NA Allows 30 percent Corporate Income Tax Cut

The National Assembly has voted for the Resolution on tax policy to ease difficulties against organizations and individuals.

 

Under the newly-approved resolution, the tax cut will benefit small and medium-sized enterprises (SMEs) except for those operating in the fields of lottery, real estate, security, finance, banking, insurance, production of commodities and services subjected to special consumption tax; and No. 1 special ranked enterprises under economic groups, corporations.

 

Other beneficiaries also include labor-intensive enterprises operating in the fields of agriculture-forestry and fishery, garment, footwear, electronic spare-part production and infrastructure construction.

 

In addition, the Legislature also decided to exempt value-added tax (VAT) personal income tax (PIT), and corporate income tax in 2012 for households and individuals providing accommodation and catering services to students as well as baby-sisters.