Vietnam proposes 30% income tax cut for small firms, business households

HANOI — Vietnam's government plans to seek parliamentary approval for a 30 per cent cut in income taxes for small businesses and household businesses with annual revenue of up to 10 billion dong (S$489,000), as part of efforts to support growth, the government said over the weekend.

• The proposed tax reduction would apply in 2026 and 2027 to household businesses, individual business operators and micro-enterprises meeting the revenue threshold, the government said in a statement.
• The proposal will be submitted to the parliament this month for approval, the government said.
• "The move is aimed at encouraging household businesses, individual business operators and small and medium-sized enterprises to expand their production and business activities, thereby helping to drive economic growth," the government said.
• Vietnam is targeting annual gross domestic product growth of above 10 per cent during the rest of the decade.

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