Resolution No. 116/2020/QH14 stipulates the reduction of corporate income tax payable for the year 2020 for organizations engaged in production and business activities with total annual revenue not exceeding 200 billion VND. This document applies to Vietnamese enterprises, cooperatives, public institutions, and other organizations.
적용 범위
Enterprises established under Vietnamese law; cooperative organizations; public institutions; organizations conducting production and business activities as prescribed by Vietnamese law
핵심 사항
- Enterprises with total revenue in 2020 not exceeding 200 billion VND shall be entitled to a 30% reduction in corporate income tax payable (Article 2)
- Enterprises shall determine the amount of tax reduction when making provisional quarterly tax payments and finalizing their corporate income tax for the year 2020 (Article 2)
- This Resolution takes effect 45 days from the date of signature and applies to the 2020 tax period
- The Government shall provide guidance on the implementation of this Resolution
- Enterprises must base their determination of the amount of tax reduction on the provisions of Article 2 when making provisional quarterly tax payments and finalizing their corporate income tax for the year 2020
🌐 이 문서의 사회적 영향
- Reducing the financial burden on small and medium-sized enterprises, helping them maintain operations in difficult circumstances
- Increasing financial resources for enterprises to invest in developing production and business activities
- May reduce state budget revenues in the short term but support economic recovery
❓ 자주 묻는 질문
Which enterprises are eligible for tax benefits under this Resolution?
Enterprises with total revenue in 2020 not exceeding 200 billion VND.
What is the level of tax reduction?
A 30% reduction in corporate income tax payable for the year 2020.
When does this Resolution take effect?
45 days from the date of signature (June 19, 2020).
What actions must enterprises take to qualify for tax reduction?
Determine the amount of tax reduction when making provisional quarterly tax payments and finalizing their corporate income tax for the year 2020.
전문
RESOLUTION
On reducing corporate income tax payable for the year 2020 for enterprises, cooperatives, public service units, and other organizations
OF THE NATIONAL ASSEMBLY
On the basis of the Constitution of the Socialist Republic of Vietnam;
Pursuant to the Law on the Organization of the National Assembly No. 57/2014/QH13;
Based on the Corporate Income Tax Law No. 14/2008/QH12, which has been amended and supplemented with some articles according to Law No. 32/2013/QH13 and Law No. 71/2014/QH13;
After considering the Report No. 279/TTr-CP dated June 5, 2020, of the Government; the Audit Report No. 2018/BC-UBTCNS14 dated June 9, 2020, of the Committee for Finance and Budget of the National Assembly; the Explanation and Adoption Report No. 569/BC-UBTVQH14 dated June 18, 2020, of the Standing Committee of the National Assembly, and the opinions of the National Assembly deputies,
RESOLUTION:
Article 1. Scope of application
This Resolution applies to taxpayers who are organizations engaged in production and business activities generating taxable income under the Corporate Income Tax Law (hereinafter referred to as enterprises), including:
1. Enterprises established in accordance with Vietnamese law;
2. Organizations established under the Cooperative Law;
3. Public service units established in accordance with Vietnamese law;
4. Other organizations established in accordance with Vietnamese laws that engage in production and business activities generating income.
Article 2. Reduction of Enterprise Income Tax
1. Reducing 30% of the corporate income tax payable for the year 2020 for enterprises with total revenue in 2020 not exceeding 200 billion VND.
2. Enterprises shall base their determination of the amount of tax reduction when temporarily paying corporate income tax quarterly and finalizing corporate income tax for the year 2020 on the provisions of Clause 1 of this Article.
Article 3. Implementation Provisions
1. This Resolution takes effect 45 days from the date of signature and applies to the 2020 tax period.
2. The Government shall provide guidance on the implementation of this Resolution.
This Resolution was adopted by the XIVth Session of the National Assembly of the Socialist Republic of Vietnam at its ninth meetingon June19, 2020.
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