Resolution No. 116/2020/QH14 reduction of enterprise income tax amounts payable in 2020

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Resolution No. 116/2020/QH14 dated June 19, 2020 of the National Assembly on reduction of enterprise income tax amounts payable in 2020 for enterprises, cooperatives, non-business units and other organizations
Issuing body: National Assembly of the Socialist Republic of VietnamEffective date:
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Official number:116/2020/QH14Signer:Nguyen Thi Kim Ngan
Type:ResolutionExpiry date:
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Issuing date:19/06/2020Effect status:
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Fields:Enterprise , Policy , Tax - Fee - Charge

SUMMARY

To 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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Effect status: Known

THE NATIONAL ASSEMBLY

 

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

No. 116/2020/QH14

 

 

 

RESOLUTION

On reduction of enterprise income tax amounts payable in 2020 for enterprises, cooperatives, non-business units and other organizations[1]

__________

THE NATIONAL ASSEMBLY

Pursuant to the Constitution of the Socialist Republic of Vietnam;

Pursuant to Law No. 57/2014/QH13 on Organization of the National Assembly;

Pursuant to Law No. 14/2008/QH12 on Enterprise Income Tax which was amended and supplemented by Law No. 32/2013/QH13 and Law No. 71/2014/QH13;

After considering the Government’s Report No. 279/TTr-CP of June 5, 2020; the National Assembly Committee on Financial and Budgetary Affairs’ Verification Report No. 2018/BC-UBTCNS14 of June 9, 2020; the National Assembly Standing Committee’s Explanation and Assimilation Report No. 569/BC-UBTVQH14 of June 18, 2020, and opinions of National Assembly deputies,

 

RESOLVES:

Article 1. Subjects of application

This Resolution applies to enterprise income taxpayers that are goods production and service provision organizations which have taxable incomes under the Law on Enterprise Income Tax (below referred to as enterprises), including:

1. Enterprises established under Vietnam’s law;

2. Organizations established under the Law on Cooperatives;

3. Non-business units established under Vietnam’s law;

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[1] Công Báo Nos 707-708 (22/7/2020)

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