HCMC – The Ministry of Planning and Investment has proposed exempting experts, scientists, and people with special talents who work in HCMC from paying personal income tax for five years.

Apart from them, innovative entrepreneurs who work in innovative start-ups, science and technology organizations, innovation centers, intermediary support organizations, hi-tech parks, and information technology zones based in HCMC will also be eligible for tax redemption.

It also suggested a four-year corporate income tax exemption and a 50% tax cut for nine following years to the said organizations.

The proposal was announced on the ministry’s portal and was part of a draft National Assembly resolution on piloting a new special mechanism for the city’s development.

If passed, the HCMC People’s Council will be tasked with setting the criteria and conditions for selecting beneficiaries of the tax redemption.

As science and technology development, innovation, and attraction of high-quality human resources were the driving force behind the city’s development, such incentives would attract talent and foreign investment, thereby generating more jobs, facilitating science and technology development, and increasing domestic products, the ministry said.