June 19, 2020 | 19:02 (GMT+7)
Legislature adopts resolution on reducing corporate income tax
The National Assembly on June 19 passed a resolution on reducing corporate income tax in 2020 for enterprises, cooperatives, public non-production agencies and other organizations, with 91.1 percent of votes.
The resolution has three articles, and will enter into force 45 days after the day it is signed. The reduction will be applied to enterprises with revenues not above VND 200 billion (around USD 85,850) in the assessment period in 2020.
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The resolution on reducing corporate income tax in 2020 adopted by the National Assembly on June 19 |
Before the voting, a report on the final amendment to the draft resolution presented by the Chairman of the N.A.’s Financial-Budgetary Committee Nguyen Duc Hai showed that the tax reduction under the resolution would result in a decrease of VND 23 trillion (nearly USD 1 billion) in State budget revenues in 2020.
Hai said if the economy continues to experience difficulties to the end of the year or the beginning of next year, the N.A. Standing Committee will ask the resolution drafting board to study and propose to the N.A. an extension of the resolution’s term of validity.
Source: VNA