Chairman of the Vietnamese National Assembly Confirms Pillar 2 Implementation Is Progressing

Yesterday, the Chairman of the Vietnamese National Assembly confirmed that the Vietnamese government is progressing in its proposals for the implementation of the Pillar Two Global Minimum Tax, including draft legislation to amend the Law on Corporate Income Tax.

This follows Decision No. 55/QD-TTg of the Prime Minister issued on August 4, 2022,  establishing a Special Working Group of the Prime Minister to research and propose solutions for the implementation of the Pillar Two global minimum tax.

If the global minimum tax is to be implemented in 2024, Vietnam’s executive branch must submit relevant amendments to the National Assembly by October this year.

Although corporate income tax is currently at 20%, Vietnam applies a number of tax incentives.