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Vietnam ministry proposes 30% tax cut for small enterprises

Bich Phuong Tuesday | 05/26/2020 10:57

Vietnam ministry proposes 30% tax cut for small enterprises. Photo: VietnamPlus

The Ministry of Finance is seeking the government’s approval for 30% corporate tax cut in 2020 for small businesses, according to the ministry’s statement on its website.

The policy could cost the State budget by VND15.8 trillion ($680 million). As of end-2019, small firms represent more than 93% of the 760,000 businesses in Vietnam, the ministry said, adding these businesses play an important role in economic development as well as social stability.

Finance Minister Dinh Tien Dung on Monday sought lawmakers’ approval for a proposed annual VND7.5 trillion tax exemption for agriculture land use between 2021 and 2025.

In order to overcome and offset the impacts from the tax cut and ensure the initiative in operating the State budget estimates, the ministry will coordinate with the ministries and branches in relevant and localities to focus on directing the effective implementation of tax laws, strengthening inspection against tax losses.

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