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.

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

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.

About 700,000 firms to benefit from cut in corporate income tax

About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17 percent from July 1 this year, down from the current rate of 20 percent.

RoK to offer 5% preferential import tax on over 55,000 tonnes of Vietnamese rice

The Republic of Korea (RoK) is expected to import 50% of its total quota of 55,112 tonnes of rice from Vietnam in the tender scheduled this May with a preferential import tax rate of 5%.

Bac Giang supports electronic tax balance

(BGO) - In order to create favorable conditions for businesses to make corporate income tax balance sheets for 2019, Bac Giang province’s tax sector has stepped up the application of electronic payment methods, helping businesses fulfill financial obligations quickly and manage the collection and payment of taxes effectively.

Prime Minister urges tax sector to continue with reforms

Prime Minister Nguyen Xuan Phuc has commended the tax sector for doing a good job in reshuffling its apparatus, and urged the sector to continue with reforms for tax procedures.

78 percent of enterprises satisfied with tax administrative reform

About 78 percent of surveyed enterprises showed their satisfaction with tax administrative reforms in 2019, up 3 percent compared to 2016.

Source: NDO