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THE
GOVERNMENT
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SOCIALIST
REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
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No.
114/2020/ND-CP
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Hanoi,
September 25, 2020
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DECREE
ELABORATING THE NATIONAL
ASSEMBLY’S RESOLUTION NO. 116/2020/QH14 ON REDUCTION IN CORPORATE INCOME TAX
PAYABLE IN 2020 BY ENTERPRISES, COOPERATIVES, PUBLIC SERVICE PROVIDERS AND
OTHER ORGANIZATIONS
Pursuant to the Law
on Government Organization dated June 19, 2015;
Pursuant to the Law
on Tax administration dated June 13, 2019;
Pursuant to the Law
on Corporate Income Tax dated June 03, 2008, amended by Law No. 32/2013/QH13
and Law No. 71/2014/QH13;
Pursuant to the
National Assembly’s Resolution No. 116/2020/QH14 dated June 19, 2020 on
reduction in corporate income tax payable in 2020 by enterprises, cooperatives,
public service providers and other organizations (hereinafter referred to as
Resolution No.116/2020/QH14);
At the request of
the Minister of Finance;
The Government promulgates
a Decree elaborating the implementation of the National Assembly’s Resolution
No. 116/2020/QH14 on reduction in corporate income tax payable in 2020 by
enterprises, cooperatives, public service providers and other organizations.
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This Decree applies to
corporate income tax (CIT) payers that are organizations that earn taxable
income from manufacture and/or sale of goods and/or services (hereinafter
referred to as “enterprises”) defined in Article 1 of Resolution No.116/2020/QH14,
including:
1. Enterprises
established in accordance with Vietnam’s law.
2. Organizations
established in accordance with the Law on Cooperatives.
3. Public service
providers established in accordance with Vietnam’s law.
4. Other organizations
established in accordance with Vietnam’s law and earning income from business
operation.
Article
2. CIT reduction
1. CIT payable in the
fiscal year 2020 by an enterprise whose total revenue in 2020 does not exceed
200 billion VND shall be reduced by 30%.
2. The total revenue
is 2020 that is the basis for determination of eligibility for CIT reduction
prescribed in Clause 1 of this Article is the total revenue of an enterprise in
the fiscal year 2020, including revenue from sales of goods, processing and service
provision, subsidies and extra charges to which the enterprise is entitled as
prescribed by the Law on Corporate Income Tax and its guiding documents.
For enterprises that
are established, enterprises that undergo conversion, ownership transfer,
consolidation, merger, division, dissolution, bankruptcy in the fiscal year
2020 and have operated for less than 12 months, the total revenue in 2020 will
be the total revenue earned in the fiscal year 2020 divided by (:) the number
of months of actual business operation multiplied by (x) 12. The month in which
the enterprise is established or undergoes conversion, ownership transfer,
consolidation, merger, division, dissolution, bankruptcy will also be included
in the months of actual business operation.
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4. At the end of the
fiscal year 2020, if the enterprise’s total revenue in 2020 does not exceed 200
billion VND, it will declare the CIT reduction of 2020 when making the annual
CIT return as per regulations.
The CIT reduction of
the fiscal year 2020 shall apply to the total revenue of the enterprise,
including the amounts specified in Clause 3 Article 18 of the Law on Corporate
Income Tax.
The 30% reduction
specified in this Decree shall apply to the enterprise’s CIT payable in the
fiscal year 2020 minus the CIT eligible for incentives to which the enterprise
is entitled according to the Law on Corporate Income Tax and its guiding
documents.
5. The fiscal year
will be the calendar year. Fiscal years of enterprises that do not apply
calendar years shall be determined in accordance with the Law on Corporate
Income Tax and its guiding documents.
6. In case the first
fiscal year of enterprises that are established in 2019 or the last fiscal year
of enterprises that undergo conversion, ownership transfer, consolidation,
merger, division, dissolution, bankruptcy in 2021 is shorter than 03 months, it
will be combined with the fiscal year 2020, in which case CIT reduction will
only apply to the revenue earned in the fiscal year 2020 (12 months).
Article
3. Declaring CIT reduction
1. Enterprises shall
calculate the CIT reduction themselves when paying quarterly CIT and making the
2020’s CIT statement. When preparing tax statements, enterprises shall specify
the CIT reduction on the set forms provided in Circular No. 151/2014/TT-BTC and
its amending documents (if any) and the Declaration of CIT Eligible for
Reduction Under Resolution No.116/2020/QH14, which is provided in the Appendix
hereof.
2. When preparing the
annual CIT return: If the quarterly CIT is found to have been underpaid, the
enterprise shall pay the arrears and late payment interest in accordance with
the Law on Tax administration and its guiding documents. If CIT is overpaid,
the excess amount shall be handled in accordance with the Law on Tax
administration and its guiding documents.
3. In case a competent
authority, through inspection, discovers that an enterprise is not eligible for
CIT reduction under this Decree or the CIT payable of the fiscal year 2020 is
greater than the amount paid, the enterprise shall pay the arrears, fines and
late payment interest on the period after the tax payment deadline prescribed
by the Law on Tax administration and its guiding documents.
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In case the CIT
payable by an enterprise decreases when it revises the 2020’s CIT statement or
implements the competent authority’s post-inspection decision, the overpaid
amount (if any) shall be handled in accordance with the Law on Tax
administration and its guiding documents.
Article
4. Implementation and effect
1. This Decree comes
into force from the effective date of Resolution No.116/2020/QH14 and applies
to the fiscal year 2020.
2. The Ministry of
Finance shall provide guidelines for the difficulties that arise during the
implementation of this Decree.
3. Ministers, heads of
ministerial-level agencies, heads of governmental agencies, Presidents of the
People’s Committees of provinces, relevant enterprises and organizations are
responsible for the implementation of this Decree./.
ON BEHALF OF THE GOVERNMENT
PRIME MINISTER
Nguyen Xuan Phuc
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(Enclosed
with the Government’s Decree No. 114/2020/ND-CP
dated 25/9/2020)
SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom – Happiness
---------------
DECLARATION OF CORPORATE
INCOME TAX (CIT) ELIGIBLE FOR REDUCTION UNDER RESOLUTION NO.116/2020/QH14
[01] Fiscal year:
□ Separate
declaration: .................. (dd/mm/yyyy).
□ For 2020
[02] First declaration
□
[03] Revision □ : ...
[04] Taxpayer’s
name:...................................................................................................
[05] TIN:
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[06]
Address:...............................................................................................................
[07]
Tel:.......................................................................................................................
[08] Tax agent (if
any):
…..............................................................................................
[09] TIN:
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Unit: VND
Indicator
Code
Amount
1.
Total CIT payable
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Where:
1.1.
CIT on business
operation
[11]
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CIT on real estate
transfer
[12]
1.3.
CIT on other
activities
[13]
2.
CIT reduction
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Where:
2.1.
Reduction in CIT on
business operation
[15]
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Reduction in CIT on
real estate transfer
[16]
2.3.
Reduction in CIT on
other activities
[17]
I hereby declare that
I am legally responsible for the accuracy of the information provided above./.
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Full name: ......
Practicing
certificate No. :......
.................... (dd/mm/yyyy)
TAXPAYER or
TAXPAYER’S LEGAL REPRESENTATIVE
Signature, full name; position and seal (if any)
_________________________
Notes:
1. [15] – The same as
the amount in box [C14] of Form No. 03/TNDN or directly deducted from the
amount in Column [11] of Form 04/TNDN.
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3. [17] – Directly
deducted from the amount in box [D3] of Form No. 03/TNDN.