Four groups of tax exemption and reduction solutions devised to support businesses and people

Update: 17:02 | 29/10/2021

The Government has issued Decree No.92/2021/ND-CP, dated October 27, 2021, guiding four groups of tax exemption and reduction solutions to support businesses and people in overcoming difficulties caused by the impact of the Covid-19 epidemic.

Based on the proposal of the Ministry of Finance and appraisal of the Ministry of Justice, the Government has approved a policy for submission to the National Assembly Standing Committee (NASC) towards the promulgation of a number of solutions on tax exemption and reduction to support businesses and people affected by the Covid-19 epidemic (Report No.289/TTr-CP, dated August 13, 2021); as well as actively coordinated closely with agencies of the National Assembly to complete the content of the dossier and submit it to the NASC.

Four groups, tax exemption and reduction, support businesses and people, Covid-19 epidemic, overcoming difficulties, social security

At a factory of Hanpo Vina Joint Stock Company in Yen Phong Industrial Park, Bac Ninh Province.

On October 19, 2021, the NASC signed Resolution No. 406/NQ-UBTVQH15 on the promulgation of a number of solutions to support businesses and people affected by the Covid-19 epidemic.

In order to realise Resolution No.406, the Government issued Decree No. 92/2021/ND-CP, dated October 27, 2021, guiding four groups of tax exemption and reduction solutions including: reduction of corporate income tax in 2021 for enterprises and organisations with revenue not exceeding VND200 billion that experienced a decrease in revenue in 2021 compared to 2019; tax exemption (personal income tax, value-added tax and other taxes) in the third and fourth quarters of 2021 for business households and individuals with production and business activities in district-level areas that have been affected by the Covid-19 epidemic in 2021; reduction of value-added tax for groups of goods and services in industries; and exemption of late payment interest arising in 2020 and 2021 for enterprises and organisations that incurred losses in 2020.

The Decree took effect concurrently with the effective date of Resolution No. 406 on October 19, 2021.

The promulgation of Decree No.92 aims to promptly implement the solutions specified in Resolution No.406, contributing to supporting businesses and people overcome difficulties caused by the impact of the Covid-19 epidemic as well as contributing to the recovery of the country's economy and implementation of social security.

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Source: NDO

 
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