SMEs may enjoy tax exemption

The government is steering the Ministry of Finance (MoF) to consider the tax exemption schemes for small and medium sized enterprises (SMEs) to submit the prime minister in June.

Basing on the tax exemption plan submitted by MoF, the government will report to the Standing Committee of the National Assembly for consideration.

In April, in a bid to deal with difficulties, MoF has made an expansion of income tax for SMEs for 12 months. As estimated, about 200,000 out of 360,000 SMEs will be included into this tax expansion.

The total amount of capital for the tax extension phase is about seven trillion dong.

In 2009, to deal with inflation and economic recession, the government also implemented an expansion of corporate income tax (CIT) for some industries and services. Total estimated taxes for the expansion were about 10 trillion dong.

 

Category: Legal