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WEEKLY LEGAL NEWSLETTER FINANCIAL STATEMENTS

DRAFT RESOLUTION OF CORPORATE INCOME TAX REDUCTION

As we previously mentioned, the Government presented the National Assembly's Standing Committee (UBTVQH) Draft resolution to reduce corporate income tax for some subjects. At the afternoon of day 01.06.2020, UBTVQH has been consistent with government proposals on the reduction of 30% of corporate income tax (TNDN) for some enterprises according to sales and labor criteria of small and super Small business group.

Presenting the proposal on the draft resolution of Congress to reduce the payable INCOME tax of year 2020 for small and ultra-small businesses, the Minister of Finance Dinh Tien Dung said that small and tiny enterprises accounted for more than 93% of the total number of businesses in Vietnam and these enterprises have an important position in economic development as well as social stability.

According to the minister, the review, issued the resolution of the National Assembly to set off the payable CIT-INCOME tax of the year 2020 for small and ultra-small enterprises and soon put this policy into practice is necessary. Thereby, the timely support of small and super small businesses overcome difficulties, challenges due to the impact of #dịch_bệnh_Covid_19 and applied right in the year 2020.

According to the draft resolution, the National Assembly Government dropped 30% of the CIT payable by year 2020 for 2 groups of objects as follows:

The enterprise has a total turnover of 2020 in no more than 3 billion VND and has a number of employees participating in the average social insurance in 2020 no more than 10 people (Small business group);

The enterprise has a total turnover of 2020 no more than 50 billion and has a number of employees participating in the average social insurance in 2020 not exceeding 100 people (belonging to small business groups).

The proposal for small and super small business proposals is to ensure the effectiveness of the support policy, avoiding spreading incentives; Ensure the right objectives, the right objects to support, in accordance with the provisions of the small and medium enterprises support law and apply the support policy to the small-scale enterprise group last time.

In order to ensure synchronization with the law on supporting small and medium enterprises, the inspection Agency suggests changing the resolution name in accordance with the provisions of the INCOME tax reduction required in 2020 years for some businesses. Changing the resolution name aims to avoid cases in which enterprises meet the criteria is small and super small enterprises in accordance with the current legislation but do not meet the criteria of turnover and labor as specified in the draft resolution.

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Source: tapchitaichinh.vn

Date Submitted: 12/06/2020 View: 17.762 Print the article
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