Corporate income tax on Vietnam's small businesses proposed for 15 per cent cut

HANOI (Xinhua): The corporate income tax on Vietnam's small and micro-sized enterprises might be cut to 15-17 percent from a current common rate of 20 percent, depending on previous revenues, according to the country's draft amendments to the Law on Corporate Income Tax, Vietnam News Agency has reported.

The Ministry of Finance has proposed a tax rate of 15 percent for enterprises with revenues of less than 3 billion Vietnamese dong (US$117,800) per year and 17 percent for enterprises with revenues between 3 billion dong and 50 billion dong (US$1.9 million).