VIETNAM: Coronavirus Crisis Prompts 30% Cut in Corporate Income Tax
29 June 2020
All locally-incorporated businesses with an annual income of less than VND200 billion (US$8.6 million) are to have their corporate income tax (CIT) liability cut by 30% for the 2020 financial year. The measure, recently approved by the National Assembly, is expected to benefit the majority of the country’s small and medium-sized enterprises, many of which have been negatively impacted by the coronavirus outbreak, notably those in the agricultural, forestry, aquaculture and services sectors.
According to the Standing Committee of the National Assembly, this reduction in CIT liability may be extended should the current trading difficulties persist into 2021.
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