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THE NATIONAL ASSEMBLY
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
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Law No. 71/2014/QH13
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Hanoi, November 26, 2014
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LAW
AMENDMENTS TO TAX LAWS
Pursuant to Constitution of Socialist Republic of Vietnam;
The National Assembly promulgates the Law on amendments to
The Law on Corporate income tax No. 14/2008/QH12, some Articles of which are
amended in Law No. 32/2013/QH13; the Law on Personal income tax No.
04/2007/QH12, some Articles of which are emended in Law No. 26/2012/QH13; the
Law on value-added tax No. 13/2008/QH12, some Articles of which are amended in
Law No. 31/2013/QH13; the Law on special excise duty No. 27/2008/QH12; the Law
on Severance tax No. 45/2009/QH12; the Law on Tax administration No. 78/2006/QH11,
some Articles of which are amended in Law No. 21/2012/QH13; the Law on Export
and import tax No. 45/2005/QH11; and the Law on Customs No. 54/2013/QH13.
Article 1.
Amendments on some Articles of the Law on Corporate
income tax No. 14/2008/QH12, some Articles of which are amended in Law No.
32/2013/QH13.
1.
Clause 2 Article 3 is amended as follows:
“2.
Other incomes include: income from transfer of capital, transfer of the right
to capital contribution; income from real estate transfer, transfer of
construction projects, transfer of the right to participate in construction
projects, transfer of the right to mineral exploration, mineral extraction, and
mineral processing; income from the right to enjoyment of property, right to
ownership of property, including income from intellectual property rights
defined by law; income from transfer, lease, liquidation of assets, including
valuable papers; income from deposit interest, loan interest, sale of foreign
exchange; collection of debts that were cancelled; receipts from debts without
creditors; incomes from business operation in previous years that were
committed, and other incomes.
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2.
Clause 1 Article 4 is amended as follows:
“1. Income from
farming, breeding, cultivation and processing of agriculture and aquaculture
products, salt production of cooperatives; income of cooperatives engaged in
agriculture, forestry, aquaculture, or salt production in disadvantaged areas
or extremely disadvantaged areas; income of companies from farming, breeding,
cultivation and processing of agriculture and aquaculture products in
disadvantaged areas; income from marine fisheries.”
3.
Point a Clause 1 Article 9 is amended as follows:
“a)
Actual expenditures on business operation of the company; expenditures on
vocational education; expenditures on the company’s national defense and
security duties as prescribed by law;”.
4.
Point m Clause 2 Article 9 is annulled.
5.
Point dd and Point e are added to Clause 1 Article 13 as follows:
“dd)
Income of a company from execution of a project of investment in manufacturing
of products on the List of ancillary products given priority and satisfying one
of the following conditions:
-
Ancillary products supporting high-technology defined in the Law on
High-technology;
-
Ancillary products serving the manufacturing of the following industries:
textile – garment; leather - footwear; electronic - IT; automobile
manufacturing & assembling; mechanical engineering, provided they cannot be
manufactured in Vietnam up to January 01, 2015, or can be manufactured in
Vietnam and satisfy technical standards established by EU or the equivalent.
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e)
Income of a company from execution of a project of investment in manufacturing,
except for manufacturing of products subject to special excise tax and mineral
extraction, the capital investment in which is not smaller than VND 12,000
billion, the technologies applied are assessed in accordance with the Law on
High-technology, the Law on Science and Technology, and the registered capital
is disbursed within 05 years from the day on which the investment is permitted
as prescribed by regulations of law on investment."
6.
Point d Clause 2 Article 13 is amended as follows:
“d) Income from a company from: planting, cultivating,
protecting forests; cultivating, processing agriculture and aquaculture
products in a disadvantaged area; producing forestry products in a disadvantaged
area; producing, propagating, cross-breeding plants and animals; producing and
refining salt, except for the types of salt defined in Clause 1 Article 4 of
this Law; investment in preservation of harvested farm produce, preservation of
agriculture products, aquaculture products, and foods;”
7.
Clause 3a is added to Clause 1 Article 13 as follows:
“3a.
15% tax is applied to: income of the company from farming, breeding, processing
of agriculture and aquaculture products in an area other than disadvantaged
areas or particularly disadvantaged areas.”
8.
Clause 5 Article 13 is amended as follows:
“5.
Extension of preferential tax period:
a)
With regard to any special project that needs to attract substantial investment
and requires high technologies, the preferential tax period may be extended for
up to 15 years.
b) If a project mentioned in Point e Clause 1 of this
Article satisfy one of the following conditions:
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More than 6,000 employees are hired;
-
The project of investment involves economic – technical infrastructure,
including: investment in water plants, power plants, water supply and drainage
systems, bridges, roads, railroad, airports, seaports, river ports, train
stations, new energies, clean energies, energy-saving industry, oil refinery.
The
Prime Minister shall decide the extension of preferential tax period mentioned
in this Point, provided the extension is not longer than 15 years.".
9.
Clause 3 Article 2 of the Law No. 32/2013/QH13 is amended as follows:
“3.
Any company having a project of investment eligible for enterprise income tax
incentives according to regulations of law on corporate income tax at the time
when the license for investment or certificate of investment is granted. If
regulations of law on corporate income tax are changed and the company still
satisfies the conditions for concessional tax according to new regulations, it
may choose between preferential tax rates and duration of tax
exemption/reduction prescribed by the old or new regulations for the remaining
period.
At the end of the tax year 2015, if the project of the
company is applying the preferential tax rate of 20% prescribed in Clause 3
Article 13 of the Law on Corporate income tax No. 14/2008/QH12, which is amended in Law No. 32/2013/QH13, the company
may apply 17% tax for the remaining period from January 01, 2016.”.
Article 2
Amendments to some Articles of the Law on Corporate
income tax, some Articles of which are amended in Law No. 26/2012/QH13.
1.
Clause 1 Article 3 is amended as follows:
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a)
Incomes from manufacturing, sale of goods or services;
b)
Income from freelance works of individuals having licenses or practicing
certificates as prescribed by law.
A
sole trader’s income of VND 100 million per year or less is not considered
income from business prescribed in this Clause.”.
2.
Point c Clause 6 Article 3 is amended as follows:
“c)
Prizes won from betting;”
3.
Clause 15 and Clause 16 are added to Article 4 as follows:
“15.
Income from salaries, remunerations of Vietnamese crewmembers working for
foreign shipping companies or Vietnamese shipping companies that provide
international transport services.
16.
Incomes from provision of goods/services directly serving
offshore fishing earned by individuals being ship owners, individuals having
the right to use ships, and incomes of crewmembers on ships.”.
4.
Article 10 is amended as follows:
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1.
Sole traders shall pay personal income tax directly on their incomes; tax rates
vary depending on the fields, works of the individuals.
2.
Revenue means the amounts earned from goods sale, goods processing, commission,
payments for service provision during the tax period from manufacturing, sale
of goods/services.
If
a sole trader fails to determine his/her income, the competent tax authority
shall calculate the income in accordance with regulations of law on tax
administration.
3.
Tax rates:
a)
Distribution, supply of goods: 0.5%;
b)
Service provision, construction exclusive of building materials: 2%.
Asset
lease, insurance brokerage, lottery brokerage, multi-level marketing
brokerage: 5%;
c)
Manufacturing, transport, services associated with goods, construction
inclusive of building materials: 1.5%.
d)
Other business activities: 1%.”
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“Article 13. Taxable income from capital transfer
1.
Taxable income from capital transfer equals (=) selling price minus (-) buying
price and other reasonable costs related to the generation of income from
capital transfer.
Taxable income from securities transfer is the price of
each transfer.
2.
Taxable income from capital transfer shall be determined when the transfer is
completed as prescribed by law.
The
government shall elaborate this Article.”.
6.
Article 14 is amended as follows:
“Article 14. Taxable income from real estate transfer
1.
Taxable income from real estate transfer is the price of each transfer.
2.
The government shall decide the principles and methods for determination of
real estate transfer prices.
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7.
Clause 2 Article 23 is amended as follows:
“2.
Tax schedule:
Assessable income
Tax rate (%)
a)
Income from capital investment
5
b)
Income from royalties, franchise
5
c)
Income from prize winning
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d)
Income from inheritance, gifts
10
dd)
Income from capital transfer prescribed in Clause 1 of this Law
Income
from securities transfer prescribed in Clause 1 Article 13 of this Law
20
0.1
e)
Income from real estate transfer
2
Article 3
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1.
Clause 3a is added to Clause 3 Article 5 as follows:
“3a.
Fertilizers, specialized machinery and equipment serving agricultural
production; offshore fishing vessels; feed for cattle, poultry, and other
animals;”.
2.
Point b Clause 2 Article 8 is amended as follows:
“b)
Ores for production of fertilizers; pesticides, and growth stimulants for
animals, plants;".
3.
Point c and Point k Clause 2 Article 8 is annulled.
Article 4. Amendments to the Law on Severance tax No.
45/2009/QH12
1.
Clause 7 Article 2 is amended as follows:
“7.
Natural water, including surface water and underground water, except for
natural water used for agriculture, forestry, aquaculture, and salt
production.".
2.
Clause 5 Article 9 is amended as follows:
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Article 5
Amendments to some Articles of the Law on Tax
administration No. 78/2006/QH11, some Articles of which are amended in Law No.
21/2012/QH13.
1.
Clause 1, Clause 1a, and Clause 6 Article 31 is amended as follows:
“1.
Taxes that must be declared and paid monthly shall be declared using monthly
tax declarations;
1a.
Taxes that must be declared and paid quarterly shall be declared using
quarterly tax declarations;
“6.
The Government shall specify taxes that must be declared monthly, quarterly,
annually, and whenever tax is incurred; criteria for determination of taxpayers
eligible to declare tax monthly, and tax declarations in each case.”.
2.
Article 43 is amended as follows:
“Article
43. Currencies of revenues, expenditures, taxable prices, and taxes
Taxpayers
shall determine their revenues, expenditure, taxable prices, and taxes in
Vietnam dong, except for the cases in which such amounts may be paid in foreign
currencies as prescribed by the Government. If there are revenues, expenditure,
taxable prices in foreign currencies, or amounts payable by the taxpayer in
foreign currencies, but a competent authority permits payment in VND, foreign
currencies shall be exchanged into VND according to the exchange rate at that
time.
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3.
Clause 11 is added to Article 7 as follows:
“11.
Depending on the actual conditions and availability of IT equipment, the
Government shall decide whether or not taxpayers have to submit documents
attached to the tax declaration, tax payment documents, application for tax
refund, and other tax documents that regulatory already have.”.
4. Clause 1 Article
106 is amended as follows:
“1. If a taxpayer pays
tax after the deadline, extended deadline, or the deadline written in the
notification or tax decision issued by a tax authority, such taxpayer shall pay
tax in full and a late payment interest at 0.05% per day on the tax paid behind
schedule.
With regard to any
taxpayer that provides products or services and gets paid by government budget,
if such taxpayer fails to pay tax on schedule because no payments are made by
government budget, the taxpayer shall not pay late payment interest on the outstanding
tax, which is incurred before payments are made by government budget, provided
such outstanding tax does not exceed the amount that is yet to be paid by
government budget.”.
Article 6. Implementation
1.
This Law takes effect on January 01, 2015.
2.
Regulations on exchange rates when determining revenues, expenditure, taxable
prices, and taxes in the documents below are annulled:
a)
Article 8 and Clause 3 Article 9 of the Law on Corporate income tax No. 14/2008/QH12,
some Article of which are amended in Law No. 32/2013/QH13;
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c)
Clause 3 Article 7 of the Law on Value-added tax No. 13/2008/QH12, some
Articles of which are amended in Law No. 31/2013/QH13;
d)
Article 6 of the Law on special excise duty No. 27/2008/QH12;
dd)
Clause 3 Article 9 and Article 14 of the Law on Export and import tax No.
45/2005/QH11;
e)
Clause 4 Article 86 of the Law on Customs No. 54/2013/QH13.
3.
Point c Clause 1 Article 49 of the Law on Tax administration No. 78/2006/QH11,
some Articles of which are amended in Law No. 21/2012/QH13 is annulled.
4.
Regulations on determination of tax incurred by sole traders in Clause 1
Article 19, Clause 1 Article 20, and Clause 1 Article 21 of the Law on Personal
income tax No. 04/2007/QH12, some Article of which are amended in Law No.
26/2012/QH13, are annulled.
5.
The Government shall elaborate Clauses and Articles mentioned above.
This Law is passed by the 13th National Assembly
of Socialist Republic of Vietnam on November 26, 2014 during the 8th
session.
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PRESIDENT OF THE NATIONAL ASSEMBLY
Nguyen Sinh Hung