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MINISTRY
OF FINANCE
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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No.
26/VBHN-BTC
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Hanoi,
September 14, 2015
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CIRCULAR 1
GUIDELINES FOR IMPLEMENTATION OF THE GOVERNMENT'S DECREE NO.
218/2013/ND-CP DATED DECEMBER 26, 2013 PROVIDING GUIDELINES FOR IMPLEMENTATION
OF THE LAW ON CORPORATE INCOME TAX
Circular No. 78/2014/TT-BTC dated
June 18, 2014 providing guidelines for implementation of the Government's
Decree No. 218/2013/ND-CP dated December 26, 2013 providing guidelines for
implementation of the Law on Corporate income tax, which comes into force from
August 02, 2014, is amended by:
1. Circular No. 119/2014/TT-BTC
dated August 25, 2014 of the Ministry of Finance on amendments to Circular No.
156/2013/TT-BTC dated 06/11/2013, Circular No. 111/2013/TT-BTC dated 15/8/2013,
Circular No. 219/2013/TT-BTC dated December 31, 2013, Circular No.
08/2013/TT-BTC dated January 10, 2013, Circular No. 85/2011/TT-BTC dated June
17, 2011, Circular No. 39/2014/TT-BTC dated March 31, 2014 and Circular No.
78/2014/TT-BTC dated June 18, 2014 of the Ministry of Finance to simplify tax
formalities, which comes into force from September 01, 2014;
2. Circular No. 151/2014/TT-BTC
dated October 10, 2014 providing guidelines for implementation of the
Government's Decree No. 91/2014/ND-CP dated October 01, 2014 on amendments to
tax decrees, which comes into force from November 15, 2014;
3. Circular No. 96/2015/TT-BTC
dated June 22, 2015 of the Ministry of Finance providing guidelines on
corporate income tax in the Government’s Decree no. 12/2015/ND-CP dated February
12, 2015 elaborating the Law on amendments to tax laws and tax decrees and
amendments to Circular No. 78/2014/TT-BTC dated June 18, 2014, Circular No.
119/2014/TT-BTC dated August 25, 2014, Circular No. 151/2014/TT-BTC dated
October 10, 2014 of the Ministry of Finance, which comes into force from August
06, 2015.
Pursuant to the Law on Corporate
income tax No. 14/2008/QH12 dated June 03, 2009; the Law No. 32/2013/QH13 dated
June 19, 2013 on amendments to the Law on Corporate income tax;
Pursuant to the Government's Decree
No. 218/2013/ND-CP dated December 26, 2013 on guidelines for the Law on
Corporate income tax and the Law on amendments to the Law on Corporate income
tax;
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At the request of the Director of
the Central Department of Taxation, the Minister of Finance hereby provides
guidance on corporate income tax as follows: 2
Chapter I
GENERAL PROVISIONS
Article 1. Scope
This Circular provide guidance on
implementation of the Government's Decree No. 218/2013/ND-CP dated December 26,
2013 on guidelines for the Law on Corporate income tax and the Law on
amendments to the Law on Corporate income tax (hereinafter referred to as
Decree No. 218/2013/ND-CP).
Article 2.
Taxpayers
1. Payers of corporate income
tax (CIT) are organizations that earn taxable income from manufacture and/or
trade of goods and/or service provision (hereinafter referred to as
“enterprises”), including:
a) Enterprises that are established
and operated under Company law, the Law on Investment, the Law on credit
institutions, the Law on Insurance Business, the Law on Securities, the Law on
Petroleum, the Law on Commerce, and other legislative documents in the form of:
joint-stock companies, limited liability companies, partnerships, private
companies, law firms, private notary offices, partners to business contracts;
partners to petroleum product contract, petroleum partnerships,
b) Public service units and
non-public service units that earn taxable income from manufacture and/or trade
of goods and/or service provision, regardless of fields.
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d) Any enterprise established under
foreign law (hereinafter referred to as “foreign enterprise") that has a
permanent establishment in Vietnam.
A permanent establishment of a
foreign enterprise is business establishment through which the foreign company
conducts part or all of its business operation in Vietnam, including:
- Branches, offices, factories,
means of transport, mines, oil fields, or other natural resource extraction
sites in Vietnam;
- Construction sites;
- Establishments where services are
provided, including consulting services via employees or other entities;
- Agents of foreign companies;
- Representatives in Vietnam who
are representatives authorized to sign contracts undersigned by foreign
enterprises or representatives not authorized to sign such contracts but
regularly deliver goods or provide services in Vietnam.
In the cases where a double
taxation agreement to which Vietnam is a signatory defines permanent
establishments otherwise, such agreement shall apply.
e) Any organization other than those
mentioned in Points a, b, c, and d Clause 1 of this Article that earn taxable
income from manufacture and/or trade of goods and/or service provision.
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Chapter II
METHODS AND BASIS OF TAX CALCULATION
Article 3. Tax
calculation method
1. 3
CIT payable in the period equals (=) assessable income minus (-) the amount
transferred to science and technology fund (if any) and multiplied by (x) CIT
rate.
CIT payable is calculated as
follows:
CIT
payable
=
(
Assessable
income
-
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)
x
CIT
rate
- In case the cases where a
Vietnamese enterprise makes investment in a foreign country that has signed a
double taxation agreement and transfers its income to Vietnam after paying CIT
overseas, regulations of such agreement shall apply. If the foreign country has
not signed a double taxation agreement with Vietnam and the rate of CIT
incurred in the foreign country is lower, the difference in CIT shall be
collected in accordance with the Law on Corporate income tax of Vietnam.
- Every Vietnamese enterprise that
makes outward direct investment (hereinafter referred to as “Vietnamese ODI
enterprise”) and earns incomes from overseas business shall declare and pay CIT
in accordance with CIT Law of Vietnam, including those given exemption or
reduction of CIT under the Law of the host country. The rate of CIT for
calculating and declaring tax on incomes earned overseas is 22% (20% from
January 01, 2016). Preferential rates for which Vietnamese enterprises making
outward investments are eligible under current CIT Law shall not apply.
- In the cases where an income
earned from an overseas project has incurred CIT (or a similar tax) overseas,
the Vietnamese ODI enterprise may deduct the tax paid by the enterprise
overseas or by the foreign partner on its behalf (including tax on dividends)
from the amount of CIT payable in Vietnam. Nevertheless, the deduction must not
exceed the amount of CIT calculated under CIT Law of Vietnam. Reduction or
exemption of CIT on profit from an overseas project under the host country’s
law may also be deducted from the amount of CIT payable in Vietnam.
- In cases where a Vietnamese ODI
enterprise transfers its income to Vietnam without declaring and paying tax
thereon, the tax authority shall impose a taxable income from overseas business
under the Law on Tax administration.
- Documents enclosed with the
declaration of tax on income from an overseas project include:
+ A photocopy of the declaration of
overseas income tax certified by the taxpayer;
+ A photocopy of the receipt for
overseas tax payment certified by the taxpayer, or the original copy of the
foreign tax authority of tax payment, or a photocopy of an equivalent document
certified by the taxpayer.
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2. The tax year is the calendar
year. If the tax year of an enterprise is different from the calendar year, its
tax year shall apply. The first tax period of a new enterprise and the last tax
period of an enterprise that is converted, acquired, divided or dissolved must
match the accounting period pursuant to accounting law.
3. If the tax period of the first
year in which the company is established from the issuance of the Certificate
of Business Registration or certificate of investment, or the tax period of the
last year when the company is converted, acquired, divided or dissolved is
shorter than 03 months, this period shall be merged with the tax period of the
next year or previous year respectively. The tax period of the first year or
last year must not exceed 15 months.
4. In the cases where an enterprise
converts its tax period (including conversion from calendar year to fiscal year
and vice versa), the converted tax period must not exceed 12 months. Where an
enterprise eligible for CIT incentives converts it tax period, it may choose
between applying CIT incentives in the year in which tax period is converted
and paying tax at the normal rate and apply CIT incentives in the next year.
Example 1: The tax period 2013 of
Enterprise A is the same as the calendar year. At the beginning of 2014, it is converted
into fiscal year which begins on April 01 of the year to March 31 of the next
year. In this case, the converted tax period (converted year 2014) begins on
January 01, 2014 and ends on March 31, 2014, the tax period of the next year
(fiscal year 2014) begins on April 01, 2014 and ends on March 31, 2015.
Example 2: In the same case, but
Enterprise A is eligible for CIT incentives (tax exemption for 02 years, 50%
reduction for the next 04 years), which begin in 2012, Enterprise A will start
applying CIT incentives tax as follows: tax exemption in 2012 and 2013; 50%
reduction in 2014, 2015, 2016, and 2017.
If Enterprise A choose 50% tax
reduction in the converted year 2014, it shall keep applying 50% tax reduction
for the next 03 tax years from the fiscal year 2014 (the fiscal year 2014
begins on April 01, 2014 and ends on March 31, 2014) until the end of the
fiscal year 2016.
If Enterprise A does not choose 50%
tax reduction in the tax period of the converted year 2014 (tax is paid at a
normal rate in the tax period of the converted year 2014), it shall be eligible
for 50% tax reduction from the fiscal year 2014 (from April 01, 2014 to March
31, 2014) until the end of 2017.
5. Public service agencies
and organizations other than enterprises established and operating under
Vietnam’s law, enterprises paying VAT directly and earn incomes subject to CIT
(hereinafter referred to as “taxable income”) shall declare and pay CIT at the
following rates if costs cannot be separated from revenues:
+ Services (including deposit and
loan interest): 5%
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+ Goods sale: 1%
+ Other activities: 2%
Example 3: Public service agency A
leases out a house. The annual house rent is VND 100 million. The leasing cost
cannot be separated from its revenue. Thus, agency A shall pay CIT as follows:
CIT payable = VND 100,000,000 x 5% =
VND 5,000,000.
6. Any enterprise that has
revenue, cost, and other incomes in foreign currencies must convert them into
VND at the average exchange rate on inter-bank foreign exchange market
announced by the State bank of Vietnam at that time, unless otherwise
prescribed by law. If the exchange rate between a foreign currency and VND is
not available, it shall be exchanged with another currency that has an exchange
rate with VND.
Article 4.
Determination of assessable income
1. Assessable income incurred
in a tax period equals (=) taxable income minus (-) tax-free income and loss
carriedforward from previous years.
Assessable income is calculated as
follows:
Assessable
income
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Taxable
income
-
Tax-free
income
+
Carriedforward
loss
2. 4
Taxable income
Taxable income in a tax period
includes income from the business operation and other incomes.
Taxable income in a tax period is
calculated as follows:
Assessable
income
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Revenue
-
Deductible
expenses
+
Other
incomes
Income from business operation
equals (=) revenue from business operation minus (-) deductible expenses
incurred by such business operation. In the cases where an enterprise has
multiple business activities to which various tax rates are applied, revenue
from each of them must be calculated separately, which is multiplied by the
corresponding tax rate.
Income from transfer of real
estate, investment project, right to participate in an investment project,
right to mineral exploration and/or mineral extraction and/or mineral
processing must be separated and shall apply 22% CIT tax (20% from January 01,
2016) and are not given CIT incentives (except for the income from projects of
investment in social housing for sale, lease or lease purchase, which applies
10% CIT according to Point d Clause 3 Article 19 of Circular No.
78/2014/TT-BTC).
In a tax period, if an enterprise
makes a transfer of real estate, project of investment or right to participate
in an investment project (except for mineral exploration and extraction) and
suffers from a loss, such loss shall be offset against the profit from business
operation (including other incomes prescribed in Article 7 of Circular No.
78/2014/TT-BTC). The remaining loss after offsetting shall be carriedforward to
the next years within the time limit for carryforward.
The loss on a transfer of real
estate, project of investment, right to participate in a project of investment
(except for mineral exploration and extraction) in 2013 and earlier, which may
still be carriedforward, must be deducted from the income from transfer of real
estate, project of investment, right to participate in a project of investment.
The remaining loss shall be deducted from income from the business operation
(including other incomes) from 2014 onwards.
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Article 5.
Revenue
1. Revenue as the basis for
calculating taxable income (hereinafter referred to as “taxable revenue")
is calculated as follows:
The taxable revenue is the whole
revenue from goods sale, processing, service provision, including subsidies and
surcharges to which the company is entitled, whether the money has been
collected or not.
a) With regard to enterprises
paying tax using credit-invoice method, the revenue is not inclusive of VAT.
Example 4: Enterprise A pays VAT
using credit-invoice method. The VAT invoice contains:
Selling price: VND 100,000.
10% VAT: VND 10,000.
Amount payable: VND 110,000.
The taxable revenue is VND 100,000.
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Example 5: Enterprise B pays VAT
directly. The sale invoice only contains the selling price of VND 110,000
(inclusive of VAT).
The taxable revenue is VND 110,000.
c) Where an enterprise provides
services and receives a lump sum payment for multiple years, the taxable
revenue shall be divided by (:) the number of years or the lump sum payment. If
the enterprise’s tax incentive period has not expired, tax equals (=) tax on
total income of the years divided by (:) the number of years.
2. 5
Time for determining taxable revenue is:
a) For goods sale: the time when
the right to ownership and/or right to enjoyment of the product is transferred
to the buyer.
b) For service provision: the time
when service provision is completed or part of service provision is completed
except for the case in Clause 3 Article 5 of Circular No. 78/2014/TT-BTC,
Clause 1 Article 6 of Circular No. 119/2014/TT-BTC.
c) For air transport: the time when
provision of transport services is completed.
d) Other cases defined by law.
3. Determination of taxable revenue
in some cases:
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b) 6
For goods and services used for exchange (excluding the goods and services used
for sustaining production and business operation), it shall be determined
according to the selling prices of products, goods or services of the same or
similar categories on the market at the time of exchange.
Example: Enterprise A produces
automotive parts and assembles automobiles. If Enterprise A uses the tires it
produces for display, product introduction or assembling automobiles, the value
of such tires shall not be included in the assessable income.
Example. Enterprise B produces
computers. The value of computers that Enterprise B produces and provides for
its employees to work at the workplace shall not be included in assessable
income.
c) Revenue from processing goods is
the proceeds from the processing, including remuneration, cost of fuel,
machinery, ancillary materials, and other expenditures on goods processing.
d) Regarding goods sold at fixed
prices for commissions under agent contracts:
- For enterprises that
deliver/deposit goods to agents (including multi-level marketing agents): total
revenue from goods sale.
- For enterprises acting as agents
that sell goods at fixed prices to earn commissions: commission received under
the agent contract.
e) Revenue from asset lease is the
periodic rent under the lease contract. c) Where the tenant pays a lump sum for
multiple years, the taxable revenue shall be divided by (:) the number of years
or equal the lump sum payment.
Depending on the bookkeeping mode
and determination of expenses, the taxable revenue may be:
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- The lump sum rent paid in advanced
for multiple years.
In the cases where an enterprise
eligible for CIT incentives determines that the taxable revenue is the lump sum
rent paid in advance for multiple years, the preferential CIT shall be based
upon the CIT on the lump sum rent divided (:) by the number of years for which
the rent is paid in advance.
g) For golf course business, revenue
is the proceeds from selling memberships, tickets and other receipts during the
tax period, which are calculated as follows:
- For daily sale of tickets and golf
cards, the revenue is the proceeds from such sale and other proceeds earned
during the tax period.
- For sale of prepaid tickets and
memberships (for multiple years), the revenue is the proceeds from such sale
divided by (:) the number of years, or the lump sum payment.
h) Revenue from credit extension by
branches of foreign banks and credit institutions is proceeds from deposit
interest, loan interest, finance lease during the tax period and classified as
revenue in accordance with financial regulations of such credit institutions
and branches of foreign banks.
i) Revenue from transport is the
whole revenue from transport of passenger, goods, and/or luggage earned during
the tax period.
k) Revenue from supply of
electricity and clean water is the total amounts written on VAT invoices. The
time for determining taxable revenue is the day on which the electricity meter
is recorded, which is also written on the receipt.
Example 6: The receipt reflects the
electricity consumption from December 05 to January 05. Revenue on this receipt
shall be accounted for in January.
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- Revenue from insurance business:
Revenue from insurance and
reinsurance is the revenue from insurance premium, reinsurance premium, ceding
commission, fees for policy management, fees for agent services including
assessment of damage, consideration of indemnity, claiming indemnity from third
parties, proceeds from liquidation of indemnified property (excluding
assessment on behalf of member enterprises that belong to the same independent
insurer) minus (-) expenses such as refunds and reductions of insurance
premium, refunds and reductions of reinsurance premium, refunds and reductions
of ceding commission.
In case of joint insurance offered
multiple insurers, taxable revenue of each insurer is the insurance premium
divided according to the joint insurance ratio, exclusive of VAT.
Taxable revenue from an insurance
contract paid by installments is each instalment.
In case of collection services among
affiliates or between an affiliate and the headquarters of an insurer, the
taxable revenue does not include the payments collected on their behalf.
- Revenue from insurance brokerage:
collected insurance commissions minus (-) paid commissions, refunds and
reductions of insurance commissions.
m) Revenue from
construction/installation is the value of the works, work items or value of the
works accepted.
- If the construction/installation
contract is inclusive of building materials, machinery and equipment, the
revenue is inclusive of the value of building materials, machinery and
equipment.
- If the construction/installation
contract is exclusive of building materials, machinery and equipment, the
revenue is exclusive of the value of building materials, machinery and
equipment.
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- If the parties to a business cooperation
contract divide the revenue according to the sale of goods/services, the
revenue as the basis for calculating tax is the revenue received by each party
under the contract.
- If the parties to the business
cooperation contract divide the revenue according to products, the revenue as
the basis for calculating tax is the revenue received by each party under the
contract.
- If the parties to the business
cooperation contract divide the profit before CIT is paid, the pretax revenue
is the revenue from sale of goods/services under the contract. Each of the
parties to the business cooperation contract shall appoint a representative who
is responsible for issuing invoices, recording revenues and expenses,
calculating pre-tax profit of the enterprise, which is divided among the
parties to the business cooperation contract. Each of the parties to the
partnership contract must pay their own CIT according to applicable
regulations.
- In case the parties to the
partnership contract divides the profit after corporate income tax is paid, the
revenue for calculating tax is the proceeds from sale of goods/services under
the contract. The parties to the business cooperation contract shall appoint
one of them to issue invoices, record revenues and expenditures, declare and
pay CIT on behalf of the other parties.
o) Revenue as the basis for
calculating tax from gambling business (casino, electronic casino games,
betting) is the revenue from such business inclusive of special excise tax and
exclusive of the value of prizes awarded to winners.
p) Revenue as the basis for
calculating tax from securities business is the proceeds from brokerage
services, proprietary securities trading, underwriting, portfolio management, financial
and securities investment counseling, investment fund management, issuance of
fund certificates, market organization services, and other securities services
prescribed by law.
q) Revenue as the basis for
calculating tax from derivative financial services is the revenue from
provision of derivative financial services during the tax period.
Article 6.
Deductible and non-deductible expenses 7
1. Except for the non-deductible
expenses mentioned in Clause 2 of this Article, every expense will be
deductible if all of the following requirements are met:
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b) There are adequate and valid
invoices and documentary evidence of the expense under the regulations of the
law.
c) There is documentary evidence of
non-cash payment for every invoiced purchase of at least VND 20 million
(inclusive of VAT).
The documentary evidence of
non-cash payment must comply with regulations of law on VAT.
If a purchase is worth VND 20
million or over according to the invoice which is yet to be paid for by the
enterprise when the expense is accounted for, such expense will be deductible.
The enterprise must remove the value of the purchases without documentary
evidence of non-cash payment from expenses incurred in the tax period in which
cash payment is made (even when the tax authority and other authorities have
issued a decision on tax inspection in the tax period in which such expense is
incurred).
The invoices for purchases paid in
cash before the effective date of this Circular shall not be adjusted under the
regulations of this Point.
Example 7: In August 2014,
Enterprise A bought goods for VND 30 million according to the invoice but has
not paid for them. In the tax period in 2014, Enterprise A has included the
value of such purchase in deductible expense. In 2015, Enterprise A pays for
such purchase in cash. Thus, it must remove the value of such purchase from
expense incurred in the tax period during which cash payment is made (the tax
period of 2015).
In the cases where an enterprise
makes a purchase related to its business operation that is worth at least VND
20 million and the invoice is printed by the cash register under the
regulations of the law on invoicing, such purchase may be included in
deductible expense according to the invoice and documentary evidence of
non-cash payment.
In cases where an enterprise makes
a purchase related to its business operation that is worth under VND 20
million, pays for it by cash and the invoice is printed by the cash register
under the regulations of the law on invoicing, such purchase may be included in
deductible expenses according to the invoice and documentary evidence of cash
payment.
2. The expenses below are
non-deductible:
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If the enterprise incurs expenses
related to damage caused by a natural disaster, epidemic, blaze or another
force majeure event (hereinafter referred to as “calamity”) without
compensation, such expenses will be deductible. To be specific:
The enterprise must determine the
damage caused by the calamity in accordance with law.
The damage equals (=) total damage
minus (-) damage covered by insurance or compensated by other entities as
prescribed by law.
a) Documents about assets/goods
damaged by a calamity included in deductible expenses include:
- A statement of value of damaged
assets/goods made by the enterprise.
The statement of value of damaged
assets/goods must specify the value of damaged assets/goods, causes; entities
responsible for such damage; categories, quantity, value of recoverable
assets/goods (if any); statement of inventory of damaged goods certified by the
enterprise's legal representative, who signs it and takes legal responsibility
for its contents.
- An indemnity claim upheld by the
insurer (if any).
- Documents about responsibility
for provision of compensation (if any).
b) Expired goods and goods damaged
because of natural deterioration that are not compensated will be deductible
expenses when calculating taxable income.
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- A statement of value of damaged
goods prepared by the enterprise.
The statement of value of damaged
goods must specify the value of damaged goods, causes; categories, quantity,
and values of recoverable goods (if any) enclosed with a statement of inventory
of damaged goods certified by the enterprise’s legal representative, who signs
it and takes legal responsibility for its contents.
- An indemnity claim upheld by the
insurer (if any).
- Documents about responsibility
for provision of compensation (if any).
c) The aforementioned documents
shall be retained at the enterprise and presented to the tax authority on
request.
2.2. Depreciation of fixed assets
in any of the following cases:
a) Depreciation of fixed assets
that are not used for business operation.
Fixed assets serving employees at
the enterprise such as recreation room, canteen, locker room, bathroom, clinic,
vocational training facility, library, kindergarten, sports facilities, furniture,
and equipment therein that are classified as fixed assets; clean water
reservoir, parking lot, employee shuttle, employees’ housing; expenditures on
development of infrastructure, purchase of machinery and equipment that are
fixed assets serving vocational education may be depreciated and included in
deductible expense.
b) Depreciation of fixed assets
without documentary evidence of ownership of the enterprise (except for fixed
assets under a lease purchase contract).
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d) Depreciation beyond the limit
imposed by the Ministry of Finance.
The enterprise shall submit a
notification of applied depreciation method to its supervisory tax authority
before depreciation (e.g. linear depreciation, etc.) Every year, the enterprise
shall depreciate its fixed assets according to applicable regulations of the
Ministry of Finance on management, use and depreciation of fixed assets,
including quick depreciation (if qualified).
Any enterprise who has a lucrative
business may implement quick depreciation, provided it is not greater than 2
times the linear depreciation, in order to apply new technologies to certain
fixed assets in accordance with applicable regulations of the Ministry of
Finance on management, use and depreciation of fixed assets. When implementing
quick depreciation, profitability must be ensured.
Fixed assets used as capital
contribution, fixed assets transferred upon partial division, full division,
amalgamation, acquisition or conversion of the enterprise after reassessment
shall be depreciated and included in deductible expenses by the enterprise that
receives them according to their reassessed costs. Assets other than fixed
assets used as capital contribution, fixed assets transferred upon partial
division, full division, amalgamation, acquisition or conversion of the
enterprise after reassessment may be included in expense or gradually
aggregated with deductible expense by the enterprise that receives them
according to their reassessed costs.
Deductible cost of fixed assets
produced by the enterprise itself is the total cost of manufacture such assets.
Cost of purchase of assets that are
instruments, tools, circulated packages, etc. that are not classified as fixed
assets shall be gradually included in operating cost for up to 3 years.
dd) Depreciation of fixed assets
that have been fully depreciated.
e) Other non-deductible
depreciations:
- The following amounts are not
deductible: Depreciation of the portion of cost in excess of VND 1.6 billion
per car for cars for the transport of 9 persons or fewer (except for cars used
for passenger transport services, tourism, or hotel operations; cars used for
display and test drive by car dealers); depreciation of fixed assets being
civil aircraft and yachts.
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Civil aircraft and yachts used for
other purposes than freight transport, passenger transport, tourist transport
services are those of an enterprise whose certificate of business registration
or certificate of enterprise registration does not license provision of freight
transport, passenger transport or tourist transport services.
In the cases where an enterprise
transfers or liquidates an automobile for the transport of up to 9 persons, the
remaining value of such automobile equals (=) its cost minus (-) its accrued depreciation
according to regulations on management, use, and depreciation of fixed assets
by the time the automobile is transferred or liquidated.
Example 8: Enterprise A buys an
automobile for the transport of up to 9 persons for VND 6 billion. It liquidates
the automobile after 1 year of depreciation. The depreciation amount is VND 1
billion according to regulations on management, use, and depreciation of fixed
assets (the depreciation period is 6 years according to regulations on fixed
asset depreciation). The deductible depreciation amount according to tax
policies is VND 1.6 billion/6 years = VND 267 million. Enterprise A liquidates
the automobile for VND 5 billion.
Income from automobile liquidation
= VND 5 billion - (VND 6 billion - VND 1 billion) = VND 0
- In case of depreciation of
constructions on land used for both business operation and other purposes,
depreciation of constructions on the area of land not used for business
operation is not deductible.
Depreciation of constructions such
as offices, factories, and stores serving the enterprise’s business operation
is deductible according to applicable regulations of the Ministry of Finance if
such constructions satisfy the conditions below:
+ The enterprise has a land use
right certificate bearing its name (if the piece of land is owned by the
enterprise) or a contract for lease/borrowing of land with another land owner.
The representative of the enterprise is legally responsible for the accuracy of
such contract (in case of leased or borrowed land).
+ There are invoices for payment
for the constructions bearing the enterprise's name, address, and TIN enclosed
with the construction contract, note of contract finalization and construction
value statement.
+ The constructions are managed and
accounted for in accordance with applicable regulations on management of fixed
assets.
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The enterprise must retain, present
adequate documents and provide explanation for suspending the use of fixed
assets at the request of tax authorities.
- Long-term land use right (LUR)
shall not be depreciated or included in deductible expenses when calculating
taxable income; limited-term LUR may be gradually included in deductible
expenses if invoices are sufficient, procedures are followed, and such piece of
land is used for business operation over the period written on the land use
right certificate (including the period over which business operation is
suspended for repair or building new constructions).
In the cases where an enterprise
buys a tangible fixed asset that is a building or architectural object
associated with the long-term LUR, the value of LUR must be calculated
separately and recorded as an intangible fixed asset; the cost of the tangible
fixed asset that is the building or architectural object equals (=) the buying
price plus (+) every expenditure on putting such tangible fixed assets into
use. The value of LUR is determined according to the price written on the real
estate purchase contract, which must accord with the market price and not be
lower than the price on the price list compiled by the People’s Committee of
the province at the time of purchase. In the cases where an enterprise buys a
tangible fixed asset that is a building associated with long-term LUR without
being able to separate the value of LUR, it shall be determined according to
the prices imposed by the People’s Committee of the province at the time of
purchase.
2.3. Expenditure beyond limits on
reasonable consumption of raw materials, fuel, energy, and goods imposed by the
State.
2.4. Expenditures on purchases of
goods/services (without invoices, listed on statement of purchases No. 01/TNDN
enclosed with Circular No. 78/2014/TT-BTC) without statements enclosed with
receipts for payments to sellers/service providers in the cases below:
- Purchase of agricultural
products, forestry products, aquaculture products directly sold by growers or
catchers;
- Purchase of handicraft products
made of dried jute, sedge, leaves, rattan, bamboo, straw, coconut shell, or
aquaculture by-products directly sold by craftsmen;
- Purchase of earth, stones, sand,
gravel directly sold by the excavating people;
- Purchase of scrap from
collectors;
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- Purchase of goods/services from
business households and business individuals (except for the cases mentioned
above) whose revenue is below the level subject to VAT (VND 100 million per
year).
The statement of purchases shall be
signed by the enterprises’ legal or authorized representative, who is legally
responsible for its accuracy. The enterprise that buys goods/services may make
a statement and include them in deductible expense. Documentary evidence of
non-cash payment is not required for such expenses. If the buying prices for
goods/services on the statement are higher than market prices at the time of
purchase, the tax authority shall recalculate the deductible expenses according
to the market prices for similar goods/services.
2.5. Expenditure on lease of assets
from individuals without sufficient documents:
- In the cases where an enterprise
leases an asset from an individual, documents for determining deductible
expense is the lease contract and documentary evidence of rent payment.
- In cases where an enterprise
lease an asset from an individual and the lease contract allows the enterprise
to pay tax on such individual’s behalf, documents for determining deductible
expenses include the lease contract, documentary evidence of rent payment and
documentary evidence of tax payment on the individual’s behalf.
- In the cases where an enterprise
leases an asset from an individual and the lease contract states that the rent
is exclusive of tax (VAT, personal income tax) and allows the enterprise to pay
tax on such individual’s behalf, the enterprise may include the total amount of
rent in deductible expense, including the tax paid on such individual’s behalf.
2.6. Salaries, remunerations and
bonus for employees in one of the following cases:
a) Salaries, remunerations and
other payables to employees that have been included in operating cost in the
period but are not actually paid or do not have documentary evidence as
prescribed by law.
b) Salaries, bonuses, purchase of
life insurance for employees that are not specified in one of the following
documents: employment contract, collective bargaining agreement, financial
regulation, reward scheme issued by the President of the Board of Directors,
General Director, or Director in accordance with the financial regulation of
the company or general company.
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- In the cases where the employment
contract between an enterprise and an employee has a payment for such
employee’s housing which is part of the salary and has sufficient documentary
evidence, such payment will be deductible.
- In case a Vietnamese enterprise
signs a contract with a foreign enterprise which states that the Vietnamese
enterprise must incur the cost of accommodation of foreign experts during their
working period in Vietnam, the house rent paid for foreign experts working in
Vietnam by the Vietnamese enterprise will be deductible.
c) Salaries, remuneration and
allowances of employees that have not been paid after the annual tax
declaration is submitted, unless the enterprise has made a provision for
inclusion in the succeeding year’s salary fund. The annual provision is decided
by the enterprise and must not exceed 17% of the released salary fund.
Released salary fund is the total
salary paid in the year until the deadline for submitting the annual tax
declaration (not including the previous year’s provision for salary fund).
The enterprise must ensure that it
does not suffer from a loss after making the provision. Otherwise, the
provision must be smaller than 17%.
If the enterprise did not use up
the previous year’s salary fund provision within 06 months from the end of the
fiscal year, it must be recorded as a decrease in the succeeding year’s
expense.
Example 9: When submitting the
annual tax declaration of 2014, Enterprise A makes a provision for salary fund
of VND 10 billion. On June 30, 2015, (tax period of Enterprise A is the same as
calendar year), Enterprise A has used only VND 7 billion from the salary fund.
In this case, VND 3 billion (VND 10 billion – VND 7 billion) must be deducted
from the succeeding year’s expenditure on salary payment (2015). While
preparing the annual tax declaration of 2015, Enterprise A may keep making
provision for salary fund if it wishes to do so.
d) Salaries and remunerations of
the owner of a private company, single-member limited liability company (owned
by an individual); remunerations of founders, members of the Board of members
or the Executive Board who do not directly participate in business
administration.
2.7. In-kind expenditure on
employees’ clothing without invoices and documentary evidence. Monetary
expenditure on employees’ clothing that exceeds VND 05 million per person per
year.
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With regard to special lines of
business, such expenditures shall comply with separate regulations of the
Ministry of Finance.
2.8. Rewards for ideas and
innovations without specific regulations or without assessment by a council.
2.9. Leave travel allowance for
employees paid against regulations of the Labor Code.
Allowance for employees on business
trips, allowance for travelling and accommodation of employees on business
trips will be deductible if they have adequate invoices and documentary
evidence. In the cases where an enterprise pays fixed amounts for the traveling,
accommodation, and allowance of employees on business trips in accordance with
its financial regulations, such amounts will be deductible.
In the cases where an enterprise
sends an employee on a business trip (whether at home or overseas), every expense
that reaches VND 20 million or above and payment for air tickets that are made
with such employee’s banking card will be considered non-cash payments and will
be deductible if all of the requirements below are satisfied:
- There are valid invoices and
documentary evidence issued by the goods or service provider.
- The enterprise has a written
business trip order.
- The enterprise’s financial
regulations allow its employees to pay the trip expenses, air tickets with
their personal banking cards and get reimbursed by the enterprise.
In the cases where an enterprise
buys an air ticket on a website for an employee to go on a business trip
serving its business operation, the documentary evidence of deductible expense
shall be the electronic ticket, the boarding pass, and documentary evidence of
non-cash payment bearing the name of the traveling employee. If the enterprise
fails to collect the boarding pass, the documentary evidence of deductible
expense shall be the electronic ticket, the business trip order, and the
documentary evidence of non-cash payment.
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a) Additional payments for female
employees that are deductible, including:
- Expenditure on vocational
training for female employees when their current jobs are no longer suitable.
This expenditure includes: tuition
fee (if any) + difference in salary scale (ensure payment of 100% salaries for
learners).
- Expenditure on salaries and
allowances (if any) for teachers at the kindergarten managed and operated by
the enterprise.
- Expenditure on provision
additional health check-ups in the year such as occupational disease, chronic
disease or gynaecological examination for female employees.
- Extra allowance for female employees
after giving birth for the first or second time.
- Overtime pays for any female
employee who does not take maternity leave after giving birth because of
objective reasons, including the case of performance-based pay where the female
employee earns during the paid maternity leave to which she is entitled.
b) Extra payment for employees
being ethnics, which is deductible: tuition fee (if any) + difference in salary
scale (ensure payment of 100% of salaries of learners); allowance for housing,
social insurance, health insurance if such amounts are not covered by the
State.
2.11. Payment in excess to VND 01
million per person per month for: contribution to a voluntary pension fund,
purchase of voluntary pension insurance for employees.
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The aforesaid voluntary payments
must not be included in expense if the enterprise fails to fulfill its
obligation to buy compulsory insurance for its employees (including outstanding
compulsory insurance premiums).
2.12. Redundancy pays for employees
against applicable regulations.
2.13. Contributions to funding for
administration.
2.14. Contributions to funds of
Associations (established within the law) beyond the limits imposed by such
Associations.
2.15. Payments for electricity and
water supply under contracts between households or individuals who lease out
the business premises and the electricity and water suppliers without
documentary evidence of payment in any of the following cases:
a) The enterprise leases the
business premises and directly pays for electricity and water supply to the
suppliers without payment receipts and the lease contract.
b) The company leases the business
premises and directly pays for electricity and water supply to the landlord
without a lease contract and receipts of payment to the landlord that match the
electricity and water consumption.
2.16. Expenditure on lease of fixed
assets beyond the annual budget for prepaid rent.
Example 10: Enterprise A pays a
lump sum of VND 400 million to lease fixed assets for 4 years. The rent of VND
100 million for fixed assets shall be included in annual expense. If the annual
rent exceeds VND 100 million, the amount in excess of VND 100 million must not
be included in reasonable expense when calculating taxable income.
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Expenditures on assets other than
fixed assets (purchase of technical documents, patents, technology transfer
licenses, trademarks, business advantages, right to use trademarks, etc.) may
be gradually included in business expense over a period of up to 03 years.
In the cases where an enterprise
contributes capital in the form of business advantage or right to use
trademarks, the value of which shall not be deductible.
2.17. Payment of interest on loan
serving business operation taken from entities other than credit institutions
or business organizations which exceeds 150% of basic interest rate announced
by the State bank at the time of lending.
2.18. Payment of interest on loan
equivalent to charter capital deficit (or invested capital in case of private
companies) according to the capital contribution schedule, even if the
enterprise is already in operation. Payment of loan interest during the
investment stage which has been included in value of assets or value of
constructions invested.
If the enterprise has contributed
sufficient charter capital and, during its business operation, pays interest on
a loan taken to make investment in another enterprise, such payment will be
deductible.
Non-deductible payment of interest
on loan equivalent to charter capital deficit according to the capital
contribution schedule is determined as follows:
- If the loan is smaller or equal
to the charter capital deficit, the whole loan interest is not deductible.
- If the loan is higher than the
charter capital deficit according to capital contribution schedule:
+ If the enterprise has multiple
loans, non-deductible payment of loan interest equals (=) the ratio of charter
capital deficit to total loan (%) multiplied by (x) total interest.
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(Loan interest must comply
with regulations in Point 2.17 of this Article)
2.19. Provisions made and used
against instructions of the Ministry of Finance on making provisions: provision
for devaluation of unsold goods, provision for loss on financial investments,
provision for bad debts, provision for warranty, and provision for vocational
risks of companies that provide valuation services or independent audit
services.
2.20. Periodic accrued expense that
is not completely paid for at the end of the period.
Accrued expenses include:
expenditures on periodic major repairs of fixed assets, expenditures on
fulfillment of contractual obligations to the services for which revenue has
been collected (including payments for leases of assets and provision of
services that have been collected in advanced for multiple years and included
in revenue of the year in which they are collected), and other accrued
expenses.
In the cases where an enterprise
has recorded revenue as the basis for calculation of CIT without incurring all
of expenses, accrued expenses may be included in deductible expense in
proportion to the revenue recorded when calculating taxable income. When the
contract is finalized, the enterprise must calculate the exact expense according
to legitimate invoices and documentary evidence in order to increase the
expense (in case the actual expense is higher than the accrued expense) or
decrease the expense (in case the actual expense is lower than the accrued
expense) in the tax period during which the contract is finalized.
Accrued expense on periodic repairs
of fixed assets shall be included in annual expense. If actual expense is
higher than accrued expense, the difference will be deductible.
2.21. Loss on exchange difference
due to reassessment of foreign currency items at the end of the tax period,
including exchange difference due to reassessment of closing balance,
including: cash, deposits, money in transit, foreign currency receivables
(except for loss on exchange difference due to reassessment of foreign currency
debts payable at the end of the tax period).
During the investment stage of a
new enterprise which is not inaugurated when fixed assets is acquired, exchange
differences that occur when making payment for foreign currency items serving
investment and exchange differences that occur when reassessing foreign
currency debts payable at the end of the fiscal year must be separately
recorded. When a fixed asset that is a construction is put into operation, the
exchange differences that occur during the investment stage (after offsetting
the increase against the decrease) may be gradually included in financial
income or financial expense for up to 05 years from the day on which the
construction is put into operation.
During the business operation
stage, including investment in acquisition of fixed assets of an enterprise in
operation, exchange differences derived from transactions in foreign currencies
of foreign currency items shall be recorded as revenue from financial
activities or financial expense in the fiscal year.
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2.22. Provision of sponsorship for
education (including sponsorship for vocational education) for illegitimate
recipients according to Point (a) or without documentary evidence specified in
Point (b) below:
a) Sponsorship for education
include: sponsorship for public and private schools of national education
system as prescribed by regulations of law on education, provided such
sponsorship is not meant to contribute capital or buy shares of schools;
sponsorship for infrastructure and equipment serving teaching and learning in
schools; sponsorship for regular operations of schools; sponsorships for
students of compulsory education institutions, vocational education
institutions, and higher education institutions prescribed in the Law on
Education (direct sponsorship for students, sponsorship provided via
educational institutions, organizations permitted to raise sponsorships as
prescribed by law); sponsorship for competitions in the schools subjects participated
by learners; sponsorship for establishment of scholarship funds as prescribed
by regulations of law on education.
b) Documentary evidence of
sponsorship for education includes: certification of sponsorship bearing the
signature of the representative of the sponsoring establishment, representative
of the legitimate educational institution, students (or an organization
permitted to raise sponsorships) that receives the sponsorship (form No.
03/TNDN enclosed with Circular No. 78/2014/TT-BTC); invoices/receipts for
purchase of goods (in case of in-kind sponsorship) or proof of payment (in case
of monetary sponsorship).
2.23. Provision of sponsorship for
healthcare for illegitimate subjects according to Point (a) or without
documentary evidence specified in Point (b) below:
a) Sponsorship for healthcare
include: Sponsorship for medical facilities established under regulations of
law on healthcare, provided the sponsorship is not meant to contribute capital
or buy shares of such medical facilities; Sponsorship for medical equipment,
medicines; Sponsorships for regular operation of hospitals, medical centers;
Monetary sponsorships for patients via an organization permitted to raise
sponsorship as prescribed by law.
b) Documentary evidence of
sponsorship for healthcare includes: Certification of sponsorship bearing the
signature of the representative of the sponsoring enterprise, representative of
the unit that receives the sponsorship (or an organization permitted to raise
sponsorship) (form 04/TNDN enclosed with Circular No. 78/2014/TT-BTC);
invoices/receipts for purchase of goods (in case of in-kind sponsorship) or
proof of payment (in case of monetary sponsorship).
2.24. Provision of disaster
recovery aid for illegitimate subjects according to Point (a) or without
documentary evidence specified in Point (b) below:
a) Disaster recovery aid includes:
direct provision of monetary aid or in-kind aid serving disaster recovery for
an organization established and operating under the law, for individuals
suffering from the disaster via an organization permitted to call for aid as
prescribed by law.
b) Documentary evidence of disaster
recovery aid includes: Certification of aid bearing the signature of the
representative of the contributing enterprise, representative of the unit that
suffers from the disaster (or an organization permitted to call for aid) (form
05/TNDN enclosed with Circular No. 78/2014/TT-BTC); invoices/receipts for
purchase of goods (in case of in-kind aid) or proof of payment (in case of
monetary aid).
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a) Legitimate recipients of sponsorships
for building houses for the poor are poor households as prescribed by the Prime
Minister. Sponsorship method: Monetary or in-kind sponsorships provided
directly or via an organization permitted to raise sponsorship as prescribed by
law.
b) Documentary evidence of such
sponsorship includes: Certification of sponsorship bearing the signature of the
representative of the sponsoring enterprise, representative of sponsorship
recipient (form 06/TNDN enclosed with Circular No. 78/2014/TT-BTC);
certification of poor household issued by the local authority (in case of
building housing for poor people); invoices/receipts for purchase of goods (in
case of in-kind sponsorship) or proof of payment (in case of monetary
sponsorship).
If the sponsorship recipient is an
organization permitted to raise sponsorship, documentary evidence includes:
Certification of sponsorship bearing the signature of the representative of the
sponsoring enterprise and the receiving organization; invoices/receipts for
purchase of goods (in case of in-kind sponsorship) or proof of payment (in case
of monetary sponsorship).
2.26. Provision of sponsorship for
scientific research against the law; provision of sponsorship for beneficiaries
of incentive policies against the law; provision of sponsorship for extremely
disadvantaged areas against State programs.
Sponsorship under a State Program
means a program run by the Government in an extremely disadvantaged area
(including sponsorship for building new bridges in extremely disadvantaged
residential areas) under a project approved by a competent authority.
Provision of sponsorship shall
comply with corresponding regulations of law.
Documentary evidence of sponsorship
for extremely disadvantaged areas under State program, sponsorship for new
bridges in extremely disadvantaged residential areas under a project approved
by a competent authority, sponsorship for beneficiaries of incentive policies
includes: Certification of sponsorship bearing the signature of the
representative of the sponsoring enterprise, the sponsorship recipient (or an
organization permitted to raise sponsorship) (form no. 07/TNDN enclosed with
Circular No. 78/2014/TT-BTC); ; invoices/receipts for purchase of goods (in
case of in-kind sponsorship) or proof of payment (in case of monetary
sponsorship).
Regulations on scientific research,
procedures and documents about sponsorship for scientific research shall comply
with regulations of the Law on Science and Technology and relevant guiding
documents.
2.27. Amount provided by an overseas
company to cover administrative expenses of its permanent establishment in
Vietnam beyond the limit calculated using the formula below:
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=
Assessable
revenue earned by the permanent establishment in Vietnam in the tax period
x
Total
administrative expense incurred by the overseas company in the tax period
Total
revenue earned by the overseas company in the tax period, including revenues
earned by its permanent establishments in other countries
Amounts provided by the overseas
company to cover administrative expenses of its permanent establishment in
Vietnam shall be accounted for from the day on which the permanent
establishment in Vietnam is established.
The basis for determining expenses
and revenue of the overseas company is its financial statement which is audited
by an independent audit company, which clearly reflects the revenue and
administrative expense of the overseas company, and the amount provided for the
permanent establishment in Vietnam to cover its administrative expense.
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2.28. Expenses covered with other
sources; expenses covered by the enterprise’s science and technology fund;
Purchase of golf membership; golfing expenses.
2.29. Expenses related to hire of
managers of prize-winning electronic games, casino business in excess to 4% of
the revenue from electronic casino games/prize-winning electronic games or
casino business.
2.30. Expenses that do not match
the assessable revenue, except for:
- The actual expenditures on
HIV/AIDS prevention at the workplace, including expenditure on provision of
training in HIV/AIDS prevention for employees, expenditure on raising
employees’ awareness of HIV/AIDS prevention, fees for HIV consultation,
examination and testing, and expenditure on supporting employees who are HIV
sufferers.
- Expenditures on performance of duties
pertaining to security and defense education, training, activities of militia
forces, and other defense and security duties as prescribed;
- The actual expenditures on
operations of the enterprise’s internal Communist Party organizations and
social-political organizations.
- Expenditures on provision of
vocational education and training for employees, including:
+ Payments for teachers, learning
materials, equipment serving vocational education, materials for practicing,
and other aid for learners.
+ Expenditure on training employees
recruited by the enterprise.
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The practical average 1 month’s
salary equals (=) salary fund released within a year divided (:) by 12 months.
In case the enterprise has not operated for 12 months, the practical average 1
month’s salary equals (=) salary fund released within the year divided (:) by
the number of operating months.
Released salary fund is the total
salary paid in the year until the deadline for submitting the annual tax
declaration (not including the previous year’s provision for salary fund).
- Other special expenditures of
each field shall follow instructions provided by the Ministry of Finance.
2.31. Expenditure on capital
construction during the investment stage to acquire fixed assets.
At the beginning of business
operation, if the enterprise has not earned revenue but has incurred overheads
expenses to maintain its business operation (other than expenditure on
acquisition of fixed assets), such expenses will be deductible if they satisfy
all conditions.
If the enterprise repays a loan
during the investment stage, such repayment shall be included in investment
value. During the infrastructural development phase, if the enterprise both
pays loan interest and collects deposit interest, they may be offset against
each another. The value that remains will be deducted from the investment
value.
2.32. Provision of sponsorship for
local governments; sponsorships for associations, social organizations;
charitable expenses (except for sponsorships for education, healthcare,
disaster recovery, construction of houses for poor people, scientific research,
beneficiaries of incentive policies, extremely disadvantaged areas under state
programs mentioned in Points 2.22, 2.23, 2.24, 2.25, 2.26 in Clause 2 of
this Article).
2.33. Expenses directly related to
issuance of shares (except for shares classified as liabilities) and dividends
(except for dividends of shares classified as liabilities), trading in treasury
shares, and other expenses directly related to increase/decrease of the
enterprise’s equity.
2.34. Payment for the right to
mineral extraction beyond the practical amount payable in the year.
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2.35. Expenditures on insurance
business, lottery business, securities trading, and some special business
activities shall comply with corresponding documents issued by the Ministry of
Finance.
2.36. Payment of fines for
administrative violations, including: traffic offenses, violations against
regulations on business registration, violations against regulations
statistical accounting; violations against regulations of law on taxation,
including late payment interest prescribed by the Law on Tax administration,
and fines for other administrative violations prescribed by law.
2.37. Input VAT that has been
deducted or refunded; input VAT on fixed assets being automobiles cars for the
transport of up to 9 persons that exceeds the deductible limit prescribed in
legislative documents on VAT; CIT other than CIT paid by the enterprise on
behalf of the foreign contractor under the main contract which stipulates that
the revenue earned by the foreign contractor and sub-contractors is exclusive
of CIT; personal income tax unless the employment contract states that the
employee’s salary is exclusive of personal income tax.
Article 7.
Other incomes
Other incomes include: 8
1. Incomes from transfer of stakes
or securities specified in Chapter IV of this Circular.
2. Incomes from transfer of real
estate specified in Chapter V of this Circular.
3. Income from transfer of
investment projects; transfer of right to participate in an investment project,
right to mineral exploration and/or mineral extraction and/or mineral
processing.
4. Income from the right to
ownership, right to enjoyment of property, including royalties; incomes from
intellectual property rights; incomes from technology transfers defined by law.
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5. Incomes from lease of assets in
any shape or form.
The income from lease of an asset
equals (=) the proceeds from the lease minus (-) depreciation, maintenance
costs, rent in case of sublet and other deductible expenses related to the
lease.
6. Income from transfer or
liquidation of assets (except real estate) and other financial instruments.
This income equals (=) the proceeds
from the transfer or liquidation minus (-) remaining value of the transferred
or liquidated asset at the time of transfer or liquidation and other deductible
expenses related to the transfer or liquidation.
7. Incomes from deposit interest or
loan interest, including late payment interest, instalment interest, credit
guarantee fee and other fees specified in the loan contract.
- If the income from deposit
interest or loan interest is higher than the loan interest payable, the amount
that remains after offsetting shall be considered other incomes when
calculating taxable income.
- If the income from deposit
interest or loan interest is lower than the loan interest payable, the amount
that remains after offsetting shall be deducted from the income from primary
business operation when calculating taxable income.
8. Income from selling foreign
currencies, which equals (=) the proceeds from selling foreign currencies minus
(-) buying prices for the foreign currencies.
9. 9
Income from exchange differences, which is determined as follows:
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- The exchange differences that
occur in the period and are related to revenues and expenses of the
enterprise’s main business operation shall be included in expenses or revenues
of the enterprise’s main business operation. Regarding the exchange differences
that occur in the period and are not related to revenues and expenses of the
enterprise’s main business operation, the loss on exchange difference shall be
aggregated with financial expense, the profit from exchange difference shall be
aggregated with other incomes when calculating taxable income.
- Profit from exchange difference
because of reassessment of debts paid in foreign currencies at the end of the
fiscal year may be offset against the loss on exchange difference because of
reassessment of debts paid in foreign currencies at the end of the fiscal year.
After offsetting, profit or loss derived from exchange difference related to
revenues and expenses of the enterprise’s main business operation shall be
respectively aggregated with the revenue or expense from the enterprise’s main
business operation. The profit or loss derived from exchange difference that is
not related to revenues and expenses from the enterprise’s main business
operation shall be respectively aggregated with other incomes or financial
expense when calculating taxable income.
With regard to foreign currency
receivables and foreign currency loans that occur in the period, exchange
difference included in deductible expenses or incomes is the difference between
exchange rate at the time of debt or loan repayment and exchange rate at the
time the debt or loan is initially recorded.
The aforesaid exchange differences
do not include exchange differences because of reassessment of closing balance,
including: cash, deposit, money in transit and foreign currency receivables.
10. Collected bad debts.
11. Debts payable without
identified creditors.
12. Omitted incomes from previous
years’ business operation that are discovered afterwards.
13. In the cases where an
enterprise collects fines or compensation for breach of contract or rewards for
fulfillment of the contractual commitment, if the collected amount is higher
than the fines or compensation for breach of contract which are not fines for
administrative violations defined by laws on administrative violations, the
difference that shall be aggregated with other incomes.
In the cases where an enterprise
collects fines or compensation for breach of contract or rewards for
fulfillment of the contractual commitment, if the collected amount is lower
than the fines or compensation for breach of contract which are not fines for
administrative violations defined by laws on administrative violations, the
difference shall be deducted from other incomes. If no other incomes are earned
within the year, the difference shall be deducted from income from business
operation.
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14. 10
Differences from the reassessment of assets as prescribed to contribute capital
or transfer assets upon full division, partial division, amalgamation, merger
or conversion (except for equitization or rearrangement of wholly state-owned
enterprises) shall be determined as follows:
a) Increase or decrease resulting
from the reassessment of assets is the difference between the reassessed value
and the residual book value of assets and shall be aggregated once in other
incomes (for increase) or deducted from other incomes (for decrease) in a tax
period for determining taxable incomes of the enterprise whose assets are
reassessed.
b) Increase or decrease resulting
from the reassessment of LUR for: capital contribution (where the LUR
transferee may gradually aggregate this value with deductible expense),
transfer upon full division, partial division, amalgamation, merger or
conversion of the enterprise; or for capital contribution to investment
projects to build houses and infrastructure facilities for sale shall be
aggregated once with other incomes (for increase) or deducted from other
incomes (for decrease) in a tax period for determining taxable incomes of the
LUR transferor.
Particularly, the increase
resulting from assessment of LUR for acquisition of fixed assets serving the
enterprise’s business operation which must not be depreciated or gradually
aggregated with deductible expense by the transferee may be gradually
aggregated with other incomes of the LUR transferor for up to 10 years from the
year in which LUR is contributed as capital. The LUR transferor shall notify
the number of years they will aggregate the increase with other incomes when
making the annual CIT declaration of the first year in which such income is
declared (the year in which the LUR to be contributed as capital are
reassessed).
In the cases where after capital
contribution, the enterprise keeps transferring stakes in the form of LUR
(including the case where capital is contributed before expiration of the
10-year period), the income from the transfer of stakes in the form of LUR
shall be accounted for and declared as income from real estate transfer, which
is taxable.
The difference resulting from the
reassessment of LUR includes: the difference between the reassessed value and
book value of long-term LUR, or the difference between the reassessed value and
remaining value of limited-term LUR after aggregation with income.
c) The enterprise that receives
assets contributed as capital or assets transferred upon full division, partial
division, amalgamation, merger or conversion of an enterprise may depreciate
such assets or gradually aggregate them with expense at the reassessed price
(unless the value of limited-term LUR is ineligible for depreciation or
aggregation with expense under regulations).
15. Monetary and in-kind gifts;
monetary and in-kind incomes from sources of sponsorships; incomes from
marketing aid, subsidies, discounts, sales promotion and other aid. The value
of in-kind income is determined according to the value of a similar
goods/services at the time of receipt.
16. Amounts of money, property and
other material benefits an enterprise receives from other organizations and
individuals under agreements or contracts conformable with civil laws when the
enterprise is relocated and transfers its land area after deduction of costs
such as relocation cost (transportation and installation), remaining value of
fixed assets and other costs (if any).
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17. Accrued expense that is not paid
for or not completely paid for by the end of the period but is not recorded as
a decrease in expense by the enterprise; reversed provision for construction
warranty.
18. Incomes related to the sale of
goods or provision of services that are not included in revenue such as: reward
for early launch, bonuses in the restaurant and hotel industry after deduction
of relevant costs.
19. Income from selling scrap after
deduction of collection and sales expenses, which are determined as follows:
- In the cases where an enterprise
earns income from selling scrap in the process of manufacture of the products
eligible for CIT incentives, such income is also eligible for CIT incomes.
- In the cases where an enterprise
earns income from selling scrap in the process of manufacture of the products
that are not eligible for CIT incentives, such income shall be aggregated with
other incomes.
20. Refunds of export or import
duties on goods that have been exported or imported in reality in the current
year shall be recorded as decrease in expense of the year. Refunds of export or
import duties on goods that have been exported or imported in reality in the
previous year shall be aggregated with other income of the year in which such
income is earned. If the income is directly related to a business line eligible
for CIT incentives, it is also eligible for CIT incentives. If the income is
not directly related to a business line eligible for CIT incentives, it shall
be aggregated with other incomes.
21. Incomes from contribution of
share capital, domestic business cooperation distributed before CIT is paid.
22. 11
In the cases where an enterprise admits a new capital contributor whose
contributed capital is higher than the value of capital he/she is obliged to
contribute:
If such positive difference is
owned by the enterprise and used to supplement the enterprise’s capital, it
will not be recorded as taxable income for calculating CIT payable by the
receiving enterprise.
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23. Other incomes defined by law.
Article 8.
Tax-free incomes
1. 12
Incomes from farming, husbandry, aquaculture and salt production of
cooperatives; incomes of cooperatives engaged in agriculture, forestry,
fisheries and salt production in disadvantaged areas or extremely disadvantaged
areas; incomes of enterprises from farming, husbandry and aquaculture in
extremely disadvantaged areas; incomes from fishing activities.
a) Incomes from farming (including
also products from planted forests), husbandry, aquaculture, processing of
agriculture and aquaculture products of cooperatives and enterprises that are
given tax incentives (including preferential tax rates, tax exemption and
reduction) prescribed in this Circular are incomes from products that are
result of their farming, husbandry, aquaculture, and processing of agriculture
and aquaculture products (including those purchased for further processing).
Incomes from processed products
derived from agriculture and aquaculture products must satisfy all of the
following conditions in order to be given tax incentives (including
preferential tax rates, tax exemption and reduction):
- The ratio of value of raw
materials to production cost is at least 30%.
- Processed products are not
subject to special excise tax, except for the cases decided by the Prime
Minister at the request of the Ministry of Finance.
The enterprise must separate
incomes from processed agriculture and aquaculture products in order to be
eligible for CIT incentives.
Tax-free incomes mentioned in this
Clause include incomes from liquidation of farming, husbandry, aquaculture
products (except for liquidation of rubber plantations), incomes from sale of
refuses related to the agriculture, aquaculture products and processed products
thereof.
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2. Incomes from provision of
technical services directly serving agriculture, including: irrigation, land
plowing and harrowing, dredging, pest control, harvesting services.
3. 13
Incomes from the execution of a scientific research and technological
development contract are eligible for tax exemption until expiration of such
contract but not more than 3 years from the day on which the revenue is earned
from execution of such contract;
Incomes from the sale of products
that are results of new technologies applied in Vietnam for the first time are
eligible for tax exemption for up to 5 years from the day on which the revenue
from sale of products is earned;
Incomes from the sale of
experimental products during the experimental production period apply relevant
laws.
a) Incomes from execution of a
scientific research and technological development contract must satisfy the
following requirements to be eligible for tax exemption:
- A certificate of scientific
research activity is obtained;
- Such scientific research and
technological development contract is certified by competent science authority.
b) Incomes from the sale of
products that are results of new technologies applied in Vietnam for the first
time are eligible for tax exemption if the application of such new technologies
is certified by a competent science authority.
4. Incomes from manufacture and/or
trade of goods and/or service provision of an enterprise whose employees that
are disabled people, rehabilitated drug abusers, HIV patients make up at least
30% of its annual average number of employees.
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An enterprise eligible for tax
exemption specified in this Clause means a enterprise whose average number of
employees in the year is at least 20, excluding finance and real estate
enterprises.
An enterprise earning tax-free
incomes specified in this Clause must satisfy all of the following
requirements:
a) If the enterprise employs
disabled people, it must obtain a certification of number of disabled employees
by a competent health authority.
b) If the enterprise employs
rehabilitated drug abusers, it must obtain certificates of completion of
rehabilitation issued by rehabilitation centers or relevant competent
authorities.
c) If the enterprise employs HIV
patients, it must obtain a certification of number of HIV-positive employees by
a competent health authority.
5. Incomes from provision of
vocational training for ethnics, disabled people, disadvantaged children, ex-offenders,
rehabilitated drug abusers or HIV patients. If the vocational training
institution also accepts other types of learners, the tax-free income shall be
determined according to the ratio of the number of learners that are ethnics,
disabled people, disadvantaged children, ex-offenders, rehabilitated drug
abusers or HIV patients to the total number of learner.
Tax-free income from vocational
training must satisfy all of the following requirements:
- The vocational training
institution is established and operating under regulations of law on vocational
training.
- There is a list of learners that
are ethnics, disabled people, disadvantaged children, ex-offenders,
rehabilitated drug abusers or HIV patients.
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Example 11: Enterprise B receives
capital contribution from Enterprise A. Pretax income of Enterprise A from
capital contribution to Enterprise B is VND 100 million.
- If Enterprise B is not eligible
for CIT incentives and has fully paid CIT, including that on the income
receivable by Enterprise A, the income received by Enterprise A from capital
contribution is VND 78 million [(100 million – (100 million x 22%)] and
Enterprise A is eligible for exemption of CIT on such income of VND 78 million.
- If Enterprise B is eligible for
50% reduction of CIT payable and has fully paid CIT, including that on the
income receivable by Enterprise A, the income received by Enterprise A from
capital contribution is VND 89 million [(100 million – (100 million x 22% x
50%)] and Enterprise A is eligible for exemption of CIT on such income of VND
89 million.
- If
Enterprise B is eligible for CIT exemption, the income received by Enterprise A
from capital contribution is VND 100 million and Enterprise A is eligible for
exemption of CIT on such income of VND 100 million.
7. Sponsorships for education,
scientific research, art, charity and other social activities in Vietnam.
If the organization receiving the
sponsorship uses it improperly, it shall pay CIT on the amount used improperly
in the tax period in which the sponsorship is used improperly.
The organization receiving
sponsorship must be established and operating under the law and comply with
regulations of law on statistical accounting.
8. Income from first–time transfer
of Certified Emissions Reductions (CERs); CIT shall be levied upon subsequent
transfers of CERs.
To be eligible for tax exemption,
the sale or transfer of CERs must be certified by a competent environment
authority.
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Taxes on incomes other than those
from performance of tasks assigned by the State must be declared and paid as
prescribed.
10. Undistributed income:
a) Undistributed income of private
establishments investing in education, healthcare and other fields in which
private sector investment is encouraged (including judicial expertise offices)
retained for investment in their development prescribed by regulations of law
on education, healthcare and other fields in which private sector involvement
is encouraged (hereinafter referred to as “public sector”). Tax-free
undistributed income of the establishments mentioned in this Clause
(hereinafter referred to as “private investors”) does not include that retained
for investment in other fields or business lines other than public sector.
Private investors include:
- Non-public establishments whose
investment in the public sector is legitimate as prescribed by competent
authorities.
- Enterprises established to invest
in the public sector and whose operation is legitimate as prescribed by
competent authorities.
- Public service agencies
contributing capital, raising capital or engaging in business cooperation in
establishing independent units or enterprises operating in the public sector
under decisions of competent authorities.
Private investors must satisfy the
criteria and standards established by the Prime Minister.
b) Undistributed income of a
cooperative for acquisition of its assets.
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11. Income from technology transfers
in the favored fields to an organization or individual in an extremely
disadvantaged area.
Procedures for technology transfers
are specified in the Law on Technology transfers and the Government's Decree
No. 133/2008/ND-CP dated December 31, 2009.
Favored fields are those on the list
promulgated together with Decree No. 133/2008/ND-CP and its amendments (if
any).
12. 15
Incomes of bailiff offices (except for incomes from activities other than
bailiff’s activities) during the experimental period shall comply with
regulations of law on enforcement of civil judgments.
Bailiff offices and bailiff
activities are specified in relevant legislative documents.
Article 9. Loss
determination and loss carryforward
1. Loss incurred in a tax period
means a negative difference in assessable income, excluding loss carriedforward
from previous years.
2. When an enterprise makes a loss
according to the annual tax declaration, the loss shall be fully and continuously
offset against the succeeding years' income. The carryforward period shall not
exceed 5 years.
The enterprise shall temporary
offset the loss against quarterly incomes after the quarterly statement is
prepared and officially offset the loss against income when the annual tax
declaration is prepared.
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Example 13: In 2013, Enterprise B
made a loss of VND 20 billion. In 2014, Enterprise B earned an income of VND 15
billion:
+ Enterprise B must offset the loss
of VND 15 billion against the income earned in 2014;
+ The remaining loss of VND 5
billion shall be continuously offset against incomes earned in the subsequent
years for up to 5 years.
- The loss made by an enterprise in
one quarter may be offset against income earned in the next quarter of the same
fiscal year. When preparing the annual CIT declaration, the enterprise shall
determine the loss made in the year and fully and continuously offset it
against taxable income earned in the subsequent years.
- Enterprises shall determine the
amount of loss offset against income themselves. If a new loss is made before
the old loss is completely carriedforward, the new loss shall be fully
continuously carriedforward for up to 5 years from the year succeeding the year
in which the new loss is made.
If the loss determined by an
inspecting authority does not match that determined by the enterprise, the loss
determined by the inspecting authority shall be applied and shall be fully and
continuously carriedforward for up to 5 subsequent years.
The loss that remains after
expiration of the 5-year period must not be offset against incomes earned in
the subsequent years.
3. 16
Any enterprise that undergoes conversion, merger, amalgamation, partial
division, full division, dissolution, or bankruptcy must submit a terminal tax
declaration to the tax authority up to the date of issuance of the decision on
conversion, merger, amalgamation, partial division, full division, dissolution,
or bankruptcy by a competent authority (except for the cases in which terminal
tax declaration is not required). The loss made by the old enterprise before
conversion, merger, amalgamation, partial division, full division, dissolution,
or bankruptcy must be sorted by year and offset against income earned in the
same year by the enterprise after conversion, merger, amalgamation, partial
division, full division, dissolution, or bankruptcy, or be offset against
incomes in the next years of the enterprise after conversion, merger,
amalgamation, partial division, full division, dissolution, or bankruptcy,
provided loss is not carried forward for more than 05 consecutive years from
the year succeeding the year in which loss is made.
The loss that is made by the
enterprise before partial division or full division and can be carried forward
shall be divided among the enterprises after the division process is complete
according to the distribution ratio of charter capital.
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1. An enterprise that is established
and operating within Vietnam’s law may contribute up to 10% of its annual
assessable income to its scientific and technological development fund before
calculating corporate income tax. The enterprise shall determine the amount
contributed to the scientific and technological development funds before
calculating corporate income tax. If the enterprise makes annual contribution
to its science and technology development fund, it must prepare a report on
contribution to and use of the science and technology development fund and
specify the contribution in the annual CIT declaration. The report shall be
enclosed with the annual CIT declaration.
Regarding enterprises over 50% of
charter capital of which is held by the State, apart from compliance with
provisions of this Article, must maintain the minimum contributions specified
in the Law on Science and technology
2. Within 5 years from the
contribution date, if at least 70% of the science and technology development
fund is not used or not used properly, the enterprise shall pay CIT on the
income that was contributed to science and technology development fund but was
not used or not properly used and interest thereon.
The amount that is not properly used
shall not be aggregated with the amount used for development of science and
technology.
- CIT shall be paid at the rate
applied to the enterprise during the contribution period.
- Interest shall be charged on the
tax arrears on the unused funds at the interest rate of 1-year treasury bonds
(or interest rate of 1-year treasury bills) applied at the time of arrears
collection for a 2-year period.
3. An enterprise’s science and
technology development fund may only be used for its investment in scientific
research and technological development in Vietnam. Expenditures from the
science and technology development fund must have adequate and valid invoices
and documentary evidence as prescribed by law.
4. An enterprise must not aggregate
expenditures from its science and technology development fund with its
operating cost when calculating taxable income. In the cases where an
enterprise’s science and technology development fund is not sufficient to cover
the cost of its scientific research and technological development, the
difference may be aggregated with its operating cost when calculating taxable
income.
5. In case of conversion,
amalgamation or merger, the transferee enterprise derived from such event shall
inherit and take responsibility for the management and use of the transferor
enterprise’s science and technology development fund.
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6. In
the cases where a decree of the Government provides for contribution to science
and technology development funds otherwise, the Ministry of Finance and the
Ministry of Science and Technology will promulgate a Joint Circular to provide
guidance.
Article 11. CIT
rates
1. From January 01, 2014, CIT rate
is 22%, except for the cases specified in Clause 2 and Clause 3 of this Article
and the cases in which preferential rates are applied.
Example: The fiscal year of an
enterprise begins on April 14, 2013 and ends on March 31, 2014. The enterprise
is applying ordinary CIT rates and is not eligible for preferential rates. When
preparing the annual CIT declaration, the amount of CIT payable by the
enterprise shall be calculated as follows:
CIT
payable
=
Taxable
income earned in the tax period
x
9 months x 25% +
Taxable
income earned in the tax period
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12
months
12
months
From January 01, 2016, the CIT rate of
20% shall apply to enterprises that are applying the CIT rate of 22%.
2. An enterprise that is established
within Vietnam’s law (including cooperatives and public service agencies) whose
revenue from manufacture and/or trade of goods and/or service provision does
not exceed VND 20 billion shall apply the CIT rate of 20%.
The total revenue as the basis for
determination of eligibility for 20% CIT rate specified in this Clause is the
total revenue from selling goods/services of the preceding year according to
[01] and [08] on Appendix 03-1A/TNDN enclosed with Form No. 03/TNDN promulgated
together with Circular No. 156/2013/TT-BTC.
Example 14: Company A’s fiscal year
begins on April 01 of a year and ends on March 31 of the next year. If its
revenue from selling goods/services [01] and financial income [08] on Appendix
03-1A/TNDN enclosed with Form 03/TNDN of the fiscal year 2013 (from April 01,
2013 to March 31, 2014 inclusive) does not exceed VND 20 billion, it is
eligible for 20% CIT in the fiscal year 2014 (from April 01, 2014 to March 31,
2015 inclusive). If the total revenue earned in 2014 exceeds VND 20 billion, it
shall apply 22% CIT in the fiscal year 2015 (from April 01, 2015 to March 31,
2016 inclusive).
If the preceding year is shorter
than 12 months, the total revenue as the basis for determination of eligibility
for 20% CIT is the total revenue from selling goods/services of the preceding
year according to [01] and [08] on Appendix 03-1A/TNDN divided by (:) the
number of months in the year. If the average monthly revenue does not exceed
VND 1.67 billion, the enterprise will be eligible for 20% CIT in the succeeding
year.
Example 15: Company A’s fiscal year
is the same as the calendar year. Its business operation was suspended for 3
months in 2014 and resumed on April 01, 2014. Its revenue from selling
goods/services [01] and financial income [08] on Appendix 03-1A/TNDN was VND 18
billion. The average monthly revenue is VND 2 billion (18 billion divided by
(:) 9 months). Company A will not be eligible for 20% CIT and has to apply 22%
CIT in 2015. It may apply 20% CIT in 2015 if its average monthly revenue in
2014 does not exceed VND 1.67 billion.
Regarding a new enterprise that has
been established within less than 12 months. It shall provisionally declare tax
at the rate of 22% (except for those eligible for tax incentives). At the end
of the fiscal year, if its average monthly revenue does not exceed VND 1.67
billion. It shall apply 20% CIT (except for the incomes specified in Clause 3
Article 18 of this Circular). The total revenue is determined according to [01]
and [08] on Appendix 03-1A/TNDN enclosed with Form 03/TNDN promulgated together
with Circular No. 156/2013/TT-BTC. If the average monthly revenue in the first
year does not exceed VND 1.67 billion, the enterprise may apply 20% CIT in the
succeeding year.
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The rate of CIT on exploration and
extraction of valuable resources (platinum, gold, silver, tin, tungsten,
gemstones, rare earth other than petroleum) is 50%. 40% CIT shall apply to
valuable resources mines whose area in an extremely disadvantaged area which is
eligible for CIT incentives according to Decree No. 218/2013/ND-CP.
Chapter III
TAX-COLLECTING AUTHORITIES
Article 12.
Identification
An enterprise shall pay tax at the
tax authority in the same province as its headquarters. In the cases where an
enterprise has a factory in a province other than that where its headquarters
is located, tax shall be paid in both provinces.
The distribution of tax specified in
this Clause does not apply to enterprises having works, work items or
construction establishments that do not keep independent accounting records.
Article 13.
Determination of CIT payable
The amount of CIT payable in the
province where the enterprise’s factory is located equals (=) CIT payable in
the period multiplied by (x) the ratio of expense of the factory to the total
expense of the enterprise, which is calculated as follows:
Ratio
of expense of the factory to the total expense of the enterprise
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Total
expense of the factory
Total
expense of the enterprise
The preceding year’s annual CIT
declaration of the enterprise shall be the basis for calculation of this ratio.
In the cases where an enterprise has
factories in various provinces, the annual CIT declaration of 2008 shall be the
basis for calculation of the ratio of expense of the headquarters to expense of
the factories. This ratio shall remain unchanged from 2009 onwards.
Regarding a new enterprise, an
operating enterprise that establishes new or shuts down its factories in
various provinces, it shall determine the expense ratio of the first tax period
in which such change is made. From the succeeding tax period, the expense ratio
shall remain unchanged.
Financially dependent units of
enterprises earning incomes from activities other than their primary business
lines shall pay tax in the provinces where such activities are done.
Chapter IV
INCOMES FROM STAKE TRANSFER AND SECURITIES TRANSFER
Article 14.
Incomes from stake transfer
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Income from stake transfer of an
enterprise means income from full or partial transfer of the enterprise’s
investment in one or more than one entities (including selling of enterprises)
Time for determination of income from take transfer is the time for transfer of
the stake ownership.
In the cases where an enterprise
sells an entire single-member limited liability company under the ownership of
an organization by transferring stakes and real estate, it shall declare and
pay CIT on real estate transfer and complete the CIT declaration form (Form 08)
enclosed herewith.
In the cases where an enterprise
transfers its stakes in exchange for assets or other material benefits (shares,
fund certificates, etc.) and generates income, it shall pay CIT. The values of
assets, shares, fund certificates, etc. shall be determined according to their
market prices at the time of transfer.
2. Basis for tax calculation:
a) Assessable income from stake transfer
is calculated as follows:
Assessable
income
=
Transfer
price
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-
Transfer
cost
Where:
- The transfer price is the total
value earned by the transferor under the transfer contract.
If the transfer contract permits
payment by instalments or deferred payment, the revenue from the transfer
contract does not include interest.
If the transfer contract does not
specify the transfer price or the tax authority finds that the transfer price is
not reasonable, the tax authority is entitled to carry out an inspection and
impose the transfer price. If the price for transfer of an enterprise’s stake
is not reasonable, the tax authority is entitled to reassess the value of the
entire enterprise at the time of transfer to determine the transfer price for
the stake transferred.
The transfer price shall imposed on
the basis of investigation documents of the tax authority, other transfer
prices at that same time, in the same business organization or under similar
transfer contract at the time of transfer. If the transfer price imposed by the
tax authority is not appropriate, the price determined by a professional
valuation organization shall apply.
If the enterprise transfers stake to
another entity, documentary evidence of non-cash payments is required if the
value of the stake transferred under the transfer contract is VND 20 million or
above. If documentary evidence of non-cash payments is not available, the tax
authority is entitled to impose the transfer price.
-17
The purchasing price of the stake shall be determined on a case-by-case basis
as follows:
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+ In case of stake redemption, it
is the value of the stake at the time of redemption. The purchasing price is
based on the stake redemption contract and payment receipts.
If the enterprise is able to do
accounting in foreign currencies and complies with regulations of law on
accounting of stake transfer in foreign currencies, the transfer price and
purchasing price of the stake shall be expressed in a foreign currency. In the
cases where an enterprise that does accounting in VND transfers a stake in a
foreign currency, the transfer price must be converted into VND according to
the buying rate announced by the commercial bank where the enterprise’s account
it opened at the time of transfer.
Transfer cost means expenses
directly related to the transfer and supported by legitimate invoices and
documentary evidence. If the transfer cost is incurred overseas, original
documents must be certified by a notary’s office or independent audit
organization of the countries where the cost is incurred and be translated into
Vietnamese (the translation must be certified by an authorized representative).
Transfer cost consists of: cost of
necessary legal procedures for the transfer; fees and charges payable while
following transfer procedures; expenditures on transaction, negotiation,
contract conclusion and other expenditures supported by documentary evidence.
Example 16: Enterprise A contributes
VND 400 billion, which consists of VND 320 billion in factory value and VND 80
billion in cash, to establish a partnership that produces toilet paper. Then
enterprise A transfers the stake to Enterprise B for VND 550 billion.
Enterprise A’s stake according to accounting records at the time of transfer is
VND 400 billion and the transfer cost is VND 70 billion. Assessable income from
the stake transfer is VND 80 billion ((550 - 400 - 70).
b) An enterprise’s income from stake
transfer shall be classified as other incomes and aggregated with taxable
income.
c) In the cases where a foreign
organization doing business in Vietnam or earning income in Vietnam without
following the Law on Investment and the Law on Enterprises (hereinafter
referred to as “foreign contractors") transfers a stake:
The stake transferee shall
determine, declare, withhold and pay the CIT payable by the foreign
organizations on its behalf. If the transferee is also a foreign organization
that does not follow the Law on Investment and the Law on Enterprises, the
enterprise established under Vietnam’s law in which capital is invested by that
foreign organization shall declare and pay the CIT payable by the foreign
organization on its behalf.
Tax shall be declared and paid in
accordance with legislative documents on tax administration.
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1. Scope:
An enterprise’s income from
securities transfer means income from transfer of shares, bonds, fund
certificates and other securities.
In the cases where an enterprise
issues additional shares to raise capital, the difference between the issuance
price and face value shall not be aggregated with taxable income.
In the cases where an enterprise
undergoes full division, partial division, amalgamation or merger and swap shares
at the time of full division, partial division, amalgamation or merger, income
earned therefrom (if any) is subject to CIT.
In the cases where an enterprise
transfers securities in exchange for assets or other material benefits (shares,
fund certificates, etc.) and generates income, it shall pay CIT. The values of
assets, shares, fund certificates, etc. shall be determined according to their
selling prices at the time of transfer.
2. Basis for tax calculation:
Assessable income from securities
transfer in the period equals (=) selling price for securities minus (-) buying
price for securities minus (-) transfer cost.
- The selling price for securities
is determined as follows:
+ For listed securities and
securities of unlisted public companies registered at securities trading
centers, the selling price is the selling price in reality (matched price or
agreed price) announced by the Stock Exchange and the securities trading
center.
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- The buying price for securities is
determined as follows:
+ For listed securities and
securities of unlisted public companies registered at securities trading
centers, the buying price is the buying price in reality (matched or agreed
price) announced by the Stock Exchange and the securities trading center.
+ For securities purchased at
auction, the buying price is the succeeding bid written on the announcement of
successful bidder issued by the auctioneering organization and the payment
order.
+ For securities other than those
mentioned above, the buying price is the transfer price written on the transfer
contract.
- Transfer cost means expenses
directly related to the transfer and supported by legitimate invoices and
documentary evidence.
Transfer cost consists of: cost of
necessary legal procedures for the transfer; fees and charges payable while
following transfer procedures; securities depository fee imposed by the State
Securities Commission and receipt vouchers of the securities company;
authorization fee according to receipt vouchers of the authorized unit;
expenditures on transaction, negotiation, contract conclusion and other
expenditures supported by documentary evidence.
An enterprise’s income from
securities transfer shall be classified as other incomes and aggregated with
taxable income.
Chapter V
INCOMES FROM REAL ESTATE TRANSFER
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1. Enterprises in any economic sectors
and fields that earn incomes from real estate transfer, real estate enterprises
earning incomes from sublease of land shall pay tax on such incomes.
2. Incomes from real estate transfer
include: incomes from transfer of LUR, land leasehold (including transfer of
project in association with transfer of LUR or land leasehold defined by law);
Incomes form sublease of land by real estate enterprises defined by land laws,
regardless of availability of infrastructure and construction works on land;
incomes from transfer of houses and construction works on land, including
property connected thereto if the property value is separated in transfer,
regardless of transfer of LUR or land leasehold; incomes from transfer of
property on land; incomes from transfer of the right to ownership or enjoyment
of houses.
Incomes from sublease of land by
real estate enterprises do not include incomes of enterprises that only lease
out houses, infrastructure or construction works on land.
Article 17.
Basis for tax calculation
The basis for calculating CIT on
income from real estate transfer is the assessable income and CIT rate.
Assessable income equals (=) taxable
income minus (-) previous years’ loss on real estate transfer (if any).
1. Taxable income.
Taxable income from real estate
transfer equals (=) revenue from real estate transfer minus (-) costs of real
estate and deductible expenses of real estate transfer.
a) Revenue from real estate
transfer.
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In the cases where the price for
transfer of LUR under the real estate transfer contract is lower than that
imposed by the People’s Committee of the province at the time of contract
conclusion, the latter shall apply.
- The revenue as the basis for
calculating CIT shall be determined when the real estate is delivered by the
seller to the buyer, whether or not the buyer has registered the ownership of
such real estate with a competent authority.
- In the cases where an enterprise
executes a construction project for sale or for lease and collect advances from
customers in any shape or form, the revenue as the basis for calculating CIT
shall be determined when such advances are collected from customers. To be
specific:
If the enterprise collects money
from its customers and is able to determine the expense and revenue (including
accrued expense of unfinished items), CIT shall be declared and paid according
to the difference between revenue and expense.
+ If the enterprise collects money
from its customers but is not able to determine the expense, it shall pay
provisional CIT at 1% on the revenue and such revenue is yet to be aggregated
with taxable revenue in the year.
Upon delivery of real estate, the
enterprise shall prepare a CIT declaration which specifies the amount of CIT
payable. If the paid CIT is lower than the CIT payable, the enterprise shall
fully pay the arrears. If the paid CIT is higher the CIT payable, the
enterprise may deduct the overpaid tax from the CIT payable in the next period
or claim a refund.
Regarding a real estate enterprise
that collects advances from its customers and declare CIT on the revenue which
is yet to be aggregated with taxable revenue in the year and incur expenses of
advertising, marketing, sales promotion, brokerage commissions when making
offers in the year in which revenue is earned, such expenses are yet to be
aggregated with expense of that year. The expenses of advertising, marketing,
sales promotion, brokerage commissions shall be aggregated with deductible
expense within the prescribed limit in the first year in which real estate is
delivered and taxable revenue is earned.
a.2) Taxable revenue in some cases:
- Taxable revenue from sublease of
land is the rent paid by the tenant under the lease contract. In the cases
where tenant pays a lump sum rent paid in advance for multiple years, the
taxable revenue shall be divided by (:) the number of years or equal the lump
sum payment. This method may only be applied if the enterprise has fulfilled
its liabilities to the State and obligations to the tenant until the expiration
of the lease term.
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- In the cases where a credit institution
receives the LUR as collateral for a loan and such LUR is transferred, the
taxable revenue is the transfer price agreed by the parties.
- In the cases where the LUR
transferred is a distressed property, the taxable revenue is the transfer price
agreed by the parties or imposed by the valuation council.
The determination of revenue in the
cases specified in a.2 must comply with the rules specified in a.1.
b) Real estate transfer expenses
b.1) Rules for expense
determination:
- Deductible expenses of real estate
transfer must correspond to the taxable revenue, satisfy the conditions for
deductibility and are not non-deductible expenses specified in Article 6 of
this Circular.
- In the cases where part of a
project is transferred, general expenses of the project and expense of the
completed part of the project shall be determined according to the area (m2)
transferred to determine taxable income from the land area transferred,
including: expense of internal roads and parks; investment in construction of
water supply and drainage system; substations; compensation for property on
land; expenditures on compensation for land clearance and relocation and
funding for provision of compensation for land clearance approved by a
competent authority which has not been deducted from land levies or land rents
that are payable to the State, other investments in the land area related to
the transfer or LUR or land leasehold.
The aforementioned expense shall be
calculated as follows:
Expense
of land area transferred
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Total
investment in infrastructure
x
Land
area transferred
Total
land area of the project (except land area used for public purposes under
land laws)
In the cases where part of the project
area which is not transferred is used for other business purposes, the common
expenses shall also be distributed to such area and accounted for when
declaring CIT on other business activities.
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b.2) Deductible expenses of real
estate transfer:
- Cost price of the land area
transferred is:
+ the land levy or land rent payable
to state budget if the State allocates land and collects land levy or land
rent;
+ the price written on the contract
and documentary evidence of payment when the LUR or land leasehold is
transferred in case of LUR transferred by another organization or individual;
the price imposed by the People’s Committee of the province at the time of
transfer if the contract and documentary evidence of payment is not available.
+ the value of LUR or land leasehold
according to the valuation record if land is contributed as capital.
+ the price for the construction
work exchanged by an enterprise for land form the State, except for the cases
specified by competent authorities.
+ the successful bid in case of
auction of LUR or land leasehold;
+ the price imposed by the People’s
Committee of the province according to the land price list compiled by the
Government at the time of inheritance or donation if the enterprise’s land is
inherited or donated.
If the enterprise’s land is
inherited or donated before 1994, the cost price shall be imposed by the
People’s Committee of the province in 1994 according to the land price list
specified in the Government's Decree No. 87/CP dated August 17, 1994.
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- Cost of land compensation.
- Cost of crop loss compensation.
- Cost of compensation for land clearance
and relocation and organization thereof as prescribed by law.
If documentary evidence for the cost
of compensation for land clearance and relocation and organization thereof is
not available, a statement may be prepared which specifies: names and addresses
of recipients, compensation and aid amounts; signatures of recipients and
certification of local governments in accordance with regulations of law on
compensation for land clearance and relocation upon land withdrawal by the
State.
- Fees and charges related to grant
of LUR.
- Cost of soil improvement and
leveling.
- Investment in construction of
infrastructure such as roads, electricity supply, water supply and drainage,
post and telecommunications, etc.
- Value of infrastructure and
construction works on land.
- Other expenses related to the real
estate transferred.
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The expenses paid by the State or
other sources must not be aggregated with real estate transfer expense.
2. CIT on real estate transfer is
22% (20% from January 01, 2016).
3. 18
Determination of CIT payable:
CIT on real estate transfer in the
period equals (=) assessable income from real estate transfer multiplied by (x)
22%.
Income from real estate transfer
must be declared separately and is not eligible for CIT incentives.
The CIT declaration and documentary
evidence of payment of CIT from real estate transfer in the administrative
division where the transferred real estate is located are the basis for
preparing the annual CIT declaration at the enterprise’s headquarters”.
4. In the cases where a credit
institution receives a piece of real property as collateral instead of loan
repayment, it shall declare and pay CIT on real estate transfer if permitted to
transfer such real estate. In the cases where real the estate put up for
auction is collateral, the proceeds shall be used as repayment in accordance
with the Government’s regulations on loan security applied to credit institutions
and tax shall be paid as prescribed. The remaining amount after the repayment
is made shall be returned to the organization that put up its real estate as
collateral.
In the cases where a credit
institution is permitted to transferred a piece of mortgaged real property to
recover capital and the cost price of such real property is unknown, the cost
price shall equal (=) the loan payable under the mortgage contract plus (+)
loan interest accrued by the date of foreclosure of the real property under the
credit contract plus (+) costs of real estate transfer supported by legitimate
invoices and documentary evidence.
5. In the cases where the collateral
is sold at auction by a judgment enforcement authority, the proceeds shall be
dealt with in accordance with the Government’s Decree on foreclosure of LUR.
The organization authorized to sell the real estate at auction shall declare
and transfer the withheld CIT on real estate transfer to state budget. The
documents must specify that CIT is paid on behalf of the taxpayer.
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Chapter VI
CORPORATE INCOME TAX INCENTIVES
Article 18.
Conditions for applying CIT incentives
1. CIT incentives only apply to
enterprises following accounting and invoicing regulations and pay CIT by
declaration.
2. During the period of CIT
incentives, an enterprise that engages in multiple business lines must separate
incomes from the business lines eligible for CIT incentives (including
preferential rates, tax exemption and reduction) and incomes from those that
are not.
If such an enterprise fails to
separate incomes from business lines eligible for CIT incentives and incomes
from those that are not, the income from business lines eligible for CIT
incentives equals (=) total taxable income multiplied by (x) the ratio (%) of
revenue or deductible expense of the eligible business lines to total revenue
or total deductible expense of the enterprise in the tax period.
In the cases where the deductible
expense or revenue cannot be separated, it shall be determined according to the
ratio of revenue or deductible expense of the eligible business lines to the
total revenue or deductible expense of the enterprise.
3. 19
CIT incentives and 20% CIT do not apply to the following incomes (including
those of enterprises eligible for 20% CIT prescribed in Clause 2 Article 11 of
Circular No. 78/2014/TT-BTC):
a) Incomes from transfer of stakes
or right to contribute capital; incomes from real estate transfer (except for
incomes from investment in social housing prescribed in Point d Clause 3
Article 19 of Circular No. 78/2014/TT-BTC); Incomes from transfer of investment
project or the right to participate in investment project, transfer of the
right to mineral exploration and extraction; incomes from overseas business
operation.
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c) Incomes from provision of
services subject to special excise tax prescribed by the Law on Special excise
tax.
4.
20
Incentives for enterprises whose investment project is eligible CIT incentives
because its field or location is eligible for investment incentives
(hereinafter respectively referred to as “eligible field” and “eligible area”)
are determined as follows:
a) In case of an enterprise whose
investment project is eligible for CIT incentives because its field is
eligible, the incomes from such field, incomes from liquidation of refuses and
scrap of products in such field, exchange differences directly related revenues
and expenses of such field, demand deposit interest, and other directly related
incomes are also eligible for CIT incentives.
b) In case of an enterprise whose
investment project is eligible for CIT incentives because it is located in an
eligible area (including industrial parks, economic zones, hi-tech zones),
incomes eligible for CIT incentives are those derived from business activities
within such area, except for the incomes mentioned in Points a, b, c Clause 1
of this Article.
- In the cases where an enterprise
whose transport project is eligible for CIT incentives because it is located in
an eligible area (including industrial parks, economic zones, hi-tech zones),
its incomes from transport services based in the eligible area will be eligible
for CIT incentives, whether the departure or destination is located in the same
area as the project.
Example 15a: In 2015, a new
enterprise is established in Son La province, which is an extremely
disadvantaged province, to provide transport services. Thus, the enterprise is
eligible for CIT incentives applied to extremely disadvantaged areas.
In 2015, it has several fixed routes
(from Son La to Hanoi and vice versa; from Son La to Ha Long city and vice
versa) and contractual routes (from Son La to Da Nang city and vice versa; from
Hanoi to Da Nang city and vice versa; from Bac Ninh city to Son La).
CIT incentives for incomes from
transport services are determined according to the area in which the project is
established (Son La province), whether the departure or destination is located
in such area. To be specific:
+ Incomes from the following routes
are eligible for CIT incentives: fixed routes from Son La to Hanoi and vice
versa, from Son La to Ha Long city and vice versa; contractual routes from Son
La to Da Nang city and vice versa, from Bac Ninh city to Son La.
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- If an enterprise whose investment
project is eligible for CIT incentives because it is located in an eligible
area earns incomes outside the area in which the project is located:
(i) If the area in which the
income is earned is not an eligible area, it will not be eligible for CIT
incentives.
(i) If the area in which the
income is earned is an eligible area, it will be eligible for CIT incentives.
CIT incentives for such income shall be determined according to the time and
level of incentives in the area.
* Example 15b: CIT incentives in
eligible areas (applied to manufacturing):
In 2012, an enterprise has a new
manufacturing project in Ha Giang province, which is an extremely disadvantaged
area. Thus, the enterprise is eligible for CIT incentives applied to extremely
disadvantaged areas.
In 2015, the enterprise starts
manufacturing products in Ha Giang province and sells them in Ha Giang province
and adjacent provinces such as Cao Bang province (an extremely disadvantaged
area), Lao Cai city (a disadvantaged area) and Hanoi (not eligible for
incentives). Because all products are manufactured in Ha Giang province, the
incomes from sale of products in Ha Giang province and other provinces are
eligible for CIT incentives.
* Example 15c: CIT incentives in
eligible areas (applied to construction):
In 2015, a new construction
enterprise is established in Ha Giang province, which is an extremely
disadvantaged area. Thus, the enterprise is eligible for CIT incentives applied
to extremely disadvantaged areas.
In 2015, the enterprise engages in
some construction activities in Ha Giang province and adjacent provinces
including Cao Bang (an extremely disadvantaged area), Lao Cai city (a
disadvantaged area) and Hanoi (not eligible for incentives). The incomes from
construction activities in Ha Giang province are eligible for CIT incentives.
CIT incentives for incomes from construction activities in adjacent areas are
determined as follows:
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+ Incomes earned in Lao Cai city are
eligible CIT incentives applied to disadvantaged areas for the remaining
incentive period of the enterprise.
+ Incomes earned in Hanoi are not
eligible CIT incentives.
* Example 15d: CIT incentives in
eligible provinces (applied to service provision):
In 2015, a new enterprise is
established in Ha Giang province, which is an extremely disadvantaged area, to
provide services Thus, the enterprise is eligible for CIT incentives applied to
extremely disadvantaged areas.
In 2015, the enterprise provides
services in Ha Giang province and adjacent provinces including Cao Bang (an
extremely disadvantaged area), Lao Cai city (a disadvantaged area), and Hanoi
(not given incentives). The incomes from services provided in Ha Giang province
are given CIT incentives. CIT incentives for incomes from services provided in
adjacent areas are determined as follows:
+ Incomes earned in Cao Bang
province are eligible for CIT incentives for the remaining incentive period of
the enterprise.
+ Incomes earned in Lao Cai city are
eligible CIT incentives applied to disadvantaged areas for the remaining
incentive period of the enterprise.
+ Incomes earned in Hanoi are not
eligible for CIT incentives.
c) Enterprises eligible for 20% CIT
may apply the CIT rate of 20% to their incomes except for those mentioned in
Points a, b, c Clause 1 of this Article.
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a) New investment projects that are
eligible for CIT incentives prescribed in Article 15 and Article 16 of Decree
No. 218/2013/ND-CP include:
- Projects that are granted first
investment certificates from January 01, 2014 and earn revenues after the grant
of certificates of investment.
- Any domestic project of
investment that is associated with establishment of a new enterprise whose
capital is below VND 15 billion, not on the list of conditional investment
fields and granted the Certificate of Enterprise registration from January 01,
2014.
- Any project of investment that is
independent from the project of an operating enterprise (including those whose
capital is below VND 15 billion and not on the list of conditional investment
fields) and granted the Certificate of Enterprise registration from January 01,
2014 to execute such independent project.
- Private notary offices
established in disadvantaged areas and extremely disadvantaged areas.
New investment projects must be
granted investment licenses or certificates of investment as prescribed by
regulations of law on investment in order to be eligible for CIT incentives.
b) New investment projects eligible
for CIT incentives applied to new investments do not include:
- Investment projects derived from
division, acquisition, amalgamation, conversion of enterprises as prescribed by
law;
- Investment projects derived from
change of owners (including new investment projects that inherit assets,
business premises, or business lines of the old enterprises to continue business
operation; acquisition of an operating project).
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c) CIT incentives given to new
enterprises derived from investment projects only apply to incomes from
business operations that satisfy incentive conditions written on the
enterprise’s Certificate of Enterprise registration or First Investment
Certificate. If the Certificate of Enterprise Registration or Certificate of
Investment of an operating enterprise is changed, the enterprise will be
eligible tax incentives for the remaining period or incentives for investment
in expansion if all conditions for incentives are still fulfilled.
d) With regard to investment
projects granted the investment licenses, if the invested capital,
investment phases, investment schedule have been registered with the licensing
authority, if the next phases are considered sub-projects of the licensed
projects because they are executed on schedule (except for force majeure
events, objective difficulties due to land clearance, administrative procedures
of regulatory bodies, natural disasters, conflagration, or other force majeure
events), then the sub-projects of the project granted the First investment
certificate will be eligible for tax incentives for the remaining incentive
period from the day on which they earn revenues that are eligible for
incentives.
Regarding an investment project
licensed before January 01, 2014 that is divided into multiple investment
phases as stated above, its sub-projects are eligible for tax incentives
applied to first investment projects for the remaining incentive period from
January 01, 2014.
Regarding incomes earned by
sub-projects of a first investment project before January 01, 2014 and have
been given CIT incentives according to legislative documents before January 01,
2014, the tax incentives before January 01, 2014 shall not be adjusted.
While executing sub-projects, if
the investor is permitted by an investment authority (according to the Law on
Investment No. 59/2005/QH11 dated November 29, 2015 and its guiding documents)
to extend the time limit for project execution and the enterprise complies with
the extended time limit, such enterprise is also given tax incentives as
prescribed above.
dd) Regarding a private enterprises
derived from enterprise conversion that invests in the public sector and
satisfies conditions for private sector involvement according to the Prime
Minister’s Decisions, if the enterprise was not eligible for CIT incentives
applied to eligible fields, it will be eligible for CIT incentives from the
conversion date as if it was a new investment project.
If an enterprise satisfies criteria
for private sector involvement according to the Prime Minister’s Decisions
after its conversion and is applying 10% CIT to incomes from investment in the
public sector, it may keep applying this preferential rate.
6. Incentives for investment in
expansion
a) 22
If one of the three conditions prescribed at this Point is satisfied, the
enterprise having a project of investment in another operating project such as
expansion of production scale, increase of capacity and innovation of
production technology (hereinafter referred to as “expansion”) in an eligible
field or eligible area according to Decree No. 218/2013/ND-CP (including
economic zones, hi-tech zones, industrial parks other than those located in
urban districts of special-grade cities, centrally run grade-I cities and
grade-I provincial cities) may decide whether to apply CIT incentives to its
operating project for the remaining period (including preferential rates,
exemption, and reduction, if any) or apply tax exemption or reduction to the
increase in incomes from expansion (no preferential tax rates) for a period of
time equal to the tax exemption or reduction period applied to new investment
projects in the same eligible area or eligible field. If the enterprise chooses
to apply CIT incentives to its operating project for the remaining period, the
expansion must be in the field or area eligible for CIT incentives under Decree
No. 218/2013/ND-CP and in the same field or area as the operating project.
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- The increase in cost of fixed
assets when the project is finished and put into operation is at least VND 20
billion (if the expansion is of an eligible field according to Decree No.
218/2013/ND-CP) or VND 10 billion (if the expansion is located in a
disadvantaged area or extremely disadvantaged area according to Decree No.
218/2013/ND-CP).
- Ratio of increase in cost of
fixed assets to total cost of fixed assets before investment is at least 20%.
- Designed capacity after expansion
increases by at least 20% compared to the designed capacity mentioned in the
technical and economic feasibility study done before initial investment.
If the enterprise chooses
incentives applied to expansion, the increase in income from expansion must be
accounted for separately. If the enterprise is not able to separate the
increase in income from expansion, it shall be determined according to the
ratio of cost of new fixed assets to total cost of fixed assets of the enterprise.
The duration of tax exemption or
reduction mentioned in this Clause begins from the year in which the expansion
project is finished, put into operation and generates incomes. If taxable
income is not earned within the first 03 years from the first year in which the
expansion project generates revenues, the duration of tax exemption or
reduction will begin from the fourth year in which revenue is generated by the
project of investment.
In the cases where an operating
enterprise invests in upgrade, replacement, innovation of technology of an
operating project in a field or area eligible for tax incentives according to
Decree No. 218/2013/ND-CP without satisfying any of the criteria mentioned in
this Point, tax incentives shall apply to the project for the remaining period
(if any).
If the enterprise has an investment
project eligible for tax incentives and during the period 2009 – 2013 regularly
makes investment in additional machinery and equipment that is not part of the
aforesaid expansion project, the increase in income from investment in
additional machinery and equipment is also eligible for tax incentives at the
level applied to the project for the remaining period from the tax year 2014.
Tax incentives mentioned in this
Clause do not apply in the cases of expansion due to division, merger, change
of owners (including the cases in which assets, business premises, business
lines of the old enterprise are inherited to continue the business operation),
acquisition of operating projects or enterprises.
The enterprise having an investment
project derived from change of owners, division, acquisition, or consolidation
of enterprises may inherit CIT incentives given to the old enterprise or
project before such event for the remaining period if conditions for CIT
incentives are still fulfilled.
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If the enterprise fails to separate
the additional income from expansion in the tax period, the additional income
not eligible for CIT incentives shall be determined using any of the following
formulae:
Option 1:
Additional
income from expansion ineligible for CIT incentives
=
Total
assessable income in the year, exclusive of other incomes ineligible for
incentives
x
Value
of new fixed assets purchased for expansion
Total
costs of fixed assets used for business operation in reality
The total cost of fixed assets used
for business operation in reality consists of: value of new fixed assets
purchased for expansion that have been put into operation and costs of existing
fixed assets according to the annual balance sheet.
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Additional
income from expansion ineligible for CIT incentives
=
Total
assessable income in the year, exclusive of other incomes ineligible for
incentives
x
Investment
in expansion
Total
investment in business operation
The total investment in business
operation means the total of the owner’s capital and loan capital according to
the annual balance sheet.
The enterprise may apply one of the two
methods above to calculate additional income from an expansion activity.
Example 16: Company A is a plastic
producer in an industrial park in Ho Chi Minh City, which is not eligible for
incentives, and is eligible for the following CIT incentives: 15% CIT for 12
years from the year in which revenue is earned, 3-year exemption from CIT from
the year in which taxable income is earned, 50% CIT reduction for the next 7
years. In 2014, Company A invests VND 5 billion in purchasing new machinery and
equipment. Company A's total value of fixed assets in 2014 is VND 20 billion,
total assessable income in 2014 is VND 1.2 billion, including VND 200 million
ineligible for incentives.
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Additional
income from expansion ineligible for CIT incentives
=
VND
1.2 billion – VND 0.2 billion
x
VND
5 billion
VND
20 billion
=
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The assessable income ineligible for
CIT incentives in 2014: VND 200 million + VND 250 million = VND 450 million
The assessable income eligible for
CIT incentives in 2014:
VND 1,200 million – VND 450 million
= VND 750 million
7. In a tax period, if an
income is eligible for various preferential CIT rates and periods of CIT
exemption or reduction, the enterprise may choose the most favorable one.
8. In the cases where an enterprise
fails to satisfy any of the conditions for CIT incentives specified in Clause
7, 8 and 12 Article 1 of the Law on amendments to The Law on Corporate income
tax and Article 19 of Decree No. 218/2013/ND-CP during the CIT incentive
period, it will not be eligible for incentives in the year and has to pay CIT
at the common rate and that year will be deducted from the CIT incentive
duration.
8a. 23
In the first tax period, if the enterprise’s investment project (including new
projects, expansion projects, high-tech enterprises, agriculture enterprises
applying high technologies) is given a tax incentive period shorter than 12
months, the enterprise may choose to apply tax incentives to its projects from
that first tax period or register the beginning date of tax incentive period to
the tax authority from the next tax period. If the enterprise registers to
apply tax incentives from the next tax period, tax payable in the first tax
period must be paid as prescribed.
9. In a tax period, if an enterprise
makes a loss on the activities eligible for CIT incentives and earn incomes
from activities ineligible for CIT incentives (excluding incomes from real
estate transfer, project transfer; incomes from transfer of the right to
participate in project, transfer of the right to exploration and extraction of
minerals) or vice versa, the enterprise may offset the loss against taxable
income from any activity. The remaining income after offsetting shall apply the
CIT rate applied to the income-generating activity.
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Example 17: In the tax period of
2014, Enterprise A:
- makes a loss of VND 1 billion on
software production, which is eligible for CIT incentives.
- makes a profit of VND 1 billion
from computer trading, which is ineligible for CIT incentives.
- makes a profit of VND 2 billion
from securities transfer (other incomes).
In this case, Enterprise A may
offset the loss on software production and profit from computer trading or
profit from securities transfer and CIT shall be paid on the remaining income
at CIT rate applied to the income-generating activity.
To be specific: The loss of VND 1
billion on software production will be offset against the profit of VND 1
billion from computer trading or profit from securities transfer.
The remaining income of VND 2 billion
will apply 22% CIT.
Example 18: In the tax period of
2014, Enterprise B:
- makes a profit of VND 2 billion
from software production, which is eligible for 10% CIT.
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- makes a loss of VND 1 billion on
securities trading (other incomes).
In the tax period 2013, Enterprise B
made a loss of VND 1 billion on computer trading. Enterprise B shall
carryforward the loss to 2014 as follows:
- Offsetting loss and profit in
2014: The loss on securities trading will be offset against income from
computer trading. The remaining profit from computer trading: VND 2 billion –
VND 1 billion = VND 1 billion.
- The loss on computer trading in
2013 will be carriedforward and offset against profit from computer trading in
2014: VND 1 billion – VND 1 billion = 0.
CIT payable:
VND 2 billion x 10% = VND 0.2
billion
Example 19: In the tax period of
2014, Enterprise C:
- makes a profit of VND 2 billion
from software production, which is eligible for 10% CIT.
- makes a profit of VND 2 billion
from computer trade, which is ineligible for CIT incentives.
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In the tax period 2013, Enterprise C
made a loss of VND 2 billion but failed to identify it. It has to first offset
the loss against income from an activity eligible for CIT incentives (software
production).
Offsetting loss and profit in 2014:
The loss on securities trading will be offset against the profit from computer
trading. The remaining profit from computer trading: VND 2 billion – VND 1
billion = VND 1 billion.
- The loss made in 2013 will be
carriedforward and offset against the profit from software production: VND 2
billion – VND 2 billion = 0 billion.
22% CIT will be applied to profit
from the activity ineligible for CIT incentives: VND 1 billion x 22% = VND 0.22
billion
10. In the cases where during the
CIT incentive period, an inspecting authority finds that:
- The amount of CIT eligible for
incentives is higher than the amount declared by the enterprise (even if the
enterprise has not applied for incentives), CIT incentives will be applied to
the amount determined by the inspecting authority.
- The amount of CIT eligible for
incentives is smaller than the amount declared by the enterprise, CIT
incentives will be applied to the amount determined by the inspecting
authority.
-
Penalties shall be applied by the inspecting authority depending on the
seriousness of the enterprise’s offence.
Article 19.
Preferential CIT rates
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a) Incomes of the enterprise from
execution of new investment projects in extremely disadvantaged areas according
to the Appendix of Decree No. 218/2013/ND-CP, economic zones, hi-tech zones,
including concentrated IT zones established under the Prime Minister’s
Decisions.
b) Incomes of the enterprise from
execution of new investment projects in: scientific research and
technology development; application of high technologies given priority
according to the Law on High Technology; cultivation of high technology,
cultivation of high-tech enterprises; venture capital investment in development
of high technologies on the list of high technologies given priority;
investment in construction, operation of facilities for cultivation of high
technologies, cultivation of high-tech enterprises; investment in development
of water plants, power plants, water supply and drainage system; bridges,
roads, railroads, airports, seaports, air terminals, train stations, and other
particularly important infrastructural works decided by the Prime Minister;
software production; manufacture of composite materials, light building
materials, rare and valuable materials; production of renewable energy, clean
energy, waste-to-energy process, development of biotechnology.
Projects of investment in
development of water plants, power plants, water supply and drainage system;
bridges, roads, railroads, airports, seaports, air terminals, train stations
must generate revenues or incomes from their operation in order to be eligible
for tax incentives. Income from construction of such works of the construction
enterprise is not eligible for the aforesaid tax incentives.
c) Incomes of enterprises from
execution of new projects of investment in environmental protection, including:
manufacture of environmental pollution reduction devices, environment
monitoring and analysis devices; pollution reduction and environmental
protection; collection, treatment of wastewater, exhaust, solid wastes;
recycling or wastes.
d) High-tech enterprises,
agriculture enterprises applying high technologies as prescribed by the Law on
High Technologies.
High-tech enterprises, agriculture
enterprises applying high technologies as prescribed by the Law on High
Technologies are given preferential tax rates from the year in which they are
granted the Certificates of High-tech Enterprise or Certificate of Agriculture
Enterprise Applying High Technologies.
Incomes from high-tech activities,
application of high technologies, and incomes directly related to high-tech
activities, application of high technologies of high-tech enterprises,
agriculture enterprises applying high technologies are eligible for CIT
incentives applied to eligible fields prescribed in Clause 4 Article 18 of
Circular No. 78/2014/TT-BTC (amended in Point a Clause 2 Article 10 of this
Circular).
In the cases where an enterprise
that is eligible for CIT incentives or no longer eligible for CIT incentives is
granted the Certificate of High-tech Enterprise or Certificate of Agriculture
Enterprise applying High Technologies, the incentives to which the enterprise
is entitled are equal to that applied to high-tech enterprises and agriculture
enterprises applying high technologies prescribed in Clause 1 Article 15 and
Clause 1 Article 16 of Decree No. 218/2013/ND-CP minus (-) the period over
which the enterprise was eligible for CIT incentives (including preferential
tax rates and duration of tax exemption or reduction, if any).
dd) Incomes of an enterprise from
execution of new manufacturing projects (except for manufacturing of products
subject to special excise tax and mineral extraction projects) that satisfy any
of the following criteria:
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- The project’s initial capital is
at least VND 6,000 billion disbursed within 03 years from the date of
investment license according to regulations of law on investment, and the
project regularly has over 3,000 employees within 3 years from the first year in
which revenue is generated by the project (the enterprise’s annual average
number of employees is at least 3,000 by the 4th year from the first
year in which revenue is generated).
The average number of regular
employees shall be determined according to the instructions in the Circular No.
40/2009/TT-BLĐTBXH of the Ministry of Labor, War Invalids and Social Affairs
dated December 03, 2009.
If the investment project fails to
satisfy any of the criteria mentioned above (unless it is fallen behind
schedule because of objective difficulties during land clearance,
administrative procedures, because of natural disaster, hostilities,
conflagration and is accepted by the licensing authority and approved by the
Prime Minister), the enterprise will not be eligible for CIT incentives and
have to declare and pay CIT that was declared eligible for incentives in the
previous years (if any), pay late payment interest. Nevertheless, the
enterprise will not incur any penalties for incorrect declaration as prescribed
by regulations of law on tax administration.
e) Incomes of an enterprise from
execution of a manufacturing projects (except for manufacturing of products
subject to special excise tax and mineral extraction projects) in which
investment is at least VND 12,000 billion, using high technologies that must be
appraised in accordance with the Law on High Technologies, the Law on Science
and Technology, and capital is disbursed within 05 years from the date of
investment licensing.
g) Incomes of an enterprise for
execution of a new project for manufacture of products on the list of ancillary
products given priority that satisfy any of the following criteria:
- Ancillary products are meant to
support high technologies according to regulations of the Law on High
Technologies;
- Ancillary products are meant to
support manufacturing of: textile and garment; leather and footwear;
electronics and IT products; manufacturing of cars; fabricating mechanics that,
by January 01, 2015, they cannot be manufactured in Vietnam or can be manufactured
in Vietnam and satisfy technical standards of EU or equivalent standards.
The list of ancillary products
given priority and CIT incentives is promulgated together with the Prime
Minister’s Decision No. 1483/QD-TTg dated August 26, 2011. In case legislative
documents related to the list of ancillary products given priority are amended,
the new documents shall apply.
2. 25
Cases in which period of preferential tax rates may be extended:
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b) The projects specified in Point
e Clause 1 of this Article that satisfy any of the following criteria:
- The products manufactured are
capable of global competition; the revenue exceeds VND 20,000 billion per year
after not more than 05 years from the first year in which revenue is generated
by the project;
- Over 6,000 employees are hired;
- The project involves
economic-technical infrastructure, including: investment in development of
water plants, power plants, water supply and drainage system; bridges, roads,
railroads, airports, seaports, air terminals, train stations, new energy, clean
energy, energy-saving industry, oil refinery.
c) At the request of the Minister
of Finance, the Prime Minister shall decide extension of preferential tax rate
duration prescribed in this Clause. Nevertheless, the extension shall not exceed
15 years.
3. 10% CIT over the entire
operating period is applied to:
a) 26
Incomes of enterprises making investment in the public sector fields such as
education – training, vocational training, healthcare, culture, sports,
environment, and judicial expertise.
The list of types, criteria for
scale, standards of enterprises making investment in the public sector is
compiled by the Prime Minister.
b) Incomes of publishers from
publishing defined by the Law on Publishing.
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Publications are specified in
Article 4 of the Law on Publishing and Article 2 of the Government's Decree No.
111/2005/ND-CP. Where the Law on Publishing, Decree No. 111/2005/ND-CP or
relevant legislative documents are amended, the newer ones shall apply.
c) Incomes from newspapers
(including advertisements on newspapers) from press agencies defined by the Law
on Journalism.
d) An enterprise’s income from
execution of a social housing project for sale, lease or lease purchase to the
entities specified in Article 53 of the Law on Housing.
Social house means houses invested
in by the State or other entities in various economic sectors that satisfy
criterion on housing, pricing, eligible buyers, tenants and buyers/tenants
prescribed by housing laws. The determination of income eligible for 10% CIT
specified in this Point does not depend on the time of sale/lease/lease
purchase contract conclusion.
In the cases where an enterprise
making investment in social house signs a sale contract and collects advance
payment from the buyer before January 01, 2014 and collects the remaining
amount afterwards (CIT has been paid) and the house is delivered not earlier
than January 01, 2014, the income from such sale will be eligible for 10% CIT.
The income from social house eligible
for 10% CIT specified in this Clause is the income from sale, lease or lease
purchase that occurs not earlier than January 01, 2014. In the cases where an
enterprise fails to determine such income, 10% CIT shall be applied according
to the ratio of revenue from sale, lease or lease purchase of social house to
the total revenue of the enterprise over the same period of time.
e) 27
Incomes of an enterprise from planting, cultivating, protecting forests;
farming, husbandry, aquaculture in disadvantaged areas; forestry in
disadvantaged areas; production, propagation and cross-breeding of plant
varieties, animal breeds; production, extraction, and refining of salt except
for salt production prescribed in Clause 1 Article 4 of Decree 218/2013/ND-CP;
investment in post-harvest preservation of agriculture products; preservation
of agriculture products, aquaculture products, and foods, including direct
investment in preservation and lease of preservation equipment.
f) Incomes of a cooperative from
agriculture, forestry, aquaculture or salt production in an area that is not a
disadvantaged area or extremely disadvantaged area.
3a. 28
15% CIT shall be applied to incomes of enterprises from farming, husbandry,
processing of agriculture and aquaculture products in areas other than
disadvantaged areas and extremely disadvantaged areas.
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a) Incomes of an enterprise from
execution of a new investment project in an disadvantaged area specified in the
Appendix of Decree No. 218/2013/ND-CP.
b) Incomes of an enterprise from
execution of a new project for production of: high-class steel, energy-saving
products, machinery and equipment serving agriculture, forestry, aquaculture or
salt production; irrigation equipment; feeds for livestock and poultry;
development of traditional trades (including handicrafts, farm produce
processing and art products).
Such an enterprise specified in
this Clause may apply 17% CIT from January 01, 2016.
5. 20% CIT over the entire
operating period (17% from January 01, 2016) shall be applied to people's
credit funds, cooperative banks and microfinance institutions.
A people's credit fund, cooperative
bank or microfinance institution in a disadvantaged area specified in the
Appendix of Decree No. 218/2013/ND-CP shall apply 20% CIT after the 10% CIT
period expires as prescribed in Point a Clause 1 of this Article and apply 17%
CIT from January 01, 2016.
Microfinance institutions must be
established and operating within the Law on credit institutions.
6. The preferential tax rates
specified in this Article shall apply from first year in which the enterprise
earns revenue from the new investment project eligible for CIT incentives.
Regarding high-tech enterprises and agriculture enterprises applying high
technologies, it shall be applied from the year in which they are granted the
Certificate of High-tech Enterprise or Certificate of Agriculture Enterprise
Applying High Technologies.
Article 20.
Duration of tax exemption and reduction
1. Tax exemption for 4 years and
50% tax reduction for the next 9 years shall be applied to:
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b) Incomes of enterprises from
execution of new public sector-related projects in an disadvantaged area or
extremely disadvantaged area specified in the Appendix of Decree No.
218/2013/ND-CP.
2. Tax exemption for 4 years and
50% tax reduction for the next 5 years shall be applied to incomes of
enterprises from execution of new public sector-related projects in areas other
than disadvantaged areas and extremely disadvantaged areas specified in the
Appendix of Decree No. 218/2013/ND-CP.
3. 3. 30
Tax exemption for 2 years and 50% tax reduction for the next 4 years shall be
applied to incomes from execution of new investment projects specified in
Clause 4 Article 19 of Decree No. 78/2014/TT-BTC dated June 18, 2014 of the
Ministry of Finance and income of the business from execution of new investment
projects in industrial parks (except for those located in advantaged areas).
The advantaged areas mentioned in
this Clause are urban districts of special class cities or the class I cities
affiliated to the central and the class I cities affiliated to provinces, not
including urban districts of the aforesaid cities converted from districts from
January 1, 2009; where an industrial park is located in both advantaged and
disadvantaged areas, the determination of tax incentive for such industrial
park depends on the actual location of the investment project.
The determination of special class
cities and or class I cities prescribed in this Clause is specified in the
Government’s Decree No. 42/2009/ND-CP dated May 7, 2009 on classification of
cities and its amendments (if any).
4. 31
The tax exemption/reduction period mentioned in this Article begins from the
first year in which the enterprise earns taxable income from the new investment
project which is eligible for CIT incentives. In the cases where the enterprise
does not earn taxable income in the first 03 years, the tax exemption/reduction
period will begin in the 4th year from the first year in which
revenue is generated by the new project.
Example 20: In 2014, Enterprise A
has a new software production project. If Enterprise A earns taxable income
from the project in 2014, the continuous period of tax exemption/reduction will
begin in 2014. If the project generates revenue from 2014 but still does not
generate taxable income in 2016, the continuous period of tax
exemption/reduction will begin in 2017.
The period of tax
exemption/reduction applied to high-tech enterprises, agriculture enterprises
applying high technologies begins from the year in which they are granted the
Certificate of High-tech Enterprise or Certificate of Agriculture Enterprise
Applying High Technologies.
5. 32
(abolished)
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1. A manufacturing, construction or
transport enterprise that employs 10 – 100 female workers that make up more
than 50% of 150 regular workers or employ more than 100 regular female workers
that make up more than 30% of the enterprise’s regular workers, the enterprise
is eligible for CIT reduction which is proportional to the expenditure on the
female workers according to instructions in Point 2.9.a Clause 2 Article 6 of
this Circular if such expenditure can be separately accounted for.
Public service agencies, offices of
general companies that do not directly do business are not eligible for CIT
reduction specified in this Clause.
2. An enterprise that employs
ethnic workers is eligible for CIT reduction which is proportional to the
expenditure on the ethnic workers according to instructions in Point 2.9.b
Clause 2 Article 6 of this Circular if such expenditure can be separately
accounted for.
3. Income from transfer of
technology in an eligible field to an organization or individual located in a
disadvantaged area is eligible for 50% reduction in CIT thereon.
Article 22.
Procedures for applying CIT incentives
Each enterprise shall determine its
eligibility for CIT incentives and declare the preferential tax rate, the tax
exemption or reduction duration and the amount of loss deductible from
assessable income itself.
In an inspection, the tax authority
shall verify the enterprise’s eligibility for CIT incentives, the amount of CIT
eligible for exemption or reduction and the amount of loss deductible from
taxable income. If the enterprise is not eligible for preferential tax rates or
tax exemption/reduction, it shall pay tax arrears and face penalties for tax
offences.
Chapter VII
IMPLEMENTATION 33
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1. This Circular comes into force
from August 02, 2014 and applies to the tax period of 2014 onwards.
2. An enterprise whose investment
project is eligible for CIT incentives (whether applied or not) by the end of
the tax period 2013 according to legislative documents on CIT shall be eligible
for the remaining period specified in such documents; In the cases where the
conditions specified in Decree No. 218/2013/ND-CP are satisfied, the enterprise
may choose between keeping on applying the old incentives or applying those
specified in Decree No. 218/2013/ND-CP (including preferential tax rates, tax
exemption or reduction) for the remaining period if it is eligible for CIT
incentives applied to enterprises derived from new investment projects or
expansion projects. The expansion projects that may choose between the
incentives specified in this Clause are those executed by December 31, 2008 and
was put into operation in 2009 and earlier.
The remaining incentive period will
be a continuous period which begins from the effective date of the regulations
on tax incentives in the legislative documents on foreign investment in
Vietnam, domestic investment promotions and CIT that were promulgated before
the effective date of this Circular.
The remaining incentive period
equals (=) the number of years over which the enterprise is still eligible for
tax incentives (preferential tax rates, tax exemption or reduction) specified
in the Circular minus (-) the number of years it has been applying tax
incentives prescribed in the previous legislative documents on CITs. Rules for
determination of remaining incentive period:
- At the end of the tax period 2013,
if the preferential tax rate period has expired according to a previous legislative
document on CIT, the enterprise must not apply tax incentives (preferential tax
rates, tax exemption or reduction) for the remaining period specified in this
Circular.
- At the end of the tax period,
2013, if the enterprise is still eligible for tax incentives (preferential tax
rates, tax exemption or reduction) by according to a previous legislative
document on CIT, the enterprise must not apply tax incentives (preferential tax
rates, tax exemption or reduction) for the remaining period specified in this
Circular.
- At the end of the tax period 2013,
if the tax exemption period has expired but the enterprise is still eligible
for preferential tax rates according to a previous legislative document on CIT,
tax exemption will not apply but the enterprise will be eligible for tax
reduction and preferential tax rates specified in this Circular for the
remaining incentive period.
- At the end of the tax period 2013,
if the enterprise is still eligible for preferential tax rates and the tax
reduction period has not expired according to a previous legislative document
on CIT, the remaining tax reduction period will equal (=) the tax reduction
period (years) specified in this Circular minus (-) the period (years) over
which the enterprise applied tax reduction by the end of the tax period 2013
and the enterprise may preferential tax rates for such remaining period.
- At the end of the tax period 2013,
if the preferential tax exemption or reduction period has expired according to
a previous legislative document on CIT, the enterprise will no longer be given
tax incentives (preferential tax rates, tax exemption or reduction) specified
in this Circular.
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With regard to enterprises that
have production expansion projects that are still incomplete by December 31,
2008, still under construction in 2009, finished and put into operation in 2010
or later, if they satisfy conditions for tax incentives (in eligible fields or
eligible areas, including industrial parks, economic zones, hi-tech zones)
according to regulations at the time expansion investment is decided, they may
choose between incentives for increase in income from expansion investment
according to legislative documents applicable at the time expansion investment
is decided, or according to regulations of the Law No. 32/2013/QH13, the Law
No. 71/2014/QH13 and their guiding documents for the remaining period from the
tax period 2015.
2b. 35
Enterprises that have projects of investment in industrial parks during 2009 –
2013 and satisfy conditions for tax incentives in the tax period 2014 (in
eligible fields or eligible areas) according to the Law No. 32/2013/QH13, the
Law No. 71/2014/QH13 and their guiding documents shall be given tax incentives
according to the Law No. 32/2013/QH13, the Law No. 71/2014/QH13 and their
guiding documents for the remaining period from the tax period 2015.
2c. 36
Enterprises that have projects of investment in areas that are not eligible for
tax incentives before January 01, 2015 (including industrial parks, economic
zones, hi-tech zones) and made eligible for tax incentives from January 01,
2015 onwards according to the Law No. 32/2013/QH13, the Law No. 71/2014/QH13
and their guiding documents shall be given tax incentives according to the Law
No. 32/2013/QH13, the Law No. 71/2014/QH13 and their guiding documents for the
remaining period from the tax period 2015.
In the cases where an enterprise
that has a project of investment in an area given tax incentives but receives
lower incentives, if its satisfies conditions for higher tax incentives
according to the Law No. 32/2013/QH13, the Law No. 71/2014/QH13 and their
guiding documents, it will be given tax incentives according to the Law No.
32/2013/QH13, the Law No. 71/2014/QH13 and their guiding documents for the
remaining period from the tax period 2015.
2d. 37
After January 01, 2015, if the area where an enterprise’s project is located is
made eligible for tax incentives, it will be eligible for tax incentives for
the remaining period which begins from the tax period in which such change is
made.
2dd. 38
In the cases mentioned in Clauses 2a, 2b, 2c of this Article, if revenue is yet
to be generated by the project in the tax period 2015, the continuous period of
application of preferential tax rate will begins in the first year in which
revenue is generated by the project given tax incentives. In the cases
mentioned in Clauses 2a, 2b, 2c of this Article, if income is yet to be
generated by the project, the continuous period of tax exemption/reduction will
begins in the first year in which taxable income is generated by the project
given tax incentives (if the enterprise does not have taxable income in the
first 03 years, the period of tax exemption/reduction will begin from the 4th
year from the first year in which revenue is generated by the project).
3. 39
With regard to a new enterprise derived from a project of investment that is
granted the investment license or certificate of investment before January 01,
2014 but still incomplete, yet to be put into operation and thus has not
generated revenues, the enterprise will be given CIT incentives applied to new
investment projects according to the Law No. 32/2013/QH13, the Law No.
71/2014/QH13 and their guiding documents.
With regard to an enterprise that
executes its expansion project before January 01, 2014, put it into operation and
earn revenues from January 01, 2014, if the field or area such expansion
project is eligible for CIT incentives according to Decree No. 218/2013/ND-CP
(including economic zones, hi-tech zones, industrial parks other than those
located in urban districts of special-grade cities, centrally run grade-I
cities and grade-I provincial cities), the enterprise will be given CIT
incentives for the increase in income due to expansion as instructed in
Circular No. 78/2014/TT-BTC.
4. This Circular supersedes Circular
No. 123/2012/TT-BTC dated July 27, 2012 of the Ministry of Finance.
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6. Unresolved issues about CIT,
annual CIT declarations, CIT exemption, tax reduction, and imposition of
penalties for tax offences that arise before the tax period 2014 shall be dealt
with in accordance with CIT provisions promulgated therebefore.
7. In the cases where Socialist
Republic of Vietnam enters into an international treaty or agreement in which
CIT provisions contravene those in this Circular, such international treaty or
agreement shall prevail.
8. 40
If the period of tax incentives is still unexpired due to the export ratio but
the enterprise is no longer eligible for tax incentives for textile and garment
products from January 11, 2007 and other products from January 01, 2012 because
of commitments to WTO, it may decide whether to apply preferential tax rates
and tax exemption period successively or concurrently for the remaining time to
textile and garment products from 2007 and to other products from 2012
depending on the business’ fulfillment of requirements (apart from export ratio
and use of domestic raw materials) in accordance with the legislative documents
on corporate income tax which is effective from the day on which the business
is issued with the establishment license to the effective date of the Decree
No. 24/2007/ND-CP dated February 14, 2007 of the Government providing guidance
on implementation of Law on corporate income tax, or in accordance with
regulations of legislative documents on corporate income tax at the time in
which tax incentives are adjusted due to the commitments to WTO.
If the adjustments specified in
this Circular are more advantageous than the adjustments specified in the
previous legislative documents although the enterprise chose the plan
prescribed in the latter (whether the businesses has undergone inspection or
not). The enterprise shall submit a revised declaration as prescribed in the
Law on Tax administration and guiding documents on implementation of tax
administration, and their wrong declaration due to revisions will not face
penalties for violations against the laws on taxation. In case the CIT paid by
the enterprise is greater than the amount payable according to the revised
declaration, the taxpayer may decide whether to offset it against the CIT
payable of next tax period or claim a refund as prescribed. In the cases where
the enterprise has made adjustments in accordance with WTO commitment for
textile or garment products as prescribed in the previous legislative
documents, has incurred penalties for tax offences and has paid the fines and
late payment interest, it is not required to make any adjustments.
Article 24.
Responsibility for implementation
1. Tax authorities are responsible
for disseminating this Circular and instructing enterprises to implement this
Circular.
2. Enterprises regulated by this
Circular shall follow the instructions specified in this Circular.
Difficulties that arise during the
implementation of this Circular should be reported to the Ministry of Finance
for consideration./.
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CERTIFIED
BY
DEPUTY MINISTER
Do Hoang Anh Tuan
LIST
OF SPECIMENS
1. Statement of purchases without
invoices (Form 01).
2. Statement of electricity and
water supply payments (Form 02).
3. Confirmation of sponsorship
education (Form 03).
4. Confirmation of sponsorship
healthcare (Form 04).
5. Confirmation of sponsorship
disaster recovery (Form 05).
6. Confirmation of sponsorship
construction of housing for the poor (Form 06).
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8. Declaration of corporate income
tax on sale of the entire single-member limited liability company under the
ownership of an organization (Form 08).
Form 01/TNDN
(Enclosed with No. 78/2014/TT-BTC of the Ministry of Finance)
STATEMENT OF PURCHASES WITHOUT INVOICES
(Date:
… )
- Enterprise’s name:
……………………………………………………
…………………………………………………………………………….
TIN:
- Address:
...............................................................................................................
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- Purchaser:
.....................................................................................
Date
Vendor
Goods
Note
Vendor’s
name
Address
ID
number
Name
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Unit
price
Amount
1
2
3
4
5
6
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8
9
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- Total value:
……………………………………………………….
Maker
(Signature and full name)
Date:
…
Director
(Signature and seal)
Note:
- Purchases without invoices shall be
sorted by date. All details must be included. Purchases on the statement are
based upon documentary evidence between the buyer and the vendors. The
statement must specify the quantities, values, dates of purchases, addresses
and ID numbers of the vendors, and signatures of the vendors and the buyer.
- Each purchasing station of the
enterprise (if any) shall prepare a separate statement. A consolidated
statement shall be prepared by the enterprise.
Form 02/TNDN
(Enclosed with No. 78/2014/TT-BTC of the Ministry of Finance)
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Form 03/TNDN
(Enclosed with No. 78/2014/TT-BTC of the Ministry of Finance)
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------
CONFIRMATION OF SPONSORSHIP EDUCATION
Sponsor’s name:
Address:
Tel:
TIN:
Recipient’s name (educational institution/student/organization):
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TIN (if any):
We hereby confirm the sponsorship
given by [sponsor’s name] to [recipient’s name] as:
- Sponsorship for a school □
- Sponsorship for provision of
teaching and learning equipment and school activities □
- Scholarships □
- Sponsorship for a contest ….. □
Total sponsorship value ........
In cash: ……………..
In kind: …………… converted to VND:
…………………
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(enclosed with relevant documents
about the sponsorship).
[Fundraiser’s name] is
committed to use the sponsorship properly. The undersigned will take legal
responsibility for improper use of the sponsorship.
This confirmation is made at … on …
into …. copies, each of which is kept by a party.
Recipient
(Signature, full name)
Director
(Signature and seal)
Form 04/TNDN
(Enclosed with No. 78/2014/TT-BTC of the Ministry of Finance)
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------
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CONFIRMATION OF SPONSORSHIP HEALTHCARE
Sponsor’s name:
Address:
Tel:
TIN:
Recipient’s name:
Address:
Tel:
TIN (if any):
We hereby confirm the sponsorship
given by [sponsor’s name] to [recipient’s name] as:
- Sponsorship for a health facility
□
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- Monetary sponsorship □
Total sponsorship value ........
In cash: ……………..
In kind: …………… converted to VND:
…………………
Financial instruments: ……………
converted to VND: …………………
(enclosed with relevant documents
about the sponsorship).
[Recipient’s name] is
committed to use the sponsorship properly. The undersigned will take legal
responsibility for improper use of the sponsorship.
This confirmation is made at … on … into
…. copies, each of which is kept by a party.
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Director
Form 05/TNDN
(Enclosed with No. 78/2014/TT-BTC of the Ministry of Finance)
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------
CONFIRMATION OF SPONSORSHIP DISASTER RECOVERY
Sponsor’s name:
Address:
Tel:
TIN:
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Address:
Tel:
TIN (if any):
We hereby confirm the sponsorship given
by [sponsor’s name] to [recipient’s name] for disaster recovery: ……………..
Total sponsorship value ........
In cash: ……………..
In kind: …………… converted to VND:
…………………
Financial instruments: ……………
converted to VND: …………………
(enclosed with relevant documents
about the sponsorship).
[Recipient’s name] is
committed to use the sponsorship properly. The undersigned will take legal
responsibility for improper use of the sponsorship.
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Recipient
(Signature, full name)
Director
(Signature and seal)
Form 06/TNDN
(Enclosed with No. 78/2014/TT-BTC of the Ministry of Finance)
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------
CONFIRMATION OF SPONSORSHIP CONSTRUCTION OF HOUSING FOR
THE POOR
Sponsor’s name:
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TIN:
Name of recipient or fundraiser:
Address:
Tel:
We hereby confirm the sponsorship given
by [sponsor’s name] to [recipient’s name] for construction of housing for the
poor.
Total sponsorship value ........
In cash: ……………..
In kind: …………… converted to VND:
…………………
Financial instruments: ……………
converted to VND: …………………
(enclosed with relevant
documents about the sponsorship).
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This confirmation is made at … on …
into …. copies, each of which is kept by a party.
Recipient
(Signature, full name)
Director
(Signature and seal)
Form 07/TNDN
(Enclosed with No. 78/2014/TT-BTC of the Ministry of Finance)
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------
CONFIRMATION OF SPONSORSHIP EXTREMELY DISADVANTAGED AREAS
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Address:
Tel:
TIN:
Name of recipient or fundraiser:
Address:
Tel:
We hereby confirm the sponsorship
given by [sponsor's name] to [recipient's name] for development of extremely
disadvantaged areas.
Total sponsorship value ........
In cash: ……………..
In kind: …………… converted to VND:
…………………
Financial instruments: ……………
converted to VND: …………………
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[Recipient’s or fundraiser’s
name] is committed to use the sponsorship properly. The undersigned will take
legal responsibility for improper use of the sponsorship.
This confirmation is made at … on …
into …. copies, each of which is kept by a party.
Recipient
(Signature, full name)
Director
(Signature and seal)
Form 08/TNDN
(Enclosed with No. 78/2014/TT-BTC of the Ministry of Finance)
SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
----------------
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For
enterprises declaring corporate income tax on derived from sale of an entire
single-member limited liability company under the ownership of an organization
by transferring stakes and real estate)
[01] Tax period: □ Date of tax
incurrence: …
[02] First declaration □ [03]
Addition: □
1. Transferor:
[04] Taxpayer’s
name...........................................................................................
[05] TIN:
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[06] Address:
...................................................................................................
[07] District: ………………………… [08]
Province: ................................
[09] Tel: ………………………… [10] Fax:
…………………… [11] Email: .....
2. Transferee:
[12] Transferee’s name:
.....................................................
[13] TIN (of enterprise) or ID
number (or individual):
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[14] Address: ..............................................................................................................
[15] Transfer contract No. …
dated … notarized or certified by the People’s Committee of the commune on … .
[16] Tax agent’s name (if any):..................................................................................
[17] TIN:
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[19] District: ………………………… [20]
Province: ................................
[21] Tel: ………………………… [22] Fax:
…………………… [23] Email: .....
[24] Agent contract No. …
dated …
Unit:
VND
No.
Item
Code
Amount
(1)
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(3)
(4)
1
Revenue from sale of the entire
company in association with real estate transfer
[25]
2
Costs of the sale
[26]
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Including:
2.1
- Cost price of land area
transferred
[27]
2.2
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[28]
2.3
- Cost of crop loss compensation
[29]
2.4
- Cost of soil improvement and
leveling.
[30]
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2.5
- Total investment in construction
of infrastructure
[31]
2.6
- Other expenses (including buying
price for the stake transferred).
[32]
3
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[33]
4
Loss on the real estate transfer
carriedforward in this period
[34]
5
Assessable income from the sale
([35]=[33]-[34])
[35]
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6
CIT rate (22%)
[36]
7
CIT payable = ([37]=[35] x [36])
[37]
I hereby declare that the
information provided above is true to the best of my knowledge./.
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TAX AGENT’S EMPLOYEE
Full name: ………….
Practising Certificate No. …..
Date:
…
TAXPAYER OR TAXPAYER’S LEGAL REPRESENTATIVE
(signature, full name, position and seal (if any))
1
This document is the combination of:
- Circular No. 78/2014/TT-BTC dated
June 18, 2014 providing guidelines for implementation of the Government's
Decree No. 218/2013/ND-CP dated December 26, 2013 providing guidelines for
implementation of the Law on Corporate income tax, which comes into force from
August 02, 2014;
- Circular No. 119/2014/TT-BTC dated
August 25, 2014 of the Ministry of Finance on amendments to Circular No.
156/2013/TT-BTC dated 06/11/2013, Circular No. 111/2013/TT-BTC dated 15/8/2013,
Circular No. 219/2013/TT-BTC dated December 31, 2013, Circular No.
08/2013/TT-BTC dated January 10, 2013, Circular No. 85/2011/TT-BTC dated June
17, 2011, Circular No. 39/2014/TT-BTC dated March 31, 2014 and Circular No.
78/2014/TT-BTC dated June 18, 2014 of the Ministry of Finance to simplify tax
formalities, which comes into force from September 01, 2014;
- Circular No. 151/2014/TT-BTC dated
October 10, 2014 providing guidelines for implementation of the Government's
Decree No. 91/2014/ND-CP dated October 01, 2014 on amendments to tax decrees, which
comes into force from November 15, 2014;
- Circular No. 96/2015/TT-BTC dated
June 22, 2015 of the Ministry of Finance providing guidelines on corporate
income tax in the Government’s Decree no. 12/2015/ND-CP dated February 12, 2015
elaborating the Law on amendments to tax laws and tax decrees and amendments to
Circular No. 78/2014/TT-BTC dated June 18, 2014, Circular No. 119/2014/TT-BTC
dated August 25, 2014, Circular No. 151/2014/TT-BTC dated October 10, 2014 of
the Ministry of Finance, which comes into force from August 06, 2015.
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2
Circular No. 119/2014/TT-BTC on amendments to Circular No. 156/2013/TT-BTC
dated November 06, 2013, Circular No. 111/2013/TT-BTC dated August 15, 2013,
Circular No. 219/2013/TT-BTC dated December 31, 2013, Circular No.
08/2013/TT-BTC dated January 10, 2013, Circular No. 85/2011/TT-BTC dated June
17, 2011, Circular No. 39/2014/TT-BTC dated March 31, 2014 and Circular No.
78/2014/TT-BTC dated June 18, 2014 of the Ministry of Finance to simplify tax
formalities were promulgated pursuant to:
”The Law on Tax administration No.
78/2006/QH11 dated November 29, 2006 and the Law No. 21/2012/QH13 dated
November 20, 2012 on amendments to the Law on Tax administration;
The Law on Value-added tax No.
13/2008/QH12 dated June 03, 2008 and the Law No. 31/2013/QH13 dated June 19,
2013 on amendments to the Law on Value-added tax;
The Government's Decree No.
83/2013/ND-CP dated July 22, 2013 providing guidance on implementation of the
Law on Tax administration and the Law on amendments to the Law on Tax
administration;
The Government's Decree No.
209/2013/ND-CP dated December 18, 2013 on guidelines for implementation of the
Law on Value-added tax;
The Government's Decree No.
51/2010/ND-CP dated May 14, 2010 on sale invoices and the Government's Decree
No. 04/2014/ND-CP dated January 17, 2014 on amendments to Decree No. 51/2010/ND-CP
dated May 14, 2010;
The Government's Decree No.
218/2013/ND-CP dated December 26, 2013 on guidelines for the Law on Corporate
income tax;
The Government's Decree No.
215/2013/ND-CP dated December 23, 2013 defining the functions, tasks,
entitlements and organizational structure of the Ministry of Finance;
Circular No. 151/2014/TT-BTC
providing guidelines for implementation of the Government's Decree No.
91/2014/ND-CP dated October 01, 2014 on amendments to tax decrees was
promulgated pursuant to:
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The Law on personal income tax No.
04/2007/QH12 and Law No. 26/2012/QH13 on amendments to the Law on personal
income tax;
The Law on Value-added tax No.
13/2008/QH12 and Law No. 31/2013/QH13 on amendments to the Law on Value-added
tax;
The Law on Corporate income tax No.
14/2008/QH12 and Law No. 32/2013/QH13 on amendments to the Law on Corporate
income tax;
The Decree No. 83/2013/ND-CP dated
July 22, 2013 of the Government on providing guidance on implementation of the
Law on Tax administration and the Law on amendments to the Law on Tax
administration;
The Government's Decree No.
65/2013/ND-CP dated June 27, 2013 providing guidance on the Law on personal
income tax and the Law on amendments to the Law on personal income tax;
The Government's Decree No.
209/2013/ND-CP dated December 18, 2013 providing guidance on the implementation
of the Law on Value-added tax;
The Government's Decree No.
218/2013/ND-CP dated December 26, 2013 of the Government on providing guidance
on the implementation of the Law on Corporate income tax;
The Government's Decree No.
91/2014/ND-CP dated October 1, 2014 on amendments to tax decrees;
The Government's Decree No.
215/2013/ND-CP dated December 23, 2013 defining the functions, tasks,
entitlements and organizational structure of the Ministry of Finance;
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“The Law on Corporate income
tax No. 14/2008/QH12 and Law No. 32/2013/QH13 on amendments to the Law on
Corporate income tax;
The Law No. 71/2014/QH11 on amendments
to some Articles of Laws on taxation;
The Government's Decree No.
218/2013/ND-CP dated December 26, 2013 on guidelines for the Law on Corporate
income tax;
The Government's Decree No.
12/2015/ND-CP dated February 12, 2015 on guidelines for the Law on amendments
to Laws on taxation and amendments to Degrees on taxation;
The Government's Decree No.
215/2013/ND-CP dated December 23, 2013 defining the functions, tasks,
entitlements and organizational structure of the Ministry of Finance;
3
This Clause is amended by Article 1 of Circular No. 96/2015/TT-BTC providing
guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
4
This Clause is amended by Article 2 of Circular No. 96/2015/TT-BTC providing
guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
5
This Clause is amended by Article 3 of Circular No. 96/2015/TT-BTC providing
guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
6
This Point is amended by Clause 1 Article 6 of Circular No. 119/2014/TT-BTC on
amendments to Circular No. 156/2013/TT-BTC dated November 06, 2013, Circular
No. 111/2013/TT-BTC dated August 15, 2013, Circular No. 219/2013/TT-BTC dated
December 31, 2013, Circular No. 08/2013/TT-BTC dated January 10, 2013, Circular
No. 85/2011/TT-BTC dated June 17, 2011, Circular No. 39/2014/TT-BTC dated March
31, 2014 and Circular No. 78/2014/TT-BTC dated June 18, 2014 on tax formality
simplification, which comes into force from September 01, 2014.
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Clause 2.21 Article 6 of Circular
No. 78/2014/TT-BTC dated June 18, 2014 is abolished by Clause 2 Article 14 of
Circular No. 96/2015/TT-BTC providing guidelines for corporate income tax in
the Government’s Decree no. 12/2015/ND-CP dated February 12, 2015 elaborating
the Law on amendments to tax laws and tax decrees and amendments to Circular
No. 78/2014/TT-BTC dated June 18, 2014, Circular No. 119/2014/TT-BTC dated
August 25, 2014, Circular No. 151/2014/TT-BTC dated October 10, 2014 of the
Ministry of Finance, which comes into force from August 06, 2015).
(Part of this Article is
amended by Clause 2 Article 6 of Circular No. 119/2014/TT-BTC on amendments to
Circular No. 156/2013/TT-BTC dated November 06, 2013, Circular No.
111/2013/TT-BTC dated August 15, 2013, Circular No. 219/2013/TT-BTC dated December
31, 2013, Circular No. 08/2013/TT-BTC dated January 10, 2013, Circular No.
85/2011/TT-BTC dated June 17, 2011, Circular No. 39/2014/TT-BTC dated March 31,
2014 and Circular No. 78/2014/TT-BTC dated June 18, 2014 on tax formality
simplification, which comes into force from September 01, 2014 and by Article 1
of Circular No. 151/2014/TT-BTC on amendments to the Government's Decree No.
91/2014/ND-CP dated October 01, 2014 on amendments to tax decrees, which comes
into force from November 15, 2014.
8
This paragraph is amended by Clause 1 Article 5 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
9
This Clause is amended by Clause 2 Article 5 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
10
This Clause is amended by Article 2 of Circular No. 151/2014/TT-BTC providing
guidelines for implementation of the Government’s Decree No. 91/2014/ND-CP
dated October 01, 2014 on amendments to tax decrees, which comes into force
from November 15, 2014.
11
This Clause is superseded by Clause 3 Article 5 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No. 151/2014/TT-BTC
dated October 10, 2014 of the Ministry of Finance, which comes into force from
August 06, 2015.
12
This Clause is amended by Clause 1 Article 6 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
13
This Clause is amended by Article 3 of Circular No. 151/2014/TT-BTC providing
guidelines for implementation of the Government’s Decree No. 91/2014/ND-CP
dated October 01, 2014 on amendments to tax decrees, which comes into force
from November 15, 2014.
14
This Clause is amended by Clause 2 Article 6 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
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15
This Clause is added by Clause 3 Article 6 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
16
This Clause is amended by Article 7 of Circular No. 96/2015/TT-BTC providing
guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
17
This paragraph is amended by Article 8 of Circular No. 96/2015/TT-BTC providing
guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
18
This Clause is amended by Article 9 of Circular No. 96/2015/TT-BTC providing
guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
19
This Clause is amended by Clause 1 Article 10 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
20
This Clause is amended by Clause 2 Article 10 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
21
This Clause is amended by Clause 3 Article 10 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
(This Clause is amended by
Article 5 of Circular No. 151/2014/TT-BTC providing guidelines for
implementation of the Government’s Decree No. 91/2014/ND-CP dated October 01,
2014 on amendments to tax decrees, which comes into force from November 15,
2014).
22
This Point is amended by Clause 4 Article 10 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
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24
This Clause is amended by Clause 1 Article 11 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
Point dd of this Clause is amended
by Clause 3 Article 6 of Circular No. 119/2014/TT-BTC on amendments to Circular
No. 156/2013/TT-BTC dated November 06, 2013, Circular No. 111/2013/TT-BTC dated
August 15, 2013, Circular No. 219/2013/TT-BTC dated December 31, 2013, Circular
No. 08/2013/TT-BTC dated January 10, 2013, Circular No. 85/2011/TT-BTC dated
June 17, 2011, Circular No. 39/2014/TT-BTC dated March 31, 2014 and Circular No.
78/2014/TT-BTC dated June 18, 2014 on tax formality simplification, which comes
into force from September 01, 2014.
25
This Clause is amended by Clause 2 Article 11 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
26
This Point is amended by Clause 3 Article 11 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
27
This Point is amended by Clause 4 Article 11 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
28
This Clause is added by Clause 5 Article 11 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
29
This Point is amended by Clause 1 Article 12 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
30
This Clause is amended by Article 6 of Circular No. 151/2014/TT-BTC providing
guidelines for implementation of the Government’s Decree No. 91/2014/ND-CP
dated October 01, 2014 on amendments to tax decrees, which comes into force
from November 15, 2014.
31
This Clause is amended by Clause 2 Article 12 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
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33
Article 7 of Circular No. 119/2014/TT-BTC dated August 25, 2014 of the Ministry
of Finance on amendments to Circular No. 156/2013/TT-BTC dated 06/11/2013,
Circular No. 111/2013/TT-BTC dated 15/8/2013, Circular No. 219/2013/TT-BTC
dated December 31, 2013, Circular No. 08/2013/TT-BTC dated January 10, 2013,
Circular No. 85/2011/TT-BTC dated June 17, 2011, Circular No. 39/2014/TT-BTC
dated March 31, 2014 and Circular No. 78/2014/TT-BTC dated June 18, 2014 of the
Ministry of Finance to simplify tax formalities, which comes into force from
September 01, 2014, stipulates that:
“Article 7. Effect
1. This Circular comes into effect
from September 01, 2014.
In the cases where an enterprise
needs time to prepare for following the procedures and completing the forms
provided in the Circulars mentioned in Clause 2 this Article, it may choose the
procedures and forms according to current regulations and the regulations on
amendment by November 01, 2014 without being required to notify and register
with the tax authorities. The General Department of Taxation shall provide
instructions on the implementation of this regulation.
2. The instructions and forms
provided in the Circular No. 156/2013/TT-BTC dated November 06, 2013, Circular
No. 111/2013/TT-BTC dated August 15, 2013, Circular No. 219/2013/TT-BTC dated
December 31, 2013, Circular No. 08/2013/TT-BTC dated January 10, 2013, Circular
No. 85/2011/TT-BTC dated June 17, 2011, Circular No. 39/2014/TT-BTC dated March
31, 2014 and Circular No. 78/2014/TT-BTC dated June 18, 2014 of the Ministry of
Finance that is amended, replaced or annulled by this Circular are invalidated.
3. Other tax procedures that are not
mentioned in this Circular shall be implemented according to applicable
regulations of law.
Any difficulty or obstacle that
arises during the implementation of this Circular should be reported to the
Ministry of Finance for consideration./."
Article 22, Article 24 and Article
25 of Circular No. 151/2014/TT-BTC providing guidelines for implementation of
the Government’s Decree No. 91/2014/ND-CP dated October 01, 2014 on amendments
to tax decrees, which comes into force from November 15, 2014, stipulate that:
“Article 22. Effect
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Provisions of Chapter I of this
Circular shall be applied to the tax period 2014 onwards.
Article 24. Collection of CIT
arrears from private investors in the public sectors such as education,
vocational training, heath, culture, sport, or environment without meeting
criteria in the List of types, scale, or standards applied to private investors
in the public sector promulgated by the Prime Minister will be suspended (even
if a decision on collection of tax arrears has been issued or the enterprise’s
complaint is being processed) until new instructions are provided by competent
authorities.
Article 25. Responsibility for
implementation
1. The People’s Committees of
provinces shall instruct regulatory bodies to organize the implementation of
this Circular in accordance with regulations of the Government and guidance of
the Ministry of Finance.
2. The tax authorities are
responsible for instructing organizations or individuals to implement this
Circular.
3. Organizations regulated by this
Circular must follow instructions in this Circular.
Difficulties that arise during the
implementation of this Circular should be reported to the Ministry of Finance
for consideration./.”
Article 14 and Article 15 of
Circular No. 96/2015/TT-BTC providing guidelines for corporate income tax in
the Government’s Decree no. 12/2015/ND-CP dated February 12, 2015 elaborating
the Law on amendments to tax laws and tax decrees and amendments to Circular
No. 78/2014/TT-BTC dated June 18, 2014, Circular No. 119/2014/TT-BTC dated
August 25, 2014, Circular No. 151/2014/TT-BTC dated October 10, 2014 of the
Ministry of Finance, which comes into force from August 06, 2015 stipulate
that:
“Article 14. Effect
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- With regard to enterprises whose
fiscal years are different from the solar calendar year:
+ The transfer of CIT incentives
(tax exemption/reduction period, preferential tax rate period) specified in
this Circular will apply to the remaining period from the tax period 2015.
+ Other amendments come into force
from January 01, 2015.
- Enterprises shall declare and pay
tax on incomes from overseas investment projects that are set up in the tax
period 2014 and earlier in accordance with the Circular on CIT applicable at
that time. From 2015, transfer of such incomes to Vietnam is exempt from CIT.
This Circular applies to incomes from overseas investment projects from the tax
period 2015.
2. Point 2.21 of Clause 2
Article 6, Clause 5 Article 20 of Circular No. 78/2014/TT-BTC and guidance on CIT
promulgated by the Ministry of Finance and other authorities that contravene
this Circular are abolished.
Article 15. Responsibility for
implementation
1. The People’s Committees of provinces
shall instruct regulatory bodies to organize the implementation of this
Circular in accordance with regulations of the Government and guidance of the
Ministry of Finance.
2. Tax authorities are responsible
for disseminating this Circular and instructing enterprises to implement this
Circular.
3. Enterprises regulated by this
Circular must follow instructions in this Circular.
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34
This Clause is added by Clause 1 Article 13 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
35
This Clause is added by Clause 1 Article 13 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
36
This Clause is added by Clause 1 Article 13 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
37
This Clause is added by Clause 1 Article 13 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
38
This Clause is added by Clause 1 Article 13 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
39
This Clause is amended by Clause 2 Article 13 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
The replacement of the phrase “Khu công nghiệp nằm trên địa bàn các quận nội thành của đô thị loại đặc
biệt, đô thị loại I trực thuộc trung ương và khu công nghiệp nằm trên địa bàn
các đô thị loại I trực thuộc tỉnh” (“Industrial zones in the
administrative divisions of urban districts of special class cities, class I
cities affiliated to the central and industrial zones in the administrative
divisions of class I cities affiliated to provinces") in Circular No.
78/2014/TT-BTC with the phrase “Khu công nghiệp nằm trên
địa bàn các quận nội thành của đô thị loại đặc biệt, đô thị loại I trực thuộc
trung ương và các đô thị loại I trực thuộc tỉnh, không bao gồm các quận của đô
thị loại đặc biệt, đô thị loại I trực thuộc trung ương và các đô thị loại I
trực thuộc tỉnh mới được thành lập từ huyện kể từ ngày 01/01/2009”
(“Industrial zones in the administrative divisions of special class cities,
class I cities affiliated to the central and class I cities affiliated to
provinces, not including aforesaid districts converted from towns from January
1, 2009" is specified in Clause 1 Article 23 of Circular No.
151/2014/TT-BTC providing guidelines for implementation of the Government’s
Decree No. 91/2014/ND-CP dated October 01, 2014 on amendments to tax decrees,
which comes into force from November 15, 2014.
40
This added by Article 7 of Circular No. 151/2014/TT-BTC providing guidelines
for implementation of the Government’s Decree No. 91/2014/ND-CP dated October
01, 2014 on amendments to tax decrees, which comes into force from November 15,
2014.
41
This specimen is abolished by Article 4 of Circular No. 96/2015/TT-BTC
providing guidelines for corporate income tax in the Government’s Decree no.
12/2015/ND-CP dated February 12, 2015 elaborating the Law on amendments to tax
laws and tax decrees and amendments to Circular No. 78/2014/TT-BTC dated June
18, 2014, Circular No. 119/2014/TT-BTC dated August 25, 2014, Circular No.
151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance, which comes
into force from August 06, 2015.
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