Minister of Finance Dinh Tien Dung (standing) speaks at the plenary sitting on June 15 (Photo: VNA)Hanoi (VNA) – The National Assembly (NA) isdiscussing a draft resolution on corporate income tax reduction and voting onthe draft revised youth law and the draft law on mediation and dialogue atcourt on June 16.
This is part of the ongoing ninth session of the14th-tenure parliament in Hanoi.
The morning plenum focuses on the draftresolution on reducing corporate income tax that businesses, cooperatives,non-business units and other organisations have to pay in 2020.
Minister of Finance Dinh Tien Dung said thecomplex and unpredictable COVID-19 developments are forecast to affect a numberof sectors, especially small-sized enterprises. Therefore, an NA resolution oncorporation income tax cuts is necessary for small firms to overcomedifficulties, thus helping to achieve as highest economic growth as possible.
Under this draft, businesses with total revenuenot higher than 50 billion VND (nearly 2.17 million USD) and not over 100employees covered by social insurance in 2020 will benefit from a reduction of30 percent in the corporate income tax they have to pay this year.
If this proposal is approved, State budgetrevenue will drop about 15.84 trillion VND. If the tax cut is expanded tomedium-sized firms, the revenue may decline by about 22.44 trillion VND.
Following the plenary debate on this draft,legislators are set to have group discussions on the draft Vietnam borderdefence law.
In the afternoon, deputies will vote on thedraft revised youth law and the draft law on mediation and dialogue at court.
After that, they will scrutinise the draftrevised law on residence./.
VNA
