Ministry proposes 30 percent decrease in 2021 corporate income tax
Production at Fuhong Precision Component in Dinh Tram Industrial Zone, Bac Giang province (Photo: VNA)
The Ministry of Finance (MoF) is proposing a 30 percent reduction in the corporate income tax which enterprises must pay in 2021 in a draft resolution on budget collection solutions which is to be submitted to the National Assembly’s Standing Committee for approval.
A 50 percent reduction in tax which household businesses and inpiduals operating in all sectors must pay in the third and the fourth quarter of 2021 is proposed, together with a 30 percent reduction in the value added tax for several sectors.
Illustrative image (Source: VNA)
The ministry also proposed exemption of the fee for late payments arising in 2020 and 2021 for enterprises and organisations which incurred losses for the three consecutive years of 2018, 2019 and 2020.
The tax and fee reduction and exemption package is estimated to be worth around 20 trillion VND (897 million USD) to support citizens and enterprises affected by the COVID-19 pandemic.
The MoF is also studying proposals to reduce land use fees in 2021.
It has been estimated that the Government's support in tax and fee reductions and exemptions will total 138 trillion VND this year, of which support worth 118 trillion VND has already been issued.
The tax and fee reductions and exemptions totalled 129 trillion VND last year.
The Government has asked the MoF to complete the draft resolution and submit it to the Prime Minister before August 10./.
Related News
MoF Steering Committee 389 launches a peak campaign against smuggling during Lunar New Year 2025
13:44 | 06/12/2024 Anti-Smuggling
Amending the Law on Corporate Income Tax, not giving preferential treatment to overlapping and spreading industries
08:53 | 26/11/2024 Finance
Stipulate implementation of centralized bilateral payments of the State Treasury at banks
09:29 | 29/10/2024 Finance
VAT reduction is necessary but not tool used every recession: Canadian expert
09:39 | 27/09/2024 Finance
Latest News
Vietnam's stock market to develop strongly and sustainably
19:08 | 21/12/2024 Finance
Tax sector achieves revenue target of about VND1.7 million billion
18:32 | 21/12/2024 Finance
General inventory of public assets raises efficiency of use and management of country's resources
09:29 | 20/12/2024 Finance
Publicizes progress of public investment disbursement for important national projects
15:21 | 19/12/2024 Finance
More News
Six SOEs to be transferred back to industry ministry
15:38 | 18/12/2024 Finance
PM urges stronger measures to manage interest rates
16:53 | 17/12/2024 Finance
Six SOEs to be transferred back to industry ministry
16:48 | 17/12/2024 Finance
Vietnamese products: Conquering foreign customers in supermarket systems
16:45 | 17/12/2024 Finance
Answering many questions from businesses at dialogue conference on tax and customs policies
10:01 | 17/12/2024 Finance
Enterprises face difficulties in tax refunds due to partners closing
10:01 | 17/12/2024 Finance
Strengthen the management and use of electronic invoices for e-commerce
11:24 | 16/12/2024 Finance
Ministry of Finance proposes comprehensive amendments to the Personal Income Tax Law
11:23 | 16/12/2024 Finance
Expansionary fiscal policy halts decline, boosts aggregate demand
19:27 | 14/12/2024 Finance
Your care
Vietnam's stock market to develop strongly and sustainably
19:08 | 21/12/2024 Finance
Tax sector achieves revenue target of about VND1.7 million billion
18:32 | 21/12/2024 Finance
General inventory of public assets raises efficiency of use and management of country's resources
09:29 | 20/12/2024 Finance
Publicizes progress of public investment disbursement for important national projects
15:21 | 19/12/2024 Finance
Six SOEs to be transferred back to industry ministry
15:38 | 18/12/2024 Finance