Vietnam to Reduce Corporate Income Tax Rate to Help Businesses
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Vietnam’s legislature today voted to reduce the corporate income tax rate in an attempt to bolster businesses and encourage investment to revive the economy.
The tax rate will be cut to 22 percent from 25 percent starting Jan. 1, 2014, and to 20 percent from Jan. 1, 2016, said National Assembly Vice Chairwoman Nguyen Thi Kim Ngan. The rate for companies with fewer than 200 employees and total revenue of less than 20 billion dong ($950,887) will be lowered to 20 percent from July 1, 2013 and to 17 percent from Jan. 1, 2016.