Prime Minister Nguyen Tan Dung has approved the draft tax law amendments proposed by the Ministry of Finance as part of the government’s efforts to help local businesses overcome the current economic difficulties.

Accordingly, the list of goods and services exempt from VAT is to be expanded to include feed for animals, which is currently subject to the 5-percent tax rate, in order to support local breeding and aquaculture businesses.

Business license taxes are to be revoked. And, people’s right to choose between two tax payment methods for personal income from stock trading and real estate deals is to become part of the law.

The ministry was requested to urgently submit a proposal for the building of the tax law amendment bill to the Standing Committee of the National Assembly and present it at the 8 th National Assembly Meeting in October 2014.-VNA