Vietnam reduce 30% of Corporate Income Tax liability in 2020
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Vietnam reduce 30% of Corporate Income Tax liability in 2020 (30/09/2020)
Prime Minister Nguyen Xuan Phuc on September 25 signed off government Decree No.114/2020/ND-CP, stipulating a cut of 30% in the corporate income tax (CIT) for enterprises having their revenue of less than VND200 billion (US$8.61 million) in 2020.
The Resolution is applied for enterprises, non-business units, other organizations that generated income via production and trading goods and services established under the provisions of Vietnamese law; organizations established under the Law on Cooperatives.
 
The reduction will apply to all businesses with revenue of less than US$8.8 million (VND200 billion) for 2020. This means that most small and medium enterprises (SMEs) will be eligible for such tax break regardless of the number of employees and the actual financial loss due to the pandemic. The purpose of the ratification is to ensure an equal subsidy policy for businesses that have been making their best efforts to retain employees, which substantially contribute to social welfare. 
 
Compared to the original proposal of the government, the NA decided to remove the criteria of the number of employees, aiming to ensure fairness for those having a large number of workers. It also included medium-sized enterprises as beneficiaries of this policy.
 
The Decree stipulates that enterprises determine by themselves the amount of PIT – Corportate income and declare on the prescribed forms.  
 

Translator: Nhat Ha

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