Corporate income tax slashed as NA resolution takes effect
(VOVWORLD) - Starting Monday, small businesses and cooperatives will benefit from a 30% corporate income tax cut for the 2020 tax year, according to a National Assembly resolution.
The beneficiaries should make no more than 200 billion VND (8.6 million USD) in revenue this year.
“The incentive is expected to help small businesses survive the impact of the COVID-19 pandemic. It also aims to lay the foundation for them to grow stronger in the future,” said Finance Minister Dinh Tien Dung.
The tax cut means State revenue this year will lose more than 990 million USD.
Small and micro businesses account for 93% of the total number of businesses in Vietnam.