This is one proposal by the Ministry of Finance to be submitted to the National Assembly in the May meeting to implement the CIT incentive scheme for micro and small enterprises from July 1, six months earlier than the initial roadmap of January 1, 2021, to alleviate business difficulties amid the Covid-19 pandemic.

People apply for business registration certificates at the Department of Planning and Investment.

The tax rate for micro and small enterprises is 15-17 percent depending on the revenue and the number of employees of the business.

At the same time, new enterprises who transform from business households will enjoy an income tax exemption for two consecutive years from the time they first make a profit.

“In the case of implementing from July, the policy will assist 700,000 businesses, accounting for 93 percent of the total enterprises nationwide, reducing their tax obligation by about 7.8 trillion VND in 2020,” said Minister of Finance Dinh Tien Dung.

It is estimated that the State budget will lose about 15.6 trillion VND (669.5 million USD) in revenue every year.

In addition, to further support new enterprises, the ministry is proposing to slash business-related fees by between 50 percent and 70 percent, worth an estimated 500 billion VND (21.5 million USD) this year.

The cut includes 70 percent of the enterprise registration fee; 67 percent of charges for providing information about enterprises; 50-70 percent of the fee for assessment, amendment and supplementation of postal operation licences.

The ministry is also revising its circular on licence tax. It is expected that in the second quarter, micro and small business converted from business households will be exempt from the licence tax.

The tax exemption period is three years from the issuing date of the first business registration certificate.

Earlier, the Ministry of Finance issued a circular slashing fees for nine service groups and offering six service groups free in the field of securities applied at the stock exchanges and depository centre.

Suspending payments to pension, death gratuity funds: Sharing difficulties with businesses

(BGO) - The long-lasting Covid-19 pandemic has forced many businesses in Bac Giang province to narrow production and business, and even suspend operations or dissolve. Halting the obligation to pay for the pension and and death gratuity funds is a solution to help businesses ease their difficulties due to the negative impact of the pandemic.

Bac Giang supports businesses and households in production development

(BGO) – The Department of Industry and Trade in Bac Giang province is implementing the programme to support the industrial encouragement expenses to 16 local businesses and households to buy machine and equipment for production.

Soft loans help young people start business

(BGO) - The movement of establishing a business, rising out of poverty and getting rich in the homeland of the youth in Bac Giang province has been effectively implemented with support from preferential loans through the youth unions. The number of young people's economic projects producing high income has been increasing, contributing positively to the national target programme on sustainable poverty reduction.

Bac Giang continues improving business climate to heighten national competitiveness

(BGO) - Chairman of the provincial People’s Committee of Bac Giang province (PPC) has issued the Directive no 03/CT-UBND to continue implementing the key tasks and solutions for improvement of the investment and business climate and enhancement of the national competitiveness in 2020.

Bac Giang Business Consultation and Support Center joins hands with enterprises to handle difficulties

(BGO) – The Bac Giang Business Consultation and Support  Center (BCSC) under the Bac Giang provincial Business Association has recently taken great efforts to consult and instruct the individuals and enterprises to handle the difficulties and obstacles arising in such fields of investment, taxation, customs..., helping create completed and developed environment for production and business in the province.

Source: VNA