On the morning of September 16, the Vietnam National Assembly Committee approved a resolution to issue a range of remedies to assist businesses and people affected by the Covid-19 pandemic.
First, a 30% reduction in corporate income tax payable in 2021 for taxpayers with total revenue in 2021 not exceeding 200 billion VND and total revenue in 2021 be lower than total revenue in 2020 under the terms of the Law on Corporate Income Tax.
Second, household and individual businesses in all industries, locations, forms, and methods of tax declaration and payment are exempt from personal income tax, value-added tax, and other payable taxes originating from business activities during quarter 3 and quarter 4 of 2021.
Third, a reduction in value-added tax for businesses and organizations operating in the following fields from 10 Oct 2021 to 31 Dec 2021: transportation (railway, water, air, other road transport); accommodation service, food service; publishing activities; cinematographic activities, television program production, sound recording and music publishing;
Enterprises and organizations who do business in these aforementioned fields and pay value-added tax using the credit method will be eligible for a 30% reduction in the rate of value-added tax.
Businesses and organizations who compute value-added tax using the percentage method (%) on revenue are entitled to a 30% reduction in the percentage rate used to calculate the tax.
Fourth, for companies and organizations (including dependent units, business locations) that experience a loss in 2020: exemption of late tax payment, land use levy payment, and late payment of land rent arising in 2020 and 2021, which does not apply to cases where late payment has been paid.