Income tax cuts of 30% come into effect for small firms

Tuesday, 2020-08-04 11:38:00
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The tax cuts are part of measures to support businesses hit by the coronavirus.
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NDO - The National Assembly’s resolution on reducing corporate income tax by 30% for small and medium-sized businesses came into effect on August 3.

The motion was passed by the parliament in June and applies to enterprises with revenues of under VND200 billion (US$8.6 million) in 2020.

It is part of the various measures to support businesses affected by the coronavirus pandemic.

The tax cuts are expected to trim VND22.44 trillion (US$972.3 million) off government revenues in 2020.