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Monday, May 6, 2024

Vietnam adopts rule on global minimum tax for foreign firms

Tourists walk past Vietnam’s National Assembly building in Hanoi, Vietnam. (Photo: Reuters)

HO CHI MINH – Vietnam passed a resolution to align the tax on corporate earnings to meet the 15% global minimum levy on multinational companies aimed at stopping a race-to-the-bottom competition among countries to lure investors.

About 94% of delegates in the National Assembly voted for the resolution, according to the legislature. While Vietnam currently taxes corporate income…

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