Vietnam cuts corporate income tax for medium-sized businesses

Friday, 2020-06-19 16:03:55
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The plenary session of the National Assembly on June 19
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NDO - The Vietnamese National Assembly has adopted a resolution to cut corporate income tax in 2020 by 30% for enterprises with revenue of no more than VND200 billion (US$8.6 million).

The motion was approved by more than 91% of the members of parliament at a meeting on June 19 and will come into effect 45 days after the signing date.

The corporate income tax reduction is one of the various measures Vietnam is taking to boost economic recovery after the coronavirus has been essentially contained with no local transmission for over two months.

On the same day, the law-making body also agreed to change the form of investment for three sections of the north-south expressway from public-private partnership to public investment.

They are the Mai Son-National Highway 45, Vinh Hao-Phan Thiet and Phan Thiet-Dau Giay sections, which will receive nearly 23.5 trillion (US$1 billion) in additional funding for their construction.

The projects are expected to be completed by the end of 2022.