Want to be in the loop?
subscribe to
our notification
Business News
PRIME MINISTER OFFICIALLY APPROVES 30 PER CENT CIT CUT
Any business with a revenue of less than VND200 billion ($8.7 million) this year will see corporate income tax (CIT) cut by 30 per cent.
This was stipulated in the newly-issued Decree No.114/2020/ND-CP approved by Prime Minister Nguyen Xuan Phuc. The decree also offers specific guidelines on the implementation of Decree No.116/2020/QH14 regarding the corporate income tax (CIT) reduction.
Accordingly, in addition to those earning less than VND200 billion ($8.7 million), businesses with preferential tax rate need to be able to show full compliance with corporate regulations. Moreover, newly-formed establishments or those which recently shifted business directions, performed mergers and acquisitions, dissolved, or went into bankruptcy less than 12 months ago are also extended the tax cut.
The CIT for 2020 is calculated based on the entities' total revenue in 2020, including sales, payments from processing and supplying services, and extra payments.
Source: VIR
Related News
VIETNAM ECONOMY INVESTMENT
VIETNAM EYES 8% GDP GROWTH IN 2025
The State Bank of Vietnam (SBV) has been tasked with closely monitoring global and regional economic developments and adjusting monetary policies to align with shifts in major economies. The directive emphasizes reducing lending rates, managing deposit rates at commercial banks, and ensuring credit flows remain uninterrupted in early 2025.
HOT NEWS
GOVERNMENT MEMBER FOR 2021-2026 TERM
The 2021-2026 government term was recently consolidated after the 8th session of the 15th National Assembly. It consists of 27 members, including the Prime Minister, five Deputy Prime Ministers, and 21 ministers and heads of ministerial-level agencies.
HOT NEWS
EXCLUSIVE OFFER FOR HKBAV MEMBERS
Minimum order: 1 box (10 gift boxes per box; 6 gift bags per box)Free shipping on orders over 2 million VND (nationwide delivery across Vietnam)Volume discounts available for large orders
VIETNAM ECONOMY INVESTMENT
TOTAL FDI REGISTERED IN VIETNAM HITS 31.4 BILLION USD IN JANUARY-NOVEMBER
As of November 30, 2024, the total newly registered capital, adjusted capital, and capital contributions or share purchases by foreign investors in Vietnam reached nearly 31.4 billion USD, up 1% increase compared to the same period last year.
TECHNOLOGY
QUANG TRI TARGETS 6,000 MW WIND POWER CAPACITY BOOST
The central province of Quang Tri is seeking the Government’s approval to expand its wind power capacity by an additional 1,500-2,000 MW for onshore projects and 2,600-4,000 MW for offshore projects, according to the Vietnam News Agency.
VIETNAM ECONOMY INVESTMENT
CONFERENCE EXAMINES PROSPECTS FOR DIFFERENT INVESTMENT CHANNELS IN 2025
Experts shed light on the factors shaping different investment channels in 2025, from real estate to stocks and cryptocurrency, at the second panel discussion at VIR's conference "Investing 2025: Decoding Variables - Embracing Opportunities" on December 12.
Events Sponsors
