Legal Alerts No.2 October 2021

On 19th October 2021, National Assembly Standing Committee issued the Resolution No. 406/NQ-UBTVQH15 promulgating supporting solutions for enterprises and individuals affected by COVID-19 epidemic (“Resolution 406/NQ-UBTVQH15”).

Accordingly, Resolution 406/NQ-UBTVQH15 imposes some supporting solutions as follows:

  1. Reduction of 30% of corporate income tax in 2021;
  2. Exemption of personal income tax, value-added tax and other tax arising from production and business activities of the months in third and fourth quarters in 2021;
  3. Reduction of value-added tax from 01st November 2021 to 31st December 2021 for some goods and services. The rate of value-added tax reduction shall be applied depending on tax calculation method; and
  4. Exemptions apply to late payment in 2020 and 2021 of debts of tax, land use levy and land rent for enterprises and organizations (including dependent units and business locations) losses arising in 2020 (except for taxpayer who paid the late payment).

Resolution 406/NQ-UBTVQH15 takes effect on 19th November 2021.

Resolution 406/NQ-UBTVQH15: DOWNLOAD

LIKON LAW