Vietnam MOF Announces Draft Resolution on Tax Support Measures Due to Coronavirus

The Vietnamese Ministry of Finance Aug. 13 announced a draft resolution on tax support measures due to the coronavirus pandemic. The measures include: 1) the continuation of the 30 percent reduction for 2021 corporate income taxes for businesses, contractual co-operatives, and other eligible entities; 2) a 50 percent reduction in individual income taxes, VAT, and other taxes payable on business activities for Q3 and Q4; 3) a 30 percent reduction in the VAT rate for various industries affected by the pandemic; 4) an exemption for interest on late payments for amounts due in 2020 and 2021 for businesses suffering continuous ...