Vietnam plans 15.84t dong tax cut for small businesses

[HANOI] Vietnam is planning a 15.84 trillion dong (S$968.9 million) cut in corporate income tax for small-sized enterprises this year to help them overcome the impact of the coronavirus pandemic, the Ministry of Finance said on Monday.

The ministry is seeking a 30 per cent cut in corporate income tax for companies with annual revenue of less than 50 billion dong and fewer than 100 employees, it said in a statement, adding that the plan is pending government approval.

Small firms account for 93 per cent of the 760,000 companies in the South-east Asian country, the ministry said.

In a separate statement, the ministry said it is seeking approval from lawmakers for a 37.5 trillion dong tax exemption for agricultural land use in 2021-2025.

REUTERS