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

RESOLUTION

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

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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;

4. Other organizations that are established under Vietnam’s law engaged in income-generating production and business activities.

Article 2.Reduction of enterprise income tax

1. Thirty-percent reduction of enterprise income tax amounts payable in 2020 shall be applicable to enterprises having the 2020 total turnover not exceeding VND 200 billion.

2. Enterprises shall, based on Clause 1 of this Article, determine by themselves tax amounts to be reduced when temporarily paying enterprise income tax on a quarterly basis and finalizing the 2020 enterprise income tax.

Article 3.Implementation provisions

1. This Resolution takes effect 45 days from the date of its signing and applies to the 2020 tax period.

2. The Government shall guide the implementation of this Resolution.

This Resolution was adopted on June 19, 2020 by the XIV^thNational Assembly of the Socialist Republic of Vietnam at its 9^thsession.-

Chairwoman of the National Assembly
NGUYEN THI KIM NGAN