Resolution No. 29/2012/QH13 dated June 21, 2012 of the National Assembly introducing a number of tax policies in order to resolve difficulties for organizations and individuals

THE PRESIDENT

Order No. 18/2012/L-CTN of July 2, 2012, on the promulgation of the National Assembly’s Resolution

Pursuant to Articles 103 and 106 of the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No. 51/2001/QH10 of December 25, 2001 of the X^th National Assembly, the 10^th session;

Pursuant to Article 91 of the Law on Organization of the National Assembly;

Pursuant to Article 57 of the Law on Promulgation of Legal Documents,

PROMULGATES:

The Resolution on promulgation of a number of tax policies to remove difficulties for organizations and individuals,

which was adopted on June 21, 2012, by the XIII^th ­­ National Assembly of the Socialist Republic of Vietnam at its 3^rd session.

President of the Socialist Republic of Vietnam
TRUONG TAN SANG

Resolution No. 29/2012/QH13, promulgating a number of tax policies to remove difficulties for organizations and individuals

Pursuant to the 1992 Constitution of the Socialist Republic of Vietnam, which was amended and supplemented under Resolution No. 51/2001/QH10;

Pursuant to Law No. 30/2001/QH10 on Organization of the National Assembly, which was amended and supplemented by Law No. 83/2007/QH11; Law No. 78/2006/QH11 on Tax Administration; Law No. 04/2007/QH12 on Personal Income Tax; and Law No. 14/2008/QH12 on Enterprise Income Tax;

After considering the Government’s Report No.123/TTr-CP of May 18, 2012; the Finance and Budget Committee’s Verification Report No. 561/BC-UBTCNS13 of May 18, 2012; opinions of the National Assembly deputies and the National Assembly Standing Committee’s Report No. 166/BC-UBTVQH13 of June 15, 2012, on assimilation of opinions and revision of the draft Resolution promulgating a number of tax policies to remove difficulties for organizations and individuals;

RESOLVES:

Article 1. To promulgate preferential tax policies for organizations and individuals

1. To give a 30% reduction of payable enterprise income tax amounts for 2012 to:

a/ Small- and medium-sized enterprises, excluding small- and medium-sized enterprises in the sectors of lottery, real estate, securities, finance, banking and insurance; production of goods or provision of services liable to excise tax; and grade-1 and special-grade enterprises of economic groups and corporations;

b/ Labor-intensive enterprises engaged in production or processing of: agricultural, forest and fishery products, textile and garment, leather and foot wear, electronic parts; and socio-economic infrastructure facility construction.

2. To give presumptive tax exemption (for value-added tax and personal income tax) and enterprise income tax exemption for 2012 to households and individuals leasing houses or apartments to workers, laborers, students and pupils; baby-sitting households and individuals; households, individuals and organizations supplying mid-shift meals for workers, provided that these households, individuals and organizations keep stable rent rates or baby-sitting charge rates or prices of mid-shift meals as in late 2011.

3. To give personal income tax exemption, from July 1, 2012 through December 31, 2012, to individuals with taxable incomes from salaries, wages or from business activities which fall on grade 1 of the partially progressive tariff specified in Article 22 of Law No. 04/2007/QH12 on Personal Income Tax.

Article 2. Implementation provisions

1. This Resolution takes effect after it is adopted.

2. The Government details this Resolution.

This Resolution was adopted on June 21, 2012, by the XIII^th National Assembly of the Socialist Republic of Vietnam at its 3^rd session.-

Chairman of the National Assembly
NGUYEN SINH HUNG