Ministry proposes lowering CIT for SMEs

The Ministry of Finance has proposed cutting corporate income tax (CIT) rates on small and micro businesses from the current 20 percent to 15-17 percent.

The idea was raised in a National Assembly draft resolution which the ministry recently published for comments.

The move aims to promote the development of small- and medium – sized enterprises and to encourage business households to transform into enterprises, as well as enhance their competitiveness and create jobs.

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