Vietnam firms with revenue less than VNĐ200bil enjoy 30% cut in corporate tax


The value added tax for goods and services including transportation, food, accommodation services and those relating to tourism promotion will also be reduced from Nov 1 to Dec 31 this year. — VNA/VNS

HANOI (Vietnam News/Asia News Network): National Assembly (NA) Chairman Vương Đình Huệ has signed a resolution of the NA Standing Committee on a number of solutions to support businesses and people affected by the Covid-19 pandemic. The resolution took effect on Oct 19.

Accordingly, the NA Standing Committee decided to reduce 30 per cent of corporate income tax for enterprises whose revenue in 2021 is less than VNĐ200 billion (US$8.7 million) and experiencing a revenue reduction compared with that of 2019.

The reduction is not applied for taxpayers who are newly established, merged or separated in the 2020 and 2021 tax period.

The NA Standing Committee also agreed to exempt personal income tax, value added tax and other taxes in the third and fourth quarters of 2021 for individuals and households in pandemic-hit areas.

Tax exemption does not apply to revenues from the provision of software products and services, video games, digital movies, digital music and advertising.

The value added tax for goods and services including transportation, food, accommodation services and those relating to tourism promotion will also be reduced from Nov 1 to Dec 31 this year.

The NA Standing Committee decided to exempt the fee for late payment arising in 2020 and 2021 for enterprises and organisations which incurred losses in 2020.

The Government is assigned to continue reviewing and carrying solutions within its jurisdiction to support businesses and organisations severely affected by the Covid-19 pandemic to restore production and business.

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