Vietnam reduces taxes to push up demand

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HANOI, Apr 18 (AFP): Vietnam will reduce some tariffs on goods and services to push up demand in the face of an economic slowdown, according to a decision signed by the prime minister.
Value-added tax (VAT) on garment and textile products, cement, and motorbikes will be reduced by 50 per cent between May 1 and December 31, said the ruling signed on Thursday.
Registration fees for cars with fewer than 10 seats will also be reduced by half, while garment and footwear enterprises will benefit from a 30 per cent cut in corporate income tax for the fourth quarter of last year, it said.
The cuts were to "stimulate demand and consumption" and prevent an economic downturn, the government said in a statement.
The majority of fast-developing Vietnam's people remain farmers.
The moves are part of broad stimulus measures earlier announced by the communist government.