Vietnam Provides Additional Tax Support for 2021 Due to COVID-19

Vietnam's Ministry of Industry and Trade has announced Resolution No. 406/NQ-UBTVQH15, which was approved by the National Assembly Standing Committee on 19 October 2021 to provide additional tax support for individuals and businesses affected by the COVID-19 pandemic. One of the main support measures of the resolution is a 30% reduction in corporate income tax for SMEs in 2021, which is similar to the reduction provided in 2020. The tax reduction relief is available for companies whose annua…