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Through the package of exemption and reduction of CIT, PIT and VAT for many subjects

27/10/2021 03:07 PM
On October 19, 2021, the National Assembly Standing Committee approved Resolution 406/NQ-UBTVQH15 on solutions to support businesses and people affected by the COVID-19 epidemic.

About the reduction of corporate income tax

A 30% reduction in the payable CIT amount of 2021 for taxpayers according to the provisions of the CIT Law with a turnover of not more than VND 200 billion in 2021 and a decrease in revenue in 2021 compared to 2019.


About the exemption of personal income tax, VAT

Exemption from personal income tax, VAT and other payable taxes arising from production and business activities of the months in the third and fourth quarters of 2021 for households and individuals having production and business activities in District-level areas affected by the COVID-19 epidemic in 2021 shall be decided by the Chairman of the People's Committee of the province or centrally run city.

Tax exemption does not apply to incomes and revenues from providing software products and services; digital information content products and services on entertainment, video games, digital movies, digital photos, digital music; digital advertising.


About VAT reduction

VAT reduction from November 1, 2021 to the end of December 31, 2021 for the following goods and services:

(i) Transport services (rail transport, water transport, air transport, other road transport); Lodging; Food Service; services of travel agencies, tour operators and support services, related to the promotion and organization of tours;

(ii) Publishing products and services; cinematographic services, television program production, sound recording and music publishing; works of art and services for composing, art, and entertainment; services of libraries, archives, museums and other cultural activities; sports, entertainment and entertainment services.

Goods and services in group (ii) do not include publishing software and goods and services produced and traded in the form of online.

Depending on the tax calculation method, the VAT reduction is applied as follows:

- Enterprises and organizations that calculate VAT by the credit method of production and trading of goods and services specified in this Clause are entitled to a reduction of 30% of the value-added tax rate;

- Enterprises and organizations that calculate VAT according to the percentage method on the turnover of production and trading of goods and services specified in this Clause are entitled to a reduction of 30% of the percentage rate for calculating VAT.

Exemption of late payment arising in 2020 and 2021 of debts of tax, land use levy, land rent for enterprises and organizations (including dependent units, business locations) arising loss in 2020.

The provisions of this Clause do not apply to cases where late payment interest has been paid.

Resolution 406/NQ-UBTVQH15 takes effect from the date of signing

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