On 19 June 2020, Vietnam's National Assembly adopted a resolution providing a 30% reduction in the corporate tax rate for SMEs in response to the impact of COVID-19. The reduction applies for the 2020 fiscal year for companies with annual revenue up to VND 200 billion. Other conditions originally proposed, including a minimum drop in revenue and a maximum number of employees, are not required under the final resolution.
In the event that there are no signs of economic recovery in late 2020 and early 2021, the resolution for the corporate tax rate reduction may be extended to 2021 as well.
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