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Legislature adopts resolution on reducing corporate income tax

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.
Legislature adopts resolution on reducing corporate income tax ảnh 1The resolution on reducing corporate income tax in 2020 was adopted by the National Assembly on June 19 (Photo: VNA)

Hanoi (VNA) – The National Assembly on June 19 passed a resolution on reducingcorporate income tax in 2020 for enterprises, cooperatives, publicnon-production agencies and other organisations, with 91.1 percent of votes.  

Theresolution has three articles, and will enter into force 45 days after the dayit is signed. The reduction will be applied to enterprises with revenues notabove 200 billion VND (around 85,850 USD) in the assessment period in 2020.

Before the voting, a report on thefinal amendment to the draft resolution presented by the Chairman of the NA’sFinancial-Budgetary Committee Nguyen Duc Hai showed that the tax reduction underthe resolution would result in a decrease of 23 trillion VND (nearly 1 billion USD)in State budget revenues in 2020.

Hai said if the economy continues to experience difficulties to the endof the year or the beginning of next year, the NA Standing Committee will askthe resolution drafting board to study and propose to the NA an extension ofthe resolution’s term of validity./.
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