ENTERING RECOVERY PHASE
On 19 June, the National Assembly agreed to reduce corporate income tax for most businesses to overcome the impact from COVID-19.
- The resolution on the corporate income tax reduction from 20 percent to 14 percent was passed.
- The resolution will enter into force 45 days after the day it is signed and is primarily to help SMEs overcome financial difficulties caused by the pandemic, which accounts for approximately 97 percent of total businesses in the country.
- Enterprises that fulfil the following conditions are eligible for the tax reduction
– Annual revenues not above 200 billion VND in 2020
– Fewer than 100 employees