A newly issued government decree provides corporate income tax (CIT) incentives to support industry enterprises that were previously ineligible for such tax breaks.
The Saigon Times
The Ministry of Finance has proposed exempting firms from paying corporate income tax (CIT) for the amounts spent to support the Government in the fight against the coronavirus pandemic.
The Government has decided to implement a 30 per cent corporate income tax (CIT) cut for certain businesses for the 2020 financial year.
Any business with a revenue of less than VND200 billion ($8.7 million) this year will see corporate income tax (CIT) cut by 30 per cent.
A decree has been published to guide the implementation of a National Assembly resolution offering firms a 30 per cut corporate income tax (CIT) cut.
Resolution 116/2020/QH14 granting a reduction of 30 per cent on corporate income tax (CIT) for eligible enterprises officially came into effect on Monday.
The Ministry of Planning and Investment has asked for corporate income tax (CIT) to be cut for small and medium-sized enterprises (SMEs) by half this year in an effort to boost growth when the COVID-19 pandemic eases.
About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17 per cent from July 1 this year, down from the current rate of 20 per cent.
The Government has thrown its support behind the Ministry of Finance’s proposal to slash the corporate income tax (CIT) to 15-17% for small and micro enterprises compared to the common 20% now.
The Ministry of Finance has proposed cutting corporate income tax (CIT) rates on small and micro businesses from the current 20 per cent to 15-17 per cent.