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Vietnam Ministry Seeks 30% Corporate Tax Cut for Small Firms

Published 2020-05-25, 09:12 p/m
Updated 2020-05-25, 09:45 p/m
© Bloomberg. A woman uses a smartphone while standing along the Saigon River in Ho Chi Minh city, Vietnam, on Wednesday, Sept. 11, 2019. Vietnam, is the seventh-largest goods exporter to the U.S. Manufacturers are shifting production to places like Vietnam to avoid U.S. tariffs on Chinese imports — one of the more vivid examples of how trade wars are redirecting channels of goods and services. Photographer: Yen Duong/Bloomberg

(Bloomberg) -- Vietnam’s Finance Ministry is proposing a 30% corporate tax cut this year for businesses with annual revenue of less than 50 billion dong ($2.1 million) and fewer than 100 employees to help them recover from the virus outbreak, the ministry said on its website.

The proposed tax cuts are estimated to be worth 15.84 trillion dong, the ministry said. Small companies represent more than 93% of the 760,000 businesses in Vietnam, it said.

Finance Minister Dinh Tien Dung on Monday sought lawmakers’ approval for a proposed annual 7.5 trillion dong tax exemption for agriculture land use between 2021 and 2025, the ministry said in a separate post.

©2020 Bloomberg L.P.

Latest comments

58220 Americans died in the Vietnam war over 20 years under four presidents. Today, 99805 Americans died of Covid-19 with over 1.7 Million infected in three and a half months under Donald Trump. The US went into Vietnam knowing the consequences, Trump did the same with Covid-19. Can't say that Trump isn't efficient! Despite the increased defence spending, Trump could not defend the US from his 2020 Covid-19 Vietnam War. Instead he surrendered to this enemy with his poor planning and cuts to health care blaming the rest of the world for his incompetence, and putting all Americans in danger, as well as Canada. Covid-19 knows no party lines. Bleach is still his #1 cure all. Trumpvirus is falling in disgrace! Good luck in November!!!🤣🤣🤣🙈
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