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Vietnam Ministry Seeks 30% Corporate Tax Cut for Small Firms

Published 05/25/2020, 09:12 PM
Updated 05/25/2020, 09:45 PM
© Bloomberg. A woman uses a smartphone while standing along the Saigon River in Ho Chi Minh city, Vietnam, on Wednesday, Sept. 11, 2019. Vietnam, is the seventh-largest goods exporter to the U.S. Manufacturers are shifting production to places like Vietnam to avoid U.S. tariffs on Chinese imports — one of the more vivid examples of how trade wars are redirecting channels of goods and services. Photographer: Yen Duong/Bloomberg

(Bloomberg) -- Vietnam’s Finance Ministry is proposing a 30% corporate tax cut this year for businesses with annual revenue of less than 50 billion dong ($2.1 million) and fewer than 100 employees to help them recover from the virus outbreak, the ministry said on its website.

The proposed tax cuts are estimated to be worth 15.84 trillion dong, the ministry said. Small companies represent more than 93% of the 760,000 businesses in Vietnam, it said.

Finance Minister Dinh Tien Dung on Monday sought lawmakers’ approval for a proposed annual 7.5 trillion dong tax exemption for agriculture land use between 2021 and 2025, the ministry said in a separate post.

©2020 Bloomberg L.P.

© Bloomberg. A woman uses a smartphone while standing along the Saigon River in Ho Chi Minh city, Vietnam, on Wednesday, Sept. 11, 2019. Vietnam, is the seventh-largest goods exporter to the U.S. Manufacturers are shifting production to places like Vietnam to avoid U.S. tariffs on Chinese imports — one of the more vivid examples of how trade wars are redirecting channels of goods and services. Photographer: Yen Duong/Bloomberg

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