Corporate income tax to be reduced since July
23:14 18/04/2013
The Law on Corporate Income Tax (revised) will be passed at the upcoming session of the National Assembly next month, according to the National Assembly Standing Committee.
The law, expected to take effect since July 1, aims to encourage business operations in the context of lower purchasing power and high inventories.
National Chairman Nguyen Sinh Hung said that economic hardship makes it difficult for businesses to gain profits, thus urgent rescue is needed.
Under the draft document, corporate income tax will be reduced to 22% from the current 25%. For small and medium-sized enterprises, the tax rate will be 20%.
Since January 1, 2016, corporate income tax will be 20%, according to the bill. Source: VGP