Last week, the National Assembly (NA) passed a 30 per cent corporate income tax (CIT) reduction for businesses with maximum annual revenue of VND200 billion ($8.7 million) and less than 200 employees. Thus, macro-, small-, and medium-sized businesses satisfying these criteria – which make up around 97 per cent of companies operating in Vietnam – will be eligible for the fresh cut. Chairman of the NA’s Finance and Budget Committee Nguyen Duc Hai noted that the state budget will be reduced by VND23 trillion ($987 million) if eligible groups apply for the tax break. Besides this, the Ministry of Finance (MoF) has proposed to cut environmental protection tax on jet fuel by 30 per cent to reach VND2,100 (9.1 US cents) per litre. The Vietnamese government is extending tax support to businesses to weather the storm The move is envisaged to mitigate obstacles for the aviation industry amidst the outbreak, though the state budget will experience a sharp reduction of around VND87.33 billion ($3.8 million) per month. The proposal is part of the NA Standing Committee’s draft resolution on environmental protection tax on jet fuel, which has been sent to gather contributions. However, the new cut, if possible, represents the government’s… Read full this story
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