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NATIONAL
ASSEMBLY OF VIETNAM
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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Law
No. 67/2025/QH15
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Hanoi,
June 14, 2025
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LAW
CORPORATE INCOME TAX
Pursuant to Constitution of the
Socialist Republic of Vietnam;
The National Assembly hereby
promulgates the Law on Corporate Income Tax.
Chapter I
GENERAL PROVISIONS
Article 1.
Governing scope
This Law provides for taxpayers, taxable
income, income excluded from taxable income (hereinafter referred to as
“tax-exempt income”), tax bases, tax calculation methods and tax incentives.
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1. Taxpayers are organizations
earning taxable income from production of goods, sale of goods and services as
prescribed by this Law (hereinafter referred to as "enterprises"),
including:
a) Enterprises established under
Vietnamese law;
b) Enterprises established under
foreign laws (hereinafter referred to as "foreign enterprises") with
or without Vietnam-based permanent establishments;
c) Cooperatives, cooperative unions
established in compliance with provisions of the Law on Cooperatives;
d) Public service providers
established under Vietnamese law;
dd) Other organizations earning income
from production and business operations (hereinafter referred to as “business
operations”).
2. Enterprises having taxable
incomes under Article 3 of this Law shall pay corporate income tax as follows:
a) Enterprises established under
Vietnamese laws shall pay tax on taxable incomes generated in and outside
Vietnam;
b) Foreign enterprises with
Vietnam-based permanent establishments shall pay tax on taxable incomes
generated in Vietnam and taxable incomes generated outside Vietnam which are
related to the operation of such establishments;
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d) Foreign enterprises without
Vietnam-based permanent establishments, including those engaged in e-commerce
and digital platform-based businesses, shall pay tax on taxable incomes
generated in Vietnam.
3. The permanent establishments of
a foreign enterprise are production and business facilities through which the
foreign enterprise carries out part or the whole business operations in
Vietnam, including:
a) Branches, executive offices,
factories, workshops, means of transport, oil fields, gas files, miles or other
natural resource extraction sites in Vietnam;
b) Construction sites;
c) Service providing centers,
including counseling services via employees or other organizations or
individuals;
d) Agents of foreign enterprises;
dd) Vietnam-based representatives,
in case of representatives that are competent to conclude contracts in the name
of foreign enterprises or representatives that are incompetent to conclude
contracts in the name of foreign enterprises but regularly deliver goods or provide
services in Vietnam;
e) E-commerce platforms and digital
platforms through which foreign enterprises provide goods and services in
Vietnam.
4. The Government of Vietnam shall
elaborate this Article.
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1. Taxable incomes include income
from goods and service business operations and other incomes specified in
Clause 2 of this Article.
2. Other incomes include:
a) Income from transfer of capital,
transfer of the right to capital contribution, transfer of securities;
b) Income from real estate
transfer, except for income from transfer of real estate of real estate
businesses;
c) Income for transfer of
investment projects, transfer of the right to participate in investment
projects, transfer of the right to mineral exploration, mineral extraction, and
mineral processing;
d) Income from transfer, lease and
liquidation of assets including valuable papers, except for real estate;
dd) Income from the property use
right and property ownership, including income from intellectual property
rights and technology transfer
e) Income from deposit interest,
loan interest, sale of foreign exchange, except for income from credit
operations of credit institutions;
g) Accrued expenses which are not
fully settled or only partially settled but are not recorded as a decrease in
deductible expenses; collected bad debts that were cancelled; debts payable
without identifiable creditors; discovered income from business operation in
previous years that were omitted;
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i) Financial or in-kind donations
and grants received;
k) Differences arising from the
revaluation of assets according to laws for capital contribution, transfer
during mergers, consolidations, full divisions, partial divisions, ownership
changes, and conversion of business types;
l) Income from business cooperation
contracts;
m) Income from business operations
abroad;
n) Income of public service
providers for activities related to the leasing of public property;
o) Other income, excluding the
tax-exempt income prescribed in Article 4 of this Law.
3. Taxable income generated in
Vietnam of foreign enterprises stipulated in points c and d of Clause 2 Article
2 of this Law is income received that originates from Vietnam, regardless of
the location of business operation.
4. Vietnamese enterprises investing
abroad that generate income from business operations overseas during the tax
period may deduct the corporate income tax payable according to the regulations
of the host country from the corporate income tax payable in Vietnam, but this
deduction must not exceed the corporate income tax calculated according to the
provisions of Vietnamese corporate income tax law.
5. Enterprises must pay an
additional corporate income tax based on the Income Inclusion Rule (IIR) as
stipulated by law; thus, the additional corporate income tax payable can be
deducted from the corporate income tax payable in Vietnam as per the provisions
of this Law.
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Article 4.
Tax-exempt incomes
1. Income from marine fisheries;
income from the production of products from crops, planted forests, breeding,
cultivation and processing of agriculture and aquaculture products (including
purchase of agriculture and aquaculture products for processing) in
disadvantaged areas or extremely disadvantaged areas; income of cooperatives,
cooperative unions from the production of products from crops, planted forests,
breeding, cultivation and processing of agriculture and aquaculture products
(including purchase of agriculture and aquaculture products for processing),
salt production.
2. Income of cooperatives,
cooperative unions engaged in agriculture, forestry, fishery, or salt
production in disadvantaged areas or extremely disadvantaged areas.
3. Income from the application of
technical services directly for agriculture.
4. Income from the performance of
contracts on scientific research and technological development and innovation,
and digital transformation; income from the sale of products turned out with
technologies applied for the first time in Vietnam; income from the sale of
trial products during the period of trial production including trial production
conducted under controlled conditions in accordance with legal regulations.
Income stated in this clause shall be exempt from tax for a maximum period of
three years.
5. Incomes from goods and service
business operations of enterprises at least 30% of the annual average number of
employees of which are disabled people, detoxified people, HIV/AIDS patients,
and have an annual average number of employees of at least 20, except for
enterprises engaged in finance and real estate business.
6. Income from vocational education
and training activities exclusively reserved for ethnic minority people, the
disabled, children in extremely disadvantaged circumstances and persons
involved in social evils.
7. Income distributed from capital
contributions, share purchases, joint ventures or associations with domestic
enterprises, after corporate income tax has been paid under the provisions of
this Law, including cases where the capital contribution recipients, stock
issuers, joint ventures or associations are eligible for corporate income tax
incentives.
8. Grants received for use in
educational, cultural, artistic, charitable, humanitarian and other social
activities in Vietnam; grants received from enterprises that are not related
parties, organizations and individuals both domestically and internationally
for the purpose of scientific research, technology development, innovation, and
digital transformation; direct support from the state budget and from the
Investment Support Fund established by the Government; compensation from the
State as prescribed by law.
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9. The difference arising from the
revaluation of assets in accordance with provisions of law for the purposes of
equitization and restructuring of enterprises of which 100% charter capital is
possessed by the State.
10. Income from the transfer of
Certified Emissions Reductions (CERs), the initial transfer of carbon credits
after issuance by enterprises granted Certified Emissions Reductions (CERs) and
carbon credits; income from interest on green bonds; income from the initial
transfer of green bonds after issuance.
11. Income (including interest from
bank deposits, interest from government bonds, and interest from treasury
bills) from performing the tasks assigned by the State in the following
circumstances:
a) Income of the Vietnam
Development Bank from development investment credit and export credit
activities;
b) Income of the Vietnam Bank for
Social Policies from credit operations for the poor and other beneficiaries;
c) Income of the single-member
limited liability companies managing assets of credit institutions in Vietnam;
d) Income from revenue-generating
activities of state financial funds and other state organizations operating on
a non-profit basis as prescribed or decided by the Government or the Prime
Minister.
12. The undistributed income of
private facilities that invest in the education – training, healthcare, and
other sectors in which private investment is encouraged that is retained to
invest in those facilities’ development, in accordance with the minimum ratio
prescribed by the Government; income contributed to the creation of an
undistributed common fund or undistributed common assets of cooperatives and
cooperative unions that are established and operating established and operating
in accordance with the regulations of the law on cooperatives.
13. Incomes from transfer of
technologies that are prioritized to be to organizations and individuals in
extremely disadvantaged areas.
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a) Basic and essential public
services included in the list of public services using state budget issued by
the competent authority;
b) Public services requiring the
State’s subsidization or funding due to the undercalculation of service
provision costs in the service charges;
c) Public services in extremely
disadvantaged areas.
15. The Government of Vietnam shall
elaborate this Article.
Article 5. Tax
period
1. A corporate income tax period
may be a calendar year or a fiscal year as decided by enterprises, except the
cases defined in Clause 2 of this Article. In case an enterprise chooses a
fiscal year that is not the calendar year, a notification must be submitted to
the supervisory tax authority before implementation.
2. The tax period for the
enterprises specified in point c, point d clause 2 Article 2 of this Law shall
comply with the provisions of law on tax administration.
Chapter II
TAX BASES AND TAX CALCULATION
METHODS
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Tax bases include assessable income
and tax rate.
Article 7.
Determination of assessable income
1. Assessable income in a tax
period is determined as follows:
Assessable
income
=
Taxable
income
-
Tax-exempt
income
+
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2. Taxable income specified in
clause 1 of this Article is determined as follows:
Taxable
income
=
Revenue
-
Tax
deductible expenses
+
Other
incomes (including income received outside Vietnam)
3. An enterprise engaged in
multiple business operations during the tax period shall have their taxable
income from business operations calculated as the total income from all such
operations. In cases of losses incurred in the business operations, these losses
may be offset against the taxable income of other business operations
generating income, as chosen by the enterprise (excluding income from real
estate transfers, investment project transfers, and transfers of rights to
participate in investment projects that cannot be offset against the income
from business operations currently enjoying tax incentives). The remaining
income after offsetting is subject to the corporate income tax rate applicable
to business operations.
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Article 8.
Revenues
1. Revenue for calculating taxable
income is the total sales, processing remuneration, service provision charges, including
subsidies and surcharges enjoyed by enterprises, regardless of whether the
payment has been received or not.
2. The Government of Vietnam shall
elaborate this Article.
Article 9.
Deductible and non-deductible expenses upon determination of taxable incomes
1. Except for the expenditures
mentioned in Clause 2 of this Article, all expenditures of an enterprise may be
deductible when calculating taxable income if they meet the conditions below:
a) Actual expenditures on business
operation of the enterprise, including additional deductible expenses that are
a percentage (%) of the actual expenses incurred during the tax period related
to the enterprise's research and development activities;
b) Other actual expenditures
incurred, including:
b1) Expenditures on national
defense and security education, training, activities of the self-defense
forces, and other national defense and security tasks as prescribed by law;
b2) Expenditures on activities of
party organizations and political-social organizations within the enterprise;
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b4) Actual expenditures on HIV/AIDS
prevention and control in the workplace of the enterprise;
b5) Funding for education,
healthcare, culture; funding for disaster prevention, mitigation of disaster
and epidemic consequences, funding for building solidarity houses, houses of
affection, and homes for policy beneficiaries as prescribed by law; funding as
regulated by the Government and the Prime Minister for extremely disadvantaged
areas; funding for scientific research, technological development and
innovation, and digital transformation;
b6) Expenditures on scientific
research, technological development and innovation, and digital transformation;
b7) Value of losses due to natural
disasters, diseases, and other cases of force majeure where compensation is not
eligible for;;
b8) Actual expenses for individuals
seconded to participate in the management, operation and control of credit
institutions put under special control and commercial banks undergo mandatory
transfer in accordance with the Law on Credit Institutions;
b9) Certain operating expenses of
the enterprise that do not correspond with the revenue generated during the
period as stipulated by the Government.
b10) Expenditures on supporting the
construction of public works, while also serving the business operation of the
enterprise.
b11) Expenditures related to the
reduction of greenhouse gas emissions aimed at carbon neutrality and net zero,
reducing environmental pollution as well as the production and business of the
enterprise;
b12) Some contributions to funds
established under the decision of the Prime Minister and regulations of the
Government;
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2. Non-deductible expenses upon
determination of taxable incomes include:
a) Expenditures not fully
satisfying the requirements specified in Clause 1 of this Article;
b) Fine for administrative
violations;
c) Expense already covered by other
funding sources;
d) Expense in excess of the
Government-prescribed norm for: Business management costs allocated by foreign
enterprises to their Vietnam-based permanent establishments; costs of
management of gambling video game businesses and casinos; payment of interests
on loans taken by enterprises with related-party transactions; direct payment
of benefits for employees; contributions to additional pension insurance as
mandated by the Social Insurance Law or social welfare-like funds, voluntary
pension insurance, and life insurance for employees;
dd) Provisions made incorrectly or
exceeding the limits set by the law regarding provisions;
e) Depreciation expense for fixed
assets that is incorrect or exceeds the limits prescribed by law;
g) Improper prepaid expenses;
h) Wages and remunerations of
owners of sole proprietorships, individual owners of single-member limited
liability companies; wages of founders that do not directly participate in
production and business management; wages, remunerations, and accounting
expenses allocated for the employees that are not actually paid or are paid
without invoices or payment documents as prescribed by law;
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k) Recoverable expenses exceeding
the rate stipulated in the approved petroleum contract; in cases where the
petroleum contract does not specify a recovery rate, the expenses exceeding the
limits set by the Government shall not be considered deductible expenses.
l) The input value-added tax (VAT)
that has been deducted; the VAT paid using the credit-invoice method; the input
VAT on the value of passenger cars with fewer than 10 seats exceeding the
limits set by the Government; corporate income tax; other taxes, fees, charges,
and revenues not considered as expenses according to the provisions of law, and
late payment interests as stipulated by the law on tax administration.
The VAT paid using the
credit-invoice method specified in this point shall not include the input VAT
on goods and services directly related to the production and business of the
enterprise that has not been fully deducted and also not refundable.
The input VAT that has been
recorded as deductible expenses shall not be deducted from the output VAT.
m) Expenses not corresponding to
assessable revenue, except for the expenses specified in point b, clause 1 of
this Article; expenses that do not meet the conditions for expenditure and the
items of expenditure as stipulated by specialized laws;
n) Donations, except for donations
specified in point b5 clause 1 of this Article;
o) Expenditures on basic
construction investment during the investment period to form fixed assets;
expenditures directly related to the increase or decrease of the enterprise's
equity.
p) Expenses of business operations:
banking, insurance, lottery, securities, BT contracts, BOT contracts, and BTO
contracts that are incorrect or exceed the limits prescribed by law;
q) Other expenses.
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The Ministry of Finance shall
specify the documentation for the expenses recorded as deductible expenses
specified in points b and c of Clause 1 of this Article.
Article 10.
Tax rate
1. The corporate income tax rate
shall be 20%, except for the cases in Clauses 2, 3 and 4 of this Article and
beneficiaries of tax incentives prescribed in Article 13 of this Article.
2. A tax rate of 15% shall apply to
enterprises whose total annual revenue does not exceed 3 billion VND.
3. A tax rate of 17% shall apply to
enterprises whose total annual revenue is from over 3 billion VND to 50 billion
VND.
The revenue used as the basis for
identifying enterprises eligible for the tax rates of 15% and 17% specified in
clause 2 and clause 3 of this Article is the total revenue for the preceding
corporate income tax period. The determination of total revenue serving as the
basis for implementation shall comply with the regulations of the Government.
4. The corporate income tax rate
applicable to some of other cases shall be as follows:
a) For oil and gas exploration and
exploitation, the tax rate shall be from 25% to 50%. Based on the location,
exploitation conditions, and mineral reserves of the mine, the Prime Minister
shall decide the specific tax rate applicable to each petroleum contract;
b) For exploration and exploitation
of rare resources (including: platinum, gold, silver, tin, tungsten, antimony,
gemstones, rare earths, and other rare resources as stipulated by law), the tax
rate shall be 50%. In cases where 70% or more of the allocated area belongs to
extremely disadvantaged areas, the tax rate shall be 40%.
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1. Corporate income tax payable in
a tax period equals (=) assessable income multiplied by (x) tax rate, except
for the case specified in clause 2 of this Article.
2. The Government shall specify the
rates of corporate income tax payable on revenue by the following entities:
a) Enterprises specified in points
c and d of clause 2, Article 2 of this Law; entities required to declare and
pay taxes, the time and method for determining revenue subject to income tax
arising in Vietnam;
b) Enterprises whose total annual
revenue do not exceed 3 billion VND as stipulated in Clause 2, Article 10 of
this Law, in cases where revenue can be determined but costs and incomes from
business operations cannot be identified;
c) Cooperatives, cooperative
unions, public service providers and other organizations specified in points c,
d, and e of clause 1, Article 2 of this Law that engage in the goods and
service business operations, generate income subject to corporate income tax
(excluding tax-exempt income stipulated in Article 4 of this Law) and have
recorded their revenues but are unable to determine the costs and income from
their business operations.
Chapter III
CORPORATE INCOME TAX INCENTIVES
Article 12.
Principles and regulated entities of corporate income tax incentives
1. Enterprises are entitled to
corporate income tax incentives based on the sectors and industries eligible
for corporate income tax incentives, as well as the geographical areas eligible
for corporate income tax incentives specified in this Article. The corporate
income tax incentives shall comply with the provisions of Article 13 and
Article 14 of this Law.
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At the same time, if an enterprise
is entitled to multiple tax incentives under this Law for the same income, the
enterprise may choose to apply the most beneficial tax incentive.
2. The sectors and industries
eligible for corporate income tax incentives include:
a) Application of high technology,
venture capital investing for the development of high technology included in
the list of high technology that is prioritized for investment and development
in accordance with the Law on High Technology; the application of strategic
technology as prescribed by law; high technology incubation, incubation of
high-tech enterprises; investment in the construction and operation of
high-tech incubators, high-tech enterprise incubators;
b) Production of software products;
production of network security products and provision of network security
services in accordance with legal regulations on network security; production
of key digital technology products, provision of key digital technology
services, and manufacturing of electronic devices in accordance with the law on
digital technology industry; research and development, design, production,
packaging, testing of semiconductor chip products; establishment of artificial
intelligence data centers;
c) Production of supporting
industry products that are included in the list of supporting industry products
given priority for development that are required to meet one of the following
criteria as stipulated by the Government:
c1) Supporting industry products
for high technology as stipulated by the Law on High Technology;
c2) Supporting industry products
for the production of products in the textile - garment, leather - footwear,
electronics - information technology (including semiconductor production and
design), automobile manufacturing and assembly, and mechanical engineering, as
of the effective date of this Law, which have not yet been produced
domestically or have been produced domestically but must meet the technical
standards of the European Union or equivalent (if any) as prescribed by the
Minister of Industry and Trade;
d) Production of renewable energy,
clean energy, energy from waste disposal; environmental protection; the
production of composite materials, various types of lightweight building
materials, and rare materials; production of national defense and security
products and industrial mobilization products according to the provisions of
law on national defense, security and industrial mobilization; production of
key industrial chemicals and key mechanical products in accordance with the
law;
dd) Investment in the development
of water plants, power plants, water supply and drainage systems, bridges,
roads, railways, airports, seaports, river ports, airports, stations, and other
particularly important infrastructure works as decided by the Prime Minister;
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g) Investment projects in the
manufacturing sector that meet the following requirements:
g1) These projects have a minimum
investment capital scale of 12 trillion VND and must complete the disbursement
of the total registered investment capital within 05 years from the date of
investment approval according to investment laws;
g) These projects must use
technology that meets the requirements set forth by the Minister of Science and
Technology;
h) These projects must be entitled
to special investment support and incentives specified in clause 2 Article 20
of the Law on Investment. The Government shall elaborate on the period of
disbursement of the total registered investment capital of these projects;
i) Planting, caring for and
protecting forests; producing, reproducing and crossbreeding crops and
livestock; investing in the preservation of agricultural products after
harvest, storing agricultural products, aquatic products and food; producing,
exploiting and refining salt, except for the salt production specified in
Clause 1 of Article 4 of this Law;
k) Cultivation of forest products;
l) Products from crops, planted
forests, livestock farming, aquaculture and the processing of agricultural
products, and aquatic products.
The income from the processing of
agricultural and aquatic products stipulated in this point must meet the requirements
set forth in clause 1, Article 4 of this Law;
m) Production of high-quality
steel; production of energy-saving products; manufacturing of machinery and
equipment for agriculture, forestry, fishery and salt production; production of
irrigation equipment; production of animal feed for livestock, poultry and
aquatic products;
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o) Investment in business
operations of technical facilities supporting small and medium-sized
enterprises and small and medium-sized enterprise incubators; investment in
business operations of co-working spaces supporting small and medium-sized
startups in accordance with the provisions of the Law on Provision of
Assistance for Small and Medium-sized Enterprises.
p) The People’s credit funds,
microfinance institutions, cooperative banks;
q) Cooperatives and cooperative
unions operating in the fields of agriculture, forestry, fishery, and salt
production;
r) Private sector involvement in
the fields of education, training, vocational training, healthcare, culture,
sports and environment according to the List of types, criteria of scale and
standards prescribed by the Prime Minister; judicial assessment;
s) Investment in the construction
of social housing for sale, lease or lease-purchase for individuals eligible
for social housing support policies as stipulated by the Housing Law;
t) Publication in accordance with
the provisions of the Publishing Law;
u) The press (including
advertisements in newspapers) as stipulated by the Press Law.
3. Geographical areas entitled to
corporate income tax incentives as stipulated by the Government include:
a) Extremely disadvantaged areas;
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c) Economic zones, high-tech zones,
high-tech agricultural areas, and concentrated digital technology zones.
4. The government stipulates the
application of tax incentives for the following cases:
a) Cases of applying tax incentives
based on geographic criteria;
b) Tax incentives in the fields of
agriculture, forestry, fishery, and salt production;
c) The cases where an enterprise
generates revenue or income from investment projects (including new investment
projects, expanded investment projects, high-tech enterprises, high-tech
agriculture enterprises, and scientific and technological enterprises) in its
first tax period and is entitled to tax incentives for less than 12 months.
5. The newly established enterprise
or the enterprise with an investment project resulting from a merger,
consolidation, full division, partial division, change of ownership, or change
of business form shall be responsible for fulfilling the obligation to pay
corporate income tax (including any penalties, if applicable). At the same time,
it shall inherit corporate income tax incentives (including the losses that
have not been carried forward) of the enterprise or investment project prior to
the merger, consolidation, full division, partial division, or change of
ownership, provided that it continues to meet the eligibility requirements for
corporate income tax incentives and loss carryforward conditions as stipulated
by law.
Article 13.
Preferential tax rates
1. The tax rate of 10% shall apply
for 15 years to:
a) Incomes of enterprises from the
execution of new investment projects specified in points a, b, c, d and dd
clause 2 Article 12 of this Law; income of enterprises specified in point e
clause 2 Article 12 of this Law;
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c) Incomes of enterprises from the
execution of new investment projects in the areas specified in point a clause 3
Article 12 of this Law;
d) Incomes of enterprises from the
execution of new investment projects in high-tech zones, high-tech agriculture
zones, concentrated digital technology zones; new investment projects in
economic zones located in areas eligible for tax incentives as stipulated in
points a and b of Clause 3 of Article 12 of this Law. In cases where an
investment project in an economic zone is located in both an area eligible for
tax incentives and an area not eligible for tax incentives, tax incentives for
the project shall be determined in accordance with the Government’s regulations.
2. The tax rate of 10% shall apply
to:
a) Incomes of enterprises from
operations in the sectors and industries specified in points k and l Clause 2,
Article 12 of this Law in the areas eligible for tax incentives specified in
point b of Clause 3 Article 12 of this Law;
b) Incomes of enterprises from
operations in the sectors and industries specified in points i, r and s clause
2 Article 12 of this Law;
c) Incomes of publishers from
operations in the sectors and industries specified in point t clause 2 Article
12 of this Law;
d) Incomes of cooperatives and
cooperative unions specified in point q clause 2 Article 12 of this Law in
areas other than the areas specified in clause 3 Article 12 of this Law;
dd) Incomes of press agencies in
the sectors and industries specified in point u clause 2 Article 12 of this
Law;
3. The tax rate of 15% shall apply
to incomes of enterprises from operations in the sectors and industries
specified in point l Clause 2 Article 12 of this Law located in areas other
than the areas specified in Clause 3 Article 12 of this Law;
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a) New investment projects in
sectors and industries eligible for incentives stipulated in points m, n, and o
of Clause 2, Article 12 of this Law;
b) New investment projects executed
in the areas specified in point b clause 3 Article 12 of this Law;
c) New investment projects in
economic zones in areas other than the areas specified in points a and b clause
3 Article 12 of this Law.
5. The tax rate of 17% shall apply
to incomes of the enterprises specified in point p clause 2 Article 12 of this
Law.
6. The extension of the period and
the application of preferential tax rate shall be as follows:
a) The Prime Minister decides that
the preferential tax period may be extended for up to 15 years for the
following projects:
a1) New investment projects
stipulated in points a, b, d and dd of Clause 2 Article 12 of this Law, with a
minimum investment capital of 6 trillion VND, which have a significant
socio-economic impact, in need of great encouragement;
a2) Investment project specified in
point g clause 2 of Article 12 of this Law meeting one of the following
criteria:
- Goods are produced with global
competitive capability. Revenue rises by over 20 trillion VND per year within 5
years from the date on which the investment project generates revenue;
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- Investment projects in the field
of technical economic infrastructure, including: Investment in the development
of water plants, power plants, water supply and drainage systems, bridges,
roads, railways, airports, seaports, river ports, airports, terminals, new
energy, clean energy, energy-saving industries, and petroleum refining
projects;
b) For a new investment project
stipulated in point h, clause 2, Article 12 of this Law, the Prime Minister
decides the application of a decrease in tax rate of not exceeding 50% of the
tax rate specified in clause 1 of this Article; the preferential tax period
shall not exceed 1,5 times the preferential tax period specified in clause 1 of
this Article and may be extended for up to 15 years but must not exceed the
duration of the investment project.
7. The preferential tax period
applicable to the income generated from the execution of a new investment
project by an enterprise stipulated in this Article (including projects
specified in point g, clause 2 of Article 12 of this Law) shall begin from the
first year in which the new investment project of the enterprise generates
revenue.
In cases where the enterprise is
granted a Certificate of high-tech enterprise, a Certificate of high-tech
agriculture enterprise, a Certificate of scientific and technological
enterprise, a Certificate of a high-tech application project, or a Confirmation
of incentives for supporting industry product manufacturing projects after the
time of revenue generation, the preferential tax period shall begin from the
year of issuance of the Certificate or Confirmation of incentives.
Article 14.
Tax exemption and tax reduction
1. It is eligible for tax exemption
for up to 4 years and 50% tax reduction for up to 9 more years for:
a) Incomes of enterprises specified
in clause 1 Article 13 of this Law;
b) Incomes of enterprises specified
in point r clause 2 Article 12 of this Law in the areas specified in points a
and b clause 3 Article 12 of this Law; in cases where enterprise are not
located in the areas specified in point a and point b clause 3 Article 12 of
this Law, they are eligible for tax exemption for up to 4 years and 50% tax
reduction for up to 5 more years.
2. It is eligible for tax exemption
for up to 2 years and 50% tax reduction for up to 4 more years for incomes of
enterprises specified in clause 4 Article 13 of this Law.
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4. The tax exemption or reduction
period shall begin from the first year in which taxable income is generated
from the investment project. In cases where the project does not generate any
taxable income during the three years starting from the first year in which the
project generates revenue, the tax exemption or reduction period shall begin
from the fourth year.
In cases where the enterprise is
granted a Certificate of a high-tech application project, a Certificate of
high-tech enterprise, a Certificate of high-tech agriculture enterprise, a
Certificate of scientific and technological enterprise, or a Confirmation of
incentives for supporting industry product manufacturing projects after the time
of income generation, the tax exemption or reduction period shall begin from
the year of issuance of the Certificate or Confirmation. In cases where income
has not yet been generated from the project in the year of issuance of the
Certificate or Confirmation, the tax exemption or reduction period shall begin
from the first year in which the income is generated. If, within the first
three years from the issuance of the Certificate or the Confirmation, the
enterprise does not have taxable income, the tax exemption or reduction period
shall begin from the fourth year following the issuance of the Certificate or
the Confirmation.
5. Tax incentives for expansion
investment projects:
a) In cases where enterprise
expands the scale, enhances capacity, modernizes technology, reduces pollution
or improves the environment of its ongoing investment projects within the
sectors, industries and areas entitled to corporate income tax incentives
stipulated in Article 12 of this Law (hereinafter referred to as "expansion
investments”), its additional income generated from investment in the expansion
of these projects will be eligible for tax incentives for the remaining period
and is not be required to separately record;
b) In cases where the preferential
tax period of the ongoing project has expired, the additional income generated
from the expansion investment project that meets the criteria specified in
Clause 6 of this Article shall be eligible for tax exemption, tax reduction,
but shall not be eligible for preferential tax rates. The tax exemption or
reduction period for additional income generated from expansion investments
shall be equal to the tax exemption or reduction period applicable to new
investment projects within the same sector, profession and area eligible for corporate
income tax incentives, and shall begin from the year in which the investment
project completes the registered investment capital.
The enterprise must separately
record the additional income generated from expansion investments in order to
apply for incentives. In cases where the addition income cannot be separately
recorded, it shall be determined based on the ratio of the original cost of
newly acquired fixed assets put into use for business operation to the total
original cost of fixed assets of the enterprise.
c) The tax incentives stipulated in
this clause do not apply to cases of expansion investments resulting from
mergers, acquisitions of enterprises, or ongoing investment projects.
6. An expansion investment project
shall be eligible for the incentives specified in point b clause 5 of this
Article, provided that it meets one of the following criteria:
a) The additional original cost of
fixed assets reaches the minimum cost prescribed by the Government upon
completion of the disbursement of the registered expansion investment capital
for expansion investment projects in sectors and industries eligible for
corporate income tax incentives, and expansion investment projects executed in
areas eligible for corporate income tax incentives;
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c) The designed capacity when the
investment project completes the disbursement of the registered expansion
investment capital increases by at least 20% after expansion investment.
Article 15.
Other cases of tax exemption and reduction
1. Enterprises engaged in
manufacturing, construction, and transportation that employ a significant
number of female workers shall be granted a reduction in corporate income tax
equivalent to the additional expenses incurred for female workers.
2. Enterprises employing a
significant number of ethnic minority workers shall be granted a reduction in
corporate income tax equivalent to the additional expenses incurred for ethnic
minority workers.
3. Enterprises transferring
technologies in prioritized fields to organizations and individuals in
disadvantaged areas and public service providers in disadvantaged areas shall
be entitled to a 50% reduction in corporate income tax calculated on the income
derived from technology transfer and income from providing public services in
disadvantaged areas.
4. Enterprises specified in clause
2 and clause 3 Article 10 of this Law that are newly established from household
businesses shall be exempt from corporate income tax for two consecutive years
from the date of generating taxable income.
5. Public scientific and
technological organizations and public higher education institutions operating
not for profit shall be exempt from tax in accordance with the Government’s
regulations.
6. The Government of Vietnam shall
elaborate this Article.
Article 16.
Loss carryforward
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2. Enterprises whose losses
incurred from transfers of projects to explore, extract and process minerals;
transfers of right to participate in projects to explore, extract and process
minerals; transfers of right to explore, extract and process minerals may be
carry forward the losses to the next year and offset them against the taxable
incomes from such transfers. The period of loss carryforward shall comply with
clause 1 of this Article.
3. The Government of Vietnam shall
elaborate this Article.
Article 17.
Contributions to scientific and technological development funds
1. An enterprise, organization or
public service provider established in accordance with Vietnamese law may
contribute up to 20% of its assessable annual income to a scientific and technological
development fund.
2. Within five years after being
allocated in accordance with the provisions of clause 1 of this Article, if the
enterprise, organization or public service provider does not use the scientific
and technological development fund, or has used less than 70% of the fund or
has used it for unintended purposes, it shall transfer to state budget the
corporate income tax calculated on the income already contributed to the fund
but is not used or is improperly used plus (+) interest on that corporate
income tax.
The corporate income tax rate used
for calculating tax arrears is the tax rate applicable to the enterprise,
organization or public service provider during the time of operating the fund.
The interest rate for calculating
the interest on the tax arrears on the unused fund shall be the interest rate
for five-year term treasury bonds or ten-year term treasury bonds (in the
absence of five-year term treasury bonds) issued closest to the collection
date, and the interest payment period is two years.
The interest rate for calculating
interest on the tax arrears on the fund improperly used shall be the late
payment interest rate under the provisions of the Tax Administration Law, and
the interest payment period begins from the time the fund is set up and ends
when tax arrears are collected.
3. Enterprises, organizations and
public service providers are not allowed to record expenses from their
scientific and technological development funds as deductible expenses upon the
determination of taxable incomes in a tax period.
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5. For an enterprise currently in
operation that undergoes changes due to mergers, consolidations, full
divisions, partial divisions, changes of ownership or changes in business type,
the newly established enterprise or the enterprise established after merger,
consolidation, full division, partial division, change of ownership or change in
business type may inherit and shall be responsible for the management and use
of the scientific and technological development fund of the enterprise prior to
the merger, consolidation, full division, partial division, change of ownership
or change in business type.
Article 18.
Conditions for tax incentives
1. Corporate income tax incentives
specified in Articles 13, 14 and 15 of this Law shall apply only to enterprises
which implement regulations on accounting, invoices and documents and pay tax
according to declarations.
Corporate income tax incentives for
new investment projects (including investment projects falling under point g,
clause 2, Article 12 of this Law) as stipulated in Articles 13 and 14 of this
Law do not apply to cases of mergers, consolidations, full divisions, partial
divisions, changes of ownership, changes of business type, and other cases as
regulated by the Government.
2. Each enterprise must separate
incomes from the business operations eligible for tax incentives prescribed in
Articles 4, 13, 14 and 15 of this Law from incomes from the business operations
that are not eligible for tax incentives; if these incomes cannot be separated,
the incomes from the business operations eligible for tax incentives shall be
determined according to the ratio of the revenue from or expenses for the
business operations eligible for tax incentives to the total revenue or total
expense of the enterprise.
3. The tax rates of 15% and 17%
specified in clause 2 and clause 3 Article 10 of this Law and the tax
incentives in Articles 4, 13, 14 and 15 of this Law do not apply to:
a) Incomes from transfers of
capital, transfers of the right to contribute capital; incomes from transfers
of real estate, except for incomes from investment in construction of social housing
specified in point s clause 2 Article 12 of this Law; incomes from transfers of
investment projects (except for transfers of projects to process minerals),
transfers of the right to participate in investment projects, transfers of the
right to explore, extract and process minerals; incomes from business
operations outside Vietnam;
b) Incomes from the exploration and
extraction of petroleum and other rare resources, and incomes from mineral
extraction and extraction;
c) Incomes from the production and
operation of online video games; incomes from the production and sale of goods
and services subject to excise taxes as stipulated by the Excise Tax Law,
except for projects related to the production and assembly of automobiles,
aircraft, helicopters, gliders, yachts, and petrochemical refining;
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4. The tax rates of 15% and 17%
specified in clauses 2 and 3 of Article 10 of this Law do not apply to
enterprises that are subsidiaries or affiliated companies if the enterprises in
the affiliation do not meet the conditions for applying the tax rates
stipulated in clauses 2 and 3 of Article 10 of this Law.
5. In cases where enterprises do
not meet the conditions for tax incentives, the competent authorities shall
collect the tax arrears and impose penalties for violations according to the
provisions of law.
6. The Government of Vietnam shall
elaborate clause 5 of this Article. The Ministry of Finance shall
stipulate the procedures and application for tax incentives set forth in
Articles 4, 13, 14, and 15 of this Law.
Chapter IV
IMPLEMENTATION PROVISIONS
Article 19.
Entry into force
1. This law comes into force from
October 1, 2025 and shall apply from the corporate income tax period of 2025.
2. Law on Corporate Income Tax No.
14/2008/QH12 amended by Law No. 32/2013/QH13, Law No. 71/2014/QH13, Law No.
61/2020/QH14, Law No. 12/2022/QH15, and Law No. 15/2023/QH15 shall cease to be
effective from the effective date of this Law.
3. In case Organization for
Economic Cooperation and Development (OECD) of the United Nations has more
favorable provisions and guidelines for taxing rights of source countries,
including Vietnam, the Government shall provide specific regulations for
implementation.
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1. For enterprises with investment
projects that are eligible for corporate income tax incentives in accordance
with the provisions of law on corporate income tax at the time of licensing or
issuance of Investment Certificates, or grant of investment permission in
accordance with the provisions of law on investment, in the event that the law
on corporate income tax is amended and the enterprises meet conditions for tax
incentives in accordance with the amended law, the enterprises may choose to
enjoy tax incentives based on the applicable tax rates and tax exemption or
reduction periods according to the regulations in effect at the time of
licensing or issuance of Investment Certificates, or grant of investment
permission, or according to the provisions of the amended law for the remaining
tax incentive period.
2. In the case where an enterprise
has an investment project that is not eligible for incentives under the
provisions of legislative documents on corporate income tax prior to the
effective date of this Law but is eligible for incentives under the provisions
of this Law, the incentives as stipulated in this Law shall be applied for the
remaining period starting from the tax period of 2025.
This Law was passed on June 14,
2025, by the XVth National Assembly of the Socialist Republic of Vietnam at its
9th session.
CHAIRPERSON
OF THE NATIONAL ASSEMBLY
Tran Thanh Man