The Ministry of Finance has issued an ordinance to reduce taxes in accordance with World Trade Organisation's rules, which took effect from January 1.

Some commodities have been moved to different groups of tariffs on the list for import-export goods.

Preferential taxes have been adjusted, especially for electronic components.

Corporate income tax has dropped from 25 to 22 percent, except for some special cases.

For companies having paid 22 percent of corporate income tax, they will have the right to pay 20 percent two years later.

With small enterprises that have low revenues not exceeding 20 billion VND (1 million USD) per year, they have to pay only for 20 percent.

Some enterprises might receive preferential taxes ranging from 10 - 20 percent.

For example, enterprises that invest in remote and difficult areas, a high-tech zone have to pay 10 percent for the first 15 years of their projects.

Other projects related to science and technology, or those developing important infrastructure, renewable energy, environmental protection or in education, vocational training, healthcare, culture and sports, also enjoy a tax level of 10 percent.

A range of 32 - 50 percent of tax will be applied to oil refineries and other rare natural resources.

Under the adjusted value-added tax law, which will come into effect in April, taxes will not be levied for some kinds of insurance, including health, cultivation and fishery activities.-VNA