Firms with revenue of less than VND200 billion to enjoy 30% CIT cut

VCN - National Assembly Chairman Vuong Dinh Hue signed and promulgated Resolution 406 on solutions to support businesses and individuals affected by the Covid-19 pandemic.
ASEAN ministers discuss drug issues ASEAN ministers discuss drug issues
HCM City Customs’ revenue increases over VND600 billion from price rulings HCM City Customs’ revenue increases over VND600 billion from price rulings
Positive results in combat against fraud on goods origin 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
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 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.

By Vietnamnet/ Huyen Trang

Related News

State revenue collection poised to surpass annual target

State revenue collection poised to surpass annual target

VCN - With ten months of 2024 behind us, Vietnam’s state budget revenue is on track to exceed the year’s target. The Ministry of Finance is pushing hard to achieve results that go beyond initial projections as the year draws to a close.
Proposal extending 50% green tax cut for fuel products in 2025

Proposal extending 50% green tax cut for fuel products in 2025

VCN - The Ministry of Finance has just proposed extending 50% green tax cut in 2025 for gasoline (except ethanol), oil, and grease; reducing about 70% on jet fuel and 40% on kerosene. According to calculations, the total state budget will decrease by about VND44,224 billion under this policy.
Propose many solutions to shorten tax refund time

Propose many solutions to shorten tax refund time

VCN - Fully defining the duties and responsibilities of tax officials and having a mechanism to protect tax officials in tax refunds are breakthrough solutions being proposed to remove bottlenecks and barriers, speeding up the tax refund process in the coming time.
Ensure harmony of interests of “3 parties” when applying 5% VAT on fertilizers

Ensure harmony of interests of “3 parties” when applying 5% VAT on fertilizers

VCN - In the short term, applying 5% VAT on fertilizers may increase selling prices, but in the long term, farmers will benefit from this policy. When the fertilizer manufacture is deducted input tax, it will help reduce investment cost and production cost.

Latest News

Vice State President holds talks with Swedish PM

Vice State President holds talks with Swedish PM

Vice State President Vo Thi Anh Xuan held talks with Swedish Prime Minister Ulf Kristersson on November 11, as part of her on-going official visit to the West European country, during which the two sides agreed to further deepen bilateral relations in the time to come.
State President attends Chile ceremony marking Army’s 80th anniversary

State President attends Chile ceremony marking Army’s 80th anniversary

The Vietnamese Ministry of Defence hosted a solemn ceremony in Chile’s capital city of Santiago on the evening of November 11 (local time) to celebrate the 80th anniversary of the establishment of the Vietnam People’s Army (VPA) and the 35th anniversary of the All-People’s National Defence Day (December 22, 1989-2024).
The realities of cutting down on business licenses

The realities of cutting down on business licenses

VCN - According to the assessment of the National Assembly's Economic Committee, some regulations and administrative procedures at some agencies, units and localities are cumbersome and have not been thoroughly cut down, causing difficulties for businesses.
Over 202,000 enterprises established, resume operations in 10 months

Over 202,000 enterprises established, resume operations in 10 months

As many as 202,300 enterprises were established and resumed operations in Vietnam in the first 10 months of 2024, a year-on-year increase of 9.1%, according to the General Statistics Office (GSO).

More News

Vietnam affirms active, responsible role in APEC

Vietnam affirms active, responsible role in APEC

State President Luong Cuong is set to make an official visit to Peru and participate in the 2024 Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Week in the capital of Lima from November 12 - 16, marking his first official trip to the Latin American country and attendance at a multilateral forum in his capacity as the State leader of Vietnam.
State President’s Chile trip to boost bilateral trade ties

State President’s Chile trip to boost bilateral trade ties

The upcoming official visit to Chile by President Lương Cường is expected to open up new opportunities for trade relations between the two countries, especially as bilateral trade ties have made impressive progress in recent times.
State President arrives in Santiago, beginning official visit to Chile

State President arrives in Santiago, beginning official visit to Chile

State President Luong Cuong and high-ranking delegation of Vietnam arrived at the Arturo M. Benitez International Airport in Santiago on November 9 afternoon (local time), beginning their official visit to Chile at the invitation of Chilean President Gabriel Boric Font.
Vietnam needs suitable legal policies to bring IT brands to the world: Insiders

Vietnam needs suitable legal policies to bring IT brands to the world: Insiders

In the span of two decades, Vietnam has emerged as a formidable player in the global software and IT service industry, boasting giants such as Viettel, FPT, CMC, and VMO since the launch of the "Go-global" movement. But what does it take for these businesses, both large and small, to break into international markets?
Prime Minister urges promotion of new growth drivers

Prime Minister urges promotion of new growth drivers

Prime Minister Pham Minh Chinh highlighted the need to renew traditional growth drivers and promote new ones, especially national digital transformation, in order to bolster growth in the remaining months of 2024 and the following years, while chairing the Government’s October regular meeting on November 9.
PM calls on Vietnamese, Chinese firms to enhance partnerships

PM calls on Vietnamese, Chinese firms to enhance partnerships

Prime Minister Pham Minh Chinh attended a Vietnam - China business seminar in Chongqing city on November 8, saying bilateral cooperation potential remains huge and the two countries’ businesses should enhance partnerships in the spirit of harmonising interests and sharing risks.
State President’s Chile trip to boost bilateral trade ties

State President’s Chile trip to boost bilateral trade ties

The upcoming official visit to Chile by President Luong Cuong is expected to open up new opportunities for trade relations between the two countries, especially as bilateral trade ties have made impressive progress in recent times.
Vietnam proactively raises initiatives within CLMV

Vietnam proactively raises initiatives within CLMV

Since the establishment of the Cambodia-Laos-Myanmar-Vietnam (CLMV) cooperation mechanism, Vietnam has consistently acted as an active and responsible member, making significant contributions to the mechanism.
Vietnamese leaders congratulate US President-elect Donald Trump

Vietnamese leaders congratulate US President-elect Donald Trump

Vietnam’s high-ranking leaders on November 7 sent their congratulations to Donald John Trump on his election as President of the US.
Read More

Your care

Latest Most read
Vice State President holds talks with Swedish PM

Vice State President holds talks with Swedish PM

Vice State President Vo Thi Anh Xuan held talks with Swedish Prime Minister Ulf Kristersson on November 11, as part of her on-going official visit to the West European country, during which the two sides agreed to further deepen bilateral relations in the time to come.
State President attends Chile ceremony marking Army’s 80th anniversary

State President attends Chile ceremony marking Army’s 80th anniversary

The Vietnamese Ministry of Defence hosted a solemn ceremony in Chile’s capital city of Santiago on the evening of November 11 (local time) to celebrate the 80th anniversary of the establishment of the Vietnam People’s Army (VPA) and the 35th anniversary of the All-People’s National Defence Day (December 22, 1989-2024).
The realities of cutting down on business licenses

The realities of cutting down on business licenses

VCN - According to the Administrative Procedure Control Department (Government Office), from 2021 to present, Vietnam has reduced and simplified more than 3,000 business regulations in 261 legal documents.
Over 202,000 enterprises established, resume operations in 10 months

Over 202,000 enterprises established, resume operations in 10 months

As many as 202,300 enterprises were established and resumed operations in Vietnam in the first 10 months of 2024, a year-on-year increase of 9.1%, according to the General Statistics Office (GSO).
Vietnam affirms active, responsible role in APEC

Vietnam affirms active, responsible role in APEC

State President Luong Cuong is set to make an official visit to Peru and participate in the 2024 Asia-Pacific Economic Cooperation (APEC) Economic Leaders' Week in the capital of Lima from November 12 - 16, marking his first official trip to the Latin American country and attendance at a multilateral forum in his capacity as the State leader of Vietnam.
Mobile Version