Oct 2021: Vietnam Standing Committee of the National Assembly passed Resolution 406 and Decree 92 which included tax exemptions and reductions

On October 19, 2021, the Standing Committee of the National Assembly passed Resolution No. 406/NQ-UBTVQH15, which included tax exemptions and reductions to help businesses and persons affected by the Covid-19 pandemic:

1. 30% reduction in corporate income tax payable in 2021 for taxpayers with revenue of less than 200 billion VND in 2021 and lower revenue in 2021 than in 2019.

2. Exempt households and individuals with such activities, production, and business in district-level areas affected by the COVID-19 pandemic in 2021 from personal income tax, value-added tax, and other payable taxes arising from production and business activities in the third and fourth quarters of 2021.

3. Reduce the value added tax for some goods and services from November 1, 2021 to December 31, 2021.

4. Exemption from late payment penalties for tax, land usage, and land rent arrears emerging in 2020 and 2021 for companies and organizations (including dependent units and business points) that incur losses in 2020.

The Government published Decree No. 92/2021/ND-CP on October 27, 2021, specifying the implementation of aforementioned Resolution No. 406/NQ-UBTVQH15, which promulgated some solutions to assist enterprises and people affected by the Covid-19 pandemic.