Firms with revenue of less than VND200 billion to enjoy 30% CIT cut
ASEAN ministers discuss drug issues | |
HCM City Customs’ revenue increases over VND600 billion from price rulings | |
Positive results in combat against fraud on goods origin |
Garment processing at Kydo Vietnam Garment Co., Ltd, Pho Noi A Industrial Park (Hung Yen). Photo: Pham Kien/VNA |
Accordingly, taxpayers whose revenue is not more than VND200 billion (US$8.8 million) according to the Law on Corporate Income Tax and revenue in 2021 is lower than 2019 shall be entitled to a 30% reduction in corporate income tax payable in 2021.
The criterion that the revenue in 2021 is lower than 2019 is not applied to taxpayers who are newly established, consolidated, merged or separated in the tax period of 2020 and 2021.
In addition, the National Assembly Standing Committee decided to exempt personal income tax, value added tax and other payable taxes in the third and fourth quarters of 2021 for households and individuals in pandemic-hit areas. Tax exemption does not apply to incomes and revenues from the provision of software products and services; digital information products and services, video games, digital movies, digital photos, digital music; or digital advertising.
Furthermore, value-added tax will be reduced from November 1, 2021 to December 31, 2021 for goods and services, including: transportation services (railway transport, water transport, air transport, other land transport); accommodation services, catering services and services related to tourism; publishing products and services; cinematographic services, television production, sound recording and music production; artworks and services for composing, art, and entertainment; services of libraries, archives, museums and other cultural activities; or sports and entertainment services.
The late payment interest arising in 2020 and 2021 will be exempt for debts of tax, land use levy and land rent of enterprises and organizations (including dependent units and business locations) recording a loss in 2020. This exemption is not applied to those who paid the late payment interest.
The resolution states the Government is responsible for implementing so that consumers can benefit from the value-added tax cut.
Ho Chi Minh City: Proposals to reduce many taxes for businesses to restore production |
The National Assembly Standing Committee assigned the Government to continue reviewing and implementing solutions according to its competence to support enterprises and organizations.
This Resolution takes effect from October 19, 2021.
Related News
Import tax exemption to benefit domestic ITC industry
14:35 | 31/03/2023 Import-Export
Vietnam adjusting policies to adapt to global minimum corporate income tax: Official
15:48 | 27/03/2023 Finance
Goods imported from export processing enterprises must pay tax
09:03 | 24/03/2023 Regulations
Vietnam joins Multilateral Convention to tackle tax evasion and avoidance
15:22 | 23/03/2023 Finance
Latest News
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
More News
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines
State visit to Vietnam by Australian Governor-General to deepen the two’s goodwill, trust: expert
14:10 | 03/04/2023 Headlines
Vietnam"s economy to grow by 6.6% this year: OECD
17:45 | 02/04/2023 Headlines
Bright outlook for Vietnamese tourism in new situation
16:52 | 02/04/2023 Headlines
Vietnam, US hold 12th Political, Security, Defence Dialogue
20:25 | 01/04/2023 Headlines
Vietnam calls for comprehensive, all-society approach to waste management
14:32 | 31/03/2023 Headlines
Many factors support foreign capital flow
13:40 | 30/03/2023 Headlines
Foreign SMEs pour capital into Vietnam
13:37 | 30/03/2023 Headlines
Leaders of aviation firms to be disciplined if employees committed wrongdoings
15:38 | 29/03/2023 Headlines
Your care
The system has not recorded your reading habits.
Please Login/Register so that the system can provide articles according to your reading needs.
Australian Governor-General wraps up State visit to Vietnam
13:53 | 06/04/2023 Headlines
Vietnam active at UN Human Rights Council’s 52nd session
16:11 | 05/04/2023 Headlines
Vietnam commits to building prosperous, fair, healthy Mekong River basin: PM
16:09 | 05/04/2023 Headlines
Việt Nam, US hold 12th political, security, defence dialogue
14:15 | 03/04/2023 Headlines
Private sector remains driving force for economy
14:11 | 03/04/2023 Headlines