30% REDUCTION OF CORPORATE INCOME TAX IN 2020

In order to timely support difficulties for businesses who affected by COVID-19 impact, on June 19 2020, the National Assembly passed a resolution on corporate income tax reduction policies for the business group affected by Covid-19, accordingly, enterprises with total revenue in 2020 not exceeding VND 200 billion will be reduced 30% of the corporate income tax payable for 2020.

Also in this Resolution, The National Assembly agreed to eliminate the quantity of employees in enterprises and add medium-sized enterprises to the supported subject, revenue criteria for 2020 of the business are also expanded from less than VND 100 billion to less than VND 200 billion.

This is one of the policies to support domestic businesses to overcome difficulties caused by the COVID-19 pandemic.

This Resolution will take effect after 45 days from the date of signing and apply for the tax period 2020. The National Assembly assigned the Government to guide the implementation of this Resolution.