Vietnam plans $679 mln tax cut for small businesses: fin ministry

HANOI -- Vietnam plans a 15.84 trillion dong ($679 million) cut in corporate income tax for small-sized enterprises this year to help them overcome the impact of the coronavirus pandemic, the Ministry of Finance said on Monday.

The ministry is seeking a 30% cut in corporate income tax for companies with annual revenue of less than 50 billion dong ($2.15 million) and fewer than 100 employees, it said in a statement, adding that the plan is pending government approval.

Small firms account for 93% of the 760,000 companies in the Southeast Asian country, the ministry said.