Resolution 116/2020/QH14: Reduction of 30% in corporate income tax payable in 2020 for many entities

13:38, 10/07/2024

The National Assembly has just passed Resolution 116/2020/QH14 regarding the reduction of corporate income tax payable for the year 2020 for enterprises, cooperatives, public service providers, and other organizations.

For enterprises with total revenue in 2020 not exceeding 200 billion VND, a reduction of 30% on corporate income tax payable for 2020 shall be granted. Enterprises shall base on this regulation to self-determine the reduced tax amount when making quarterly corporate income tax prepayments and finalizing the corporate income tax for 2020.

This resolution applies to corporate income taxpayers who are organizations engaged in the production and business of goods and services with taxable income as prescribed by the Law on Corporate Income Tax (hereinafter referred to as enterprises), including:

- Enterprises established under Vietnamese law;- Organizations established under the Law on Cooperatives;- Public service units established under Vietnamese law;- Other organizations established under Vietnamese law with production and business activities generating income.

For more details, see Resolution 116/2020/QH14 which took effect from August 3, 2020, and applies to the 2020 tax period.

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