Government to reduce corporate income tax
A proposal to reduce corporate income taxes was raised during a discussion about amendments in the Corporate Income Tax Law on March 18.Currently, a flat 25 percent income tax rate is applied to businesses of all types. The NA Finance and Budget Committee suggested that there be a tax reduction schedule through the year 2020 […]
Corporate Income Tax in Vietnam (CIT)
(SB Law) CIT is levied on the taxable income of companies established in Vietnam including foreign invested companies. Taxable income for CIT calculated based on is revenues generated in their course of production less reasonable expenses in the relevant fiscal year.
Ministry of Finance to submit to the National Assembly cut CIT to 20 percent from July 1, 2013
The government assigned the Ministry of Finance to submit to the National Assembly for consideration and decision of the new corporate income tax (CIT) of 20 percent for small and medium-sized enterprises (SMEs) from July 1st, 2013.The rate would be 10 percent for income from social housing business, applying from July 1st, 2013. The government […]