Income tax cuts of 30% come into effect for small firms

The National Assembly's resolution on reducing corporate income tax by 30% for small and medium-sized businesses came into effect on August 3.

Income tax cuts of 30% come into effect for small firms

The tax cuts are part of measures to support businesses hit by the coronavirus.

The motion was passed by the parliament in June and applies to enterprises with revenues of under VND200 billion (US$8.6 million) in 2020.

It is part of the various measures to support businesses affected by the coronavirus pandemic.

The tax cuts are expected to trim VND22.44 trillion (US$972.3 million) off government revenues in 2020.

(Source: NDO)