30% OFF CORPORATE INCOME TAX FOR BUSINESSES WITH REVENUE BELOW 200 BILLION VND

On June 19, 2020, the National Assembly issued Resolution No. 116/2020/QH14 on a 30% reduction in corporate income tax payable in 2020 in case enterprises have a total revenue of not more than 200 billion VND in 2020.

According to Article 1 of this Resolution, the object of application to CIT taxpayers is an organization engaged in production and business activities of goods and services with taxable income under the provisions of the Law on CIT, including 4 Group:
– The enterprise is established under the law of Vietnam; 
– Organizations established under the Law on Cooperatives; 
– Non-business units established under Vietnamese law; 
– Other organizations established under the law of Vietnam with production and business activities with income.

Parliament decided reduced 30% in CIT payable in 2020 for enterprises with total revenue in 2020 not exceeding 200 billion VND. Enterprises base themselves on the above provisions to determine the tax amount to be reduced when temporarily paying corporate income tax every quarter and finalizing corporate income tax in 2020.

This Resolution takes effect after 45 days from the date of signing and apply for the tax year 2020.

=> Download Resolution 116/2020/QH14 here!  



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