Corporate income tax incentives to small and micro enterprises in Vietnam

Below is one of the tax policy reform solutions of the Tax Reform Strategy to 2030 approved at Decision 508/QD-TTg April 23, 2022.

Corporate income tax incentives to small and micro enterprises in Vietnam (Artwork)

Specifically, for corporate income tax in Vietnam:

- Review and amend or abolish tax incentives, including tax exemption and reduction, that no longer satisfy development and international integration requirements;

- Minimize the integration of social policies with tax exemption and reduction policies with the intention of ensuring tax neutrality for stable application thereof in the medium and long term;

- Grant corporate income tax incentives to small and extra-small enterprises and, at the same time, put more emphasis on the substance of foreign investment encouragement policies, instead of the quantity thereof, encourage the participation of all economic sectors in investment in key industries and sectors and areas preferred for investment.

- Broaden tax base to adapt to our country's socio-economic situation and conform to international practice; implement standards of prevention and combat against transfer pricing and erosion of revenues in accordance with international practices

In addition, for personal income tax in Vietnam: Additionally review taxable items; study any amendments and supplements aimed at adjusting the amounts and tax rates suitable to taxable income according to the nature of each type of income, imposing simple conditions in personal income tax finalization on both taxpayers and tax authorities, preventing acts of tax evasion and avoidance; study any amendments and supplements to regulations on tax exemption and reduction in accordance with our country's socio-economic context over periods of time and international practices;

See more details in Decision 508/QD-TTg dated April 23, 2022, Vietnam

Bao Ngoc

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