Small and medium enterprises still do not receive tax incentives

In the context of a volatile world economy, Vietnam is taking drastic steps to promote growth, enhance competitiveness and innovation.

Major policies such as Resolution 57, Resolution 193, Resolution on private economy (about to be issued) with many strong reforms, from economic policy, science and technology to business administration. These important resolutions and policies supporting private enterprises can create turning points, creating pressure but also great opportunities for enterprises.

doanh nghiep nho va vua van chua duoc uu dai thue hinh anh 1 — Workshop Vietnam Economic Picture 2025 and Economic Policies to Consider

On February 19, the National Assembly officially passed the Law on Promulgation of Legal Documents, which will take effect from April 1, 2025. This law reforms the legislative process, helping to shorten the time for law-making from 22 months to about 10 months. With major changes such as: Most laws will be considered and passed in one session, reducing waiting time; The shortened process allows laws to be passed in 1-2 months instead of 7-10 months as before; Transferring the authority to pass the legislative program to the National Assembly Standing Committee, creating flexibility in adjusting laws.

doanh nghiep nho va vua van chua duoc uu dai thue hinh anh 2 — Mr. Dau Anh Tuan, Deputy General Secretary, Head of Legal Department, Vietnam Federation of Commerce and Industry - VCCI

Mr. Dau Anh Tuan, Deputy General Secretary, Head of the Legal Department of the Vietnam Federation of Commerce and Industry (VCCI), highly appreciated this reform. This is because it helps businesses have a more transparent, stable and timely legal environment, reducing policy risks in business activities.

"The Law on Supporting the Development of Small and Medium Enterprises passed in 2017 stipulates that small and medium enterprises are entitled to tax incentives and pay lower taxes than large enterprises. The law took effect in 2018, but the tax incentives have not yet been implemented because the Law on Corporate Income Tax has not been amended. Therefore, the Law on Promulgation of Legal Documents has now changed to include such provisions in the Resolution of the National Assembly, which is a positive step," Mr. Tuan added.