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Wednesday, November 25, 2020

NA approves 30% income tax cut for firms in 2020

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HCMC – The National Assembly (NA) passed a resolution offering a 30% corporate income tax cut in 2020 for enterprises that earn less than VND200 billion in revenue, after it was voted for by over 91% of the NA deputies present at the ongoing ninth sitting this morning, June 19.

Accordingly, the NA lifted the insurance payment requirement based on the number of laborers at firms to ensure fairness to those that employ many workers but have low revenues, and added medium-sized firms to the list of enterprises enjoying the income tax cut.

Nguyen Duc Hai, head of the NA’s Finance and Budget Committee, said that a 30% reduction in corporate income tax for small and medium firms this year would cause a loss of VND23 trillion to the State budget, up by some VND7.2 trillion against the Government’s proposal.

The 30% reduction is expected to help small and medium enterprises recover from the effects of the coronavirus pandemic and ramp up their production, the local media reported.

To support firms, remove the obstacles facing them, boost production and get the economy back on track, the Government has adopted various measures, including allowing firms to extend payments for taxes and land rent valued at VND180 trillion.

The Government and the relevant ministries and departments are planning to work out other steps to help firms tide over the hardships triggered by Covid-19, the disease caused by the coronavirus, Hai said.

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