Ho Chi Minh City plans to exempt and reduce taxes for creative startups to increase the number of these enterprises when implementing Resolution 98.
The information was given by Mr. Le Thanh Minh, Deputy Director of the Department of Science and Technology of Ho Chi Minh City at the program "People ask, the government answers" on the morning of August 6 when mentioning support policies for innovative startups in the context of the city implementing Resolution 98 on special policies and mechanisms that have just been passed by the National Assembly.
Electronic products of a startup participating in an exhibition at the Software Technology Park, Ho Chi Minh City National University, in May. Photo: Ha An
The city currently has about 2,000 startups (accounting for about 50% of the country) and is considered one of the most dynamic innovative startup ecosystems. However, the number of existing startups is not commensurate with the city's potential, according to the leader of the Ho Chi Minh City Department of Science and Technology. To increase the number of startups, there needs to be a tax exemption and reduction policy. "The Department and related units are drafting regulations and detailed instructions on innovative startup activities according to Resolution 98," said Mr. Minh.
According to the draft, innovative startups need to have a certificate with specific conditions to be exempted from taxes. These include conditions that innovative startups must be in priority areas, have innovative activities, have a certificate... to be considered for tax exemption. "This is considered a legal corridor to implement the tax exemption policy for innovative businesses," said Mr. Minh.
According to Resolution 98, Ho Chi Minh City will exempt corporate income tax for a period of 5 years from the time of tax arising for income from innovative start-up activities of enterprises, science and technology organizations, innovation centers and intermediary organizations supporting innovative start-ups arising in the city. Personal income tax and corporate income tax of individuals and organizations with income from transferring capital contributions and capital contribution rights to innovative start-up enterprises in the city will also be exempted.
In addition, experts, scientists, people with special talents, and individuals starting creative businesses working at creative startups, science and technology organizations, innovation centers, and intermediary organizations supporting creative startups in the city are exempt from personal income tax for a period of 5 years on income from salaries and wages.
Regarding the policy to attract experts and scientists, Mr. Huynh Thanh Nhan, Director of the Ho Chi Minh City Department of Home Affairs, said that the unit is developing a project to submit to all levels in 2023. The project has two groups to attract: experts and scientists with special qualifications and excellent students and highly qualified people. According to Mr. Nhan, Resolution 98 will have a more prominent policy to attract excellent students and highly qualified people to contribute to the city.
Ha An
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