The Ministry of Planning and Investment has asked for corporate income tax (CIT) to be cut by half this year for small and medium-sized enterprises (SMEs) in an effort to boost growth when the COVID-19 pandemic eases.
About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17% from July 1 this year, down from the current rate of 20%.
Prime Minister Nguyen Xuan Phuc on April 8 approved Decree No 41/2020/ND-CP on the extension of deadlines for tax and land use fee payments to support businesses suffering from the COVID-19 pandemic.
The Ministry of Finance has proposed cutting corporate income tax (CIT) rates on small and micro businesses from the current 20 percent to 15-17 percent.
The changes in tax policy and investment incentives are the issues of greatest concern for foreign investors in Vietnam, said Bui Ngoc Tuan, Deputy General Director of the Audit and Advisory firm Deloitte Vietnam at a workshop on in Hanoi on July 10.
The stock market has shown positive reactions to the disclosure of the government’s intention to slash the corporate income tax (CIT) from 20-22% to 15-17%.
In the latest draft of Law on Corporate Income Tax (CIT), the Ministry of Finance has raised a regulation aimed at preventing multinational companies with related-party transactions from evading taxes.
While the Vietnamese government is making great efforts to improve the country’s business and investment climate, unclear tax- and fee-related regulations are tormenting local firms planning to expand.
Amid complaints about foreign firms receiving more government incentives unfairly and overshadowing domestic peers, experts claim that all Vietnamese policies are equal for domestic and foreign enterprises.
In a remarkable turnaround for the company, wind towers produced by CS Wind Vietnam can now be freely exported to the US market without fear of anti-dumping duties.
Significant changes in the newly-released draft decree on transfer pricing and tax erosion avoidance is grabbing companies’ attention on the matter of compliance.
A number of unusual policy incentives have been reportedly proposed for a big-ticket steel project of Hoa Sen Group in the central coastal province of Ninh Thuan though the project has not got official approval.
The Ministry of Finance (MOF) has submitted to the government a plan to lower the corporate income tax (CIT) rate to 17% for small and medium sized enterprises (SMEs).
Hanoi has been listed among 20 most attractive cities globally in software production, and is striving to stand in top 10, revealed Director of the municipal Department of Information and Communications Phan Lan Tu.
Vietnam plans to impose a 17% corporate income tax (CIT) for four years from January 1, 2017, on businesses making less than VND20 billion (US$893,000) in revenue.
Foreign investors have commended the improvements made in Vietnam’s investment and business climate over recent years.
A first-eve decree on special incentives for foreign agricultural projects is tabled to help Vietnam attract more investments in this sector.