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. Firms with revenue of less than 200 billion VND this year would be eligible for 30-percent reduction on corporate income tax (Photo: taichinhdoisong.vn) The draft is up for comment, while the resolution came into effect on August 3. Under the draft, the tax cut would be given to enterprises with total revenue of less than 200 billion VND (8.62 million USD) in 2020 – those considered the most vulnerable to the COVID-19 pandemic’s negative impacts. In case firms were just founded in 2020 and did not operate for the full 12 months of this year, their revenue would be calculated based on the number of months they actually operated. Specifically, the revenue would be divided by the number of months they operated then multiped by 12 to determine their eligibility for the support policy. According to the Vietnam Chamber of Commerce and Industry, the draft decree still lacks a way to calculate revenue of firms which temporarily halted operations. To Hoai Nam, deputy president of the Vietnam Association of Small and Medium-Sized Enterprises, said that… Read full this story
- Explained: The pros and cons of an income tax cut
- The Future of the Conservative Party: Dominic Raab proposes 'penny a year' income tax cut as Tory leadership race begins in earnest
- Software firms want SEZ sops to stay, seek tax cut
- The Market Podcast | Nifty will shoot past 15,000 level if govt cuts income tax rate
- Corporate tax cut positive but growth faces headwinds: Moody's
- Hubris fears rise as markets embrace Trump tax cuts
- Mutual funds Wrap: Corporate tax cuts to benefit struggling sectors
- Resolve Reincorporates as a Public Benefit Corporation, Citing “Purpose, Accountability and Transparency”
- Instead of locking in future tax cuts, we should increase Newstart and boost social housing
- Govt to take call on relief in income tax at appropriate time: Anurag Singh Thakur
Decree aims to ensure companies benefit from corporate income tax cut have 326 words, post on vietnamnet.vn at August 15, 2020. This is cached page on Talk Vietnam. If you want remove this page, please contact us.
