24 Aug 2016
VIETNAM: SME Corporate Income Tax to be Cut to 17% from 2017
The government is planning to reduce corporate income tax (CIT) from 20% to 17% for SMEs from 1 January 2017. Any business with a total annual revenue of less than VND 20 billion (US$885,936) will qualify for the preferential taxation for a period of four years.
The upcoming legislation, which is being drafted by the National Assembly, forms part of the government’s plans to boost the competitiveness of SMEs in Vietnam. For more details, see VIETNAM: Government Looks to Nurture SMEs Through Tax Incentives and Preferential Treatment.