CIT REDUCTION IN Y2020

Mon 22/06/2020

Reduce 30% of Corporate Income Tax in 2020 On June 19, 2020, the National Assembly of Vietnam has officially passed the Resolution regarding 30% reduction of corporate income tax (“CIT”) in 2020 for businesses with revenue of less than VND200 billion. This Resolution takes effect 45 days from the date of its signing and applies to the tax period 2020. […]

financial

Reduce 30% of Corporate Income Tax in 2020
On June 19, 2020, the National Assembly of Vietnam has officially passed the Resolution regarding 30% reduction of corporate income tax (“CIT”) in 2020 for businesses with revenue of less than VND200 billion. This Resolution takes effect 45 days from the date of its signing and applies to the tax period 2020.

The Resolution applies to micro, small, and medium-sized enterprises, non-business units, other organizations engaged in production and trading of income-generating goods and services established under the provisions of Vietnamese law and under the Law on Cooperatives.
This Resolution of the National Assembly is considered as one of the practical policies to support the business community, resolve difficulties and promote production and business, assist the economy to cope with the consequences of the pandemic Covid-19.