The morning of June 19 started with NA deputies endorsing a resolution aimed at reducing corporate income tax for the year for enterprises, co-operatives, public non-production agencies, and other organisations, with the proposal passing with 91.1% of the vote.
The resolution largely consists of three main articles and will enter into force 45 days from the day that it is signed. The reduction will be apply to enterprises that have revenues under VND200 billion, equivalent to approximately US$85,850, during the 2020 assessment period.
Ahead of the voting, a report outlining the final amendment to the draft resolution was presented by the Chairman of the NA’s Financial-Budgetary Committee Nguyen Duc Hai. The report indicated that the resolution’s tax reduction would result in a drop of VND23 trillion, close to US$1 billion, to the State budget revenues for the year.
Hai added if the economy continues to experience difficulties moving towards the end of the year and into the beginning of next year, the NA Standing Committee will request that the resolution drafting board study and propose an extension of the resolution’s term of validity to the NA.
Following the morning session, this afternoon is set to see the legislature vote on the draft law amending and supplementing articles within the Law on Organisation of the National Assembly, a resolution aimed at piloting the urban administration model in the central city of Da Nang, along with some other specific mechanisms and policies.
The voting will then be followed by the closing session, which will be broadcast live on national television, radio, and the NA’s television channel.
The closing session will see law makers vote on resolutions regarding the national target programme on socio-economic development in ethnic minority-inhabited and mountainous areas for the 2021 to 2030 period. This will take place along with the thematic supervision of the implementation of policies and laws to prevent and fight child abuse, along with the resolution of the ninth meeting.
In concluding the occasion, NA Chairwoman Nguyen Thi Kim Ngan will deliver a closing speech to mark the end of the ninth session.