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Vietnam Cuts CIT for Businesses Having Annual Revenues Below VND20Bln

Vietnamese government has just issued Decree No. 92/2013/NĐ-CP on "detailed regulations to implement a number of Articles under the amending and supplementing law on Corporate Income Tax (CIT) and Value Added Tax (VAT)having effect from July 1,2013.

Under the Decree, businesses have annual revenues from VND20 billion or less will enjoy CIT of 20%. Total revenues for this 20% CIT determination  are the firms’ revenues from sales, service supply of the preceding year.

In case the firms do not have enough 12 months of operation since the date of establishment to end of 2012 fiscal year or companies were set up in the first half of this year also enjoy this 20% CIT if their average revenues do not exceed VND1.67 billion per month, the Government specified.

The Decree No. 92/2013/NĐ-CP came into effect from Aug 13, 2013.

Source: StoxPlus


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