Enterprise income tax incentives for small- and super-small-sized enterprises

The Prime Minister has just issued Decision 508/QD-TTg in 2022 approving the Strategy for Tax System Reform to 2030.

CIT incentives for small and super-small enterprises?

Pursuant to Subsection 1 Section III Article 1 of the Decision No. 508/QD-TTg dated April 23, 2022 stipulating corporate income tax, review to amend or abolish incentive policies on tax exemption and reduction that no longer conforms to development requirements and requirements of international integration; minimize the integration of social policies on tax exemption and reduction in order to ensure the reliability of these policies for stable application in a mid-term and long-term manner; provide preferential policies on corporate income tax for small and medium-sized enterprises, simultaneously switch over to policies on attraction of foreign investments as high-quality, and encourage the participation of economic sectors in the investment in key and key sectors that need to be encouraged for investment. To expand the tax basis in line with the national socio-economic context and international practice; to implement standards on prevention of price transfer and prevention of erosion of revenue sources according to international practice.

Thus, decide to request application of enterprise income tax incentives to small- and super-small-sized enterprises.

Enterprise income tax incentives for small- and super-small-sized enterprises

Name of the entity liable to Personal Income Tax?

Pursuant to sub-section 1, Section III, Article 1 of the Decision No. 508/QD-TTg dated April 23, 2022, for personal income tax, review and supplement taxable objects; study amendments and supplements to the orientation of adjusting the number and tax rates in line with the nature of each type of income, create simple conditions for making Personal Income Tax statement for both taxpayers and tax authorities, prevent tax evasion and tax avoidance; study amendments and supplements to regulations on tax exemption and reduction in line with the socio-economic context of the country in each period and international practices.

Raising the land-regulation level and supplementing the collection of house tax for assorted taxes related to assets?

Pursuant to sub-section 1, Section III, Article 1 of the Decision No. 508/QD-TTg dated April 23, 2022, taxes on property (including agricultural land levies and non-agricultural land levies), keep exempting from agricultural land levies until the end of 2025 to contribute to the implementation of policies and standpoints of the Communist Party and the State on agriculture and rural development. Review and overall assessment of the implementation of the non-agricultural land use tax policy On that basis, to study and perfect the system along the direction of increasing the regulated levels of land and adding tax revenues for houses and land in order to encourage the efficient use of houses and land, contribute to limiting housing and land speculation, ensuring a rational and stable source of revenues for the State budget in conformity with Vietnam's socio-economic conditions and international practices. At the same time, to formulate tax policies in a simple, understandable and easy manner for identification of property-liable subjects, payable tax amounts in conformity with the land law and relevant laws.

Khanh Linh

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