Corporate Income Tax to Fall to 17 Pct in 2017 The Ministry of Finance proposed the Government of Vietnam to lower corporate income tax to 17 per cent from 2017 in a bid to support companies to deal with difficulties and speed up business development, especially small and medium businesses, which is considered a stepping stone for this business sector to develop more strongly in the integrating economy. Preferential corporate income tax at 17 per cent The Ministry of Finance proposed applying the new tax rate from January 1, 2017 through December 31, 2020 for small and medium-sized enterprises (SMEs), which have total annual revenue of VND20 billion or less. The base revenue for determining the new tax rate is the revenue of the preceding fiscal year. The Tax Policy Department under the Ministry of Finance said SMEs are the overwhelming majority in the business community and holding an irreplaceable position in economic development and social stability (accounting for some 50 per cent of GDP). Therefore, tax policy is an important instrument to support SMEs. In fact, they have already enjoyed preferential corporate income tax of 20 per cent 2.5 years ahead of schedule (from July 1, 2013 instead of… Read full this story
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