Samsung seeks lower land rental

Samsung seeks lower land rental

Samsung Complex in northern Bac Ninh Province paid VND1.584 trillion (US$79.24 million) in tax last year, according to the provincial People's Committee.

The information was provided in a committee document sent to the People's Council. It asked for financing from the State budget for investment in the infrastructure of Yen Phong 1 Industrial Park to support the company's $1-billion-expanded project.

Samsung has suggested the province help with 50 per cent of the land lease for the expanded project.

According to the People's Committee, the project was expected to boost Samsung's exports by $5 billion per year to about $17 billion, which would contribute to the province's socio-economic development.

The project would also contribute about $27.5 million in tax per year to the State budget while creating jobs for 8,000 people.

According to the General Department of Customs, about VND96 trillion ($4.57 billion) in taxes was collected for the State budget in the first six months of this year, a surge of 5.5 per cent year-on-year and meeting 40.4 per cent of the plan.

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