most recent years.
The Vietnamese government has estimated that 122 foreign businesses in Vietnam will have to pay the tax, worth an estimated 14.6 trillion Vietnamese dong (603.31 million U.S. dollars) next year, VnExpress reported.
Six Vietnamese firms will have to pay about 73 billion dong in top-up corporate income tax on their overseas investments if host countries do not impose the global minimum tax, according to the government.
The global minimum tax was agreed by G7 countries in June 2021 as a measure to prevent tax base erosion and profit shifting by multinational corporations. ■
