Accordingly, the Government agreed with the Ministry of Finance’s proposal on tax exemption and reduction policies to support businesses and people affected by Covid-19 epidemic during the meeting dated 04 August 2021.
Some proposed policies include: 30% reduction of corporate income tax payable, 50% reduction of tax payable for business individuals in the III and IV quarters, and 30% reduction of value added tax rate applied to enterprises operating in industries which were heavily influenced by Covid-19 pandemic, etc. The proposed policies are expected to be applied in 2021.
The Ministry of Finance needs to gathers the opinions from other relevant agencies to prepare and submit the detail proposals on tax exemption/reduction and land rental fee reduction policies to the Government before 10 August 2021 in order to be timely support the businesses and people affected by the Covid-19 epidemic.
The content of the Government's supporting policies to businesses and people affected by the Covid-19 epidemic will be updated by Crowe Vietnam in the next newsletters.