New financial support package to create new momentum for business recovery
As the COVID-19 pandemic has seriously impacted the implementation of Vietnam's economic development plans, the National Assembly (NA) and Government have been proactively and urgently deploying stimulus packages to quickly restore the economy and leverage growth.
The Resolution offers support for enterprises and individuals affected by COVID-19 through tax reductions with a total value of up to 926 million USD. The beneficiaries will enjoy direct tax reductions which is considered more practical than the extension of tax payments in previous support packages.
Resolution No 406 offers a 30 percent reduction in corporate income tax for enterprises with revenue in 2021 being less than 8.7 million USD and experiencing a revenue reduction compared with that of 2019.
It also agreed to exempt personal income tax, value added tax and other taxes in the third and fourth quarters of 2021 for individuals and households in pandemic-hit areas.
Including Resolution 406, the State’s financial 💦support for businesses and people in the forms of tax, fees, lan𓆏d rent and interest rates reached about 138 trillion VND this year./.
