Firms with revenue less than VND200 billion enjoy 30% reduction in CIT
Firms with revenue less than VND200 billion enjoy 30% reduction in CIT. (Illustrative image/Source: VNA)
NDO/VNA - National Assembly (NA) Chairman Vuong Dinh Hue has signed for issuance 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 October 19.
Accordingly, the NA Standing Committee decided to reduce 30 percent of corporate income tax for enterprises whose revenue in 2021 is less than VND200 billion VND (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 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 quarter 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 November 1 to December 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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