The Government has issued Decree No. 11/2024/ND-CP on corporate income tax exemption and personal income tax exemption for Ho Chi Minh City.
A corner of Ho Chi Minh City
Regarding corporate income tax exemption, this Decree regulates innovative startups, scientific and technological institutions, innovation centers and intermediary organizations supporting innovative startups that receive income from innovative startup activities occurring in Ho Chi Minh City. This income is exempt from corporate income tax at the time of the meeting. Regulations of the City People's Committee.
These companies will be eligible for tax exemption for five years after the company pays corporate income tax from innovative start-up activities in Ho Chi Minh City, until the resolution 98/2023/QH15 approved by the National Assembly takes effect. Even after the expiration of Resolution No. 98, the tax exemption period provided in this article has not expired. Therefore, businesses can continue to enjoy tax exemption until the end of the tax exemption period.
Regarding personal income tax exemption, the Decree stipulates that during the effective period of Resolution No. 98, individuals who have income from capital contributions and investments in creative start-up enterprises associations in Ho Chi Minh City will be exempted from personal income tax on this income. It is being Innovative start-ups in Ho Chi Minh City as defined in this article must meet the regulations of the City People's Council on priority sectors. Criteria, conditions and content of innovative start-up activities.
In addition to this Decree, the Government also issued Decree No. 11/2024/ND-CP regulating loan interest, reasonable profits, payment methods and settlement of investment projects under BT contracts. Meanwhile, Decree No. 07/2024 ND-CP details the election, employment and management of commune, town and district officials in Ho Chi Minh City.
Written by Phan Tao – Translated by An Quan
