Reduce 30% of enterprise income tax in 2020 for enterprises with total turnover up to VND 200 billion
On June 19, 2020, the National Assembly adopts the Resolution No. 116/2020/QH14 on deduction of enterprise income tax payable in 2020 for enterprises, cooperatives, non-business units and other organizations.
Specifically, to reduce 30% of enterprise income tax amount payable in 2020 for enterprises having total turnover no more than VND 200 billion.
The Resolution shall apply for enterprise income taxpayers being goods and service production and business organizations which have taxable incomes under the provisions of the Law on Enterprise Income Tax, including: enterprises established according to Vietnamese Law; organizations established according to the Law on Cooperatives; non-business units established according to Vietnamese law; other organizations established according to Vietnamese law and engaged in income-generating production and business activities.
This Resolution takes effect on August 03, 2020 and applies for the tax period of 2020.
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