Legislators will review a verification report and discuss a draft resolution of the National Assembly (NA) on reducing value-added tax (VAT); the draft amended Law on Corporate Income Tax; and the draft law on amending and supplementing a number of articles of the Law on Standards and Technical Regulations, at the ongoing 8th session on November 28 in Hanoi.
The corporate income tax on small and micro-sized enterprises might be cut to 15-17% from a current common rate of 20%, depending on previous revenues.
Payment deadlines for value added tax (VAT), corporate income tax, personal income tax, and land rent in 2024 are set to be extended, involving a total tax value of nearly 84 trillion VND (3.3 billion USD).
The National Assembly (NA) on November 10 listened to the proposal on a draft resolution on the imposition of top-up corporate income tax under the Global Anti-Base Erosion (GloBE) rules, and a verification report on this draft.
The value added tax (VAT) will be reduced by 2 percentage points to 8 percent starting this February as part of measures helping taxpayers tackle difficulties.
As the COVID-19 pandemic has seriously impacted the implementation of Vietnam's economic development plans, the National Assembly (NA) and Government have been proactively and urgently deploying stimulus packages to quickly restore the economy and leverage growth.
The Government have issued a host of preferential policies for businesses operating in supporting industries over the past time. However, their beneficiaries have said it is difficult for them to access incentives and support from these policies.
The Ministry of Finance (MoF) is proposing a 30 percent reduction in the corporate income tax which enterprises must pay in 2021 in a draft resolution on budget collection solutions which is to be submitted to the National Assembly’s Standing Committee for approval.
Businesses would be required to use non-cash payments for trading transactions of any value under a proposal submitted to the Government by the Ho Chi Minh City Tax Department.
The Ministry of Finance has submitted a proposal to the Government seeking approval to create a decree expanding the timeframe for tax and land lease payments.
The Government’s recently-issued Decree 132/2020/ND-CP would help prevent transfer pricing and limit thin capitalisation to develop a healthy investment market, Deputy Director of the General Department of Taxation Dang Ngoc Minh said.
Thousands of businesses will not have to pay for the right to exploit water this year if a plan submitted by the Government is approved by the National Assembly.
The Vietnam Institute for Economic and Policy Research (VEPR), in coordination with Oxfam, Prakarsa, Tax and Fiscal Justice Asia (TAFJA) and Vietnam Tax Justice Alliance (VATJ), on June 25 announced research outcomes on the case of corporate tax incentives in the ASEAN towards sustainable tax policies in the ASEAN Region.
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 organisations, with 91.1 percent of votes.
The National Assembly (NA) is discussing a draft resolution on corporate income tax reduction and voting on the draft revised youth law and the draft law on mediation and dialogue at court on June 16.
