The Ministry of Finance said that on the morning of September 6 in Can Tho, the Ministry of Finance coordinated with the German International Cooperation Organization (GIZ) to co-organize the Workshop "Gathering opinions on the revised Law on Corporate Income Tax" to collect opinions from central and local agencies before finalizing it for submission to the National Assembly for discussion at the October 2024 session.
Speaking at the opening of the workshop, Mr. Truong Ba Tuan, Deputy Director of the Department of Tax, Fee and Charge Policy Management and Supervision, said that the current Law on Corporate Income Tax (CIT) was passed by the 12th National Assembly at its 3rd session on June 3, 2008, effective from January 1, 2009 (replacing the 2003 CIT Law) and has been amended and supplemented 3 times in 2013, 2014 and 2020.
After more than 15 years of implementation, the Law on Corporate Income Tax has come into effect, positively affecting many socio-economic aspects of the country and achieving important results.
Mr. Truong Ba Tuan affirmed that the Law on Corporate Income Tax has completely eliminated the discriminatory treatment in corporate income tax policies between economic sectors and types of enterprises; reduced tax obligations for enterprises through adjusting the common corporate income tax rate. Along with that, the Law has regulated most income from production and business activities, expanding the tax base in line with the development of the economy.
In addition, the reform of corporate income tax policy in the recent period has made an important contribution to improving national competitiveness, promoting economic sectors to develop in priority directions, especially the process of economic restructuring and growth model innovation.
Accordingly, the Law on Corporate Income Tax has continued to reduce the general corporate income tax rate from 25% to 22% from January 1, 2014, with small-scale enterprises being subject to a rate of 20% from July 1, 2013. From January 1, 2016, the general corporate income tax rate applicable to all types of enterprises is 20%.
However, according to the socio-economic development, the Law on Corporate Income Tax has revealed some limitations such as not meeting the requirements from practice and new development requirements of the economy, as well as ensuring the consistency of the legal system,...
To institutionalize the policies and guidelines on reforming the tax policy system in general, and the corporate income tax policy in particular, which have been stated in documents of the Party and the State. At the same time, in order to meet the requirements from practice and new development requirements of the economy, ensure the consistency of the legal system as well as meet the requirements of international economic integration, and enhance international cooperation on tax, the Government has developed a draft dossier of the Corporate Income Tax Law (amended) in accordance with the procedures and regulations of the Law on Promulgation of Legal Documents.
In the past time, the draft Law on Corporate Income Tax (amended) has been sent to ministries, branches, localities, and the business community for comments; at the same time, opinions of organizations and individuals have been widely collected through the Government's Electronic Information Portal and the Ministry of Finance's Electronic Information Portal.
