Following the temporary guidance on certain changes under the amended Laws on CIT and VAT which took effect from 1 July 2013 (i.e. Official letter No. 8336/BTC-CST dated 28 June 2013), the Government has officially issued Decree 92/2013/ND-CP dated 13 August 2013 providing guidance on implementation of new tax rates applied from 1 July 2013 for certain subjects including:1. A 20% CIT rate for enterprises with total annual revenue not exceeding VND20 billion;

2. A 10% CIT rate and 5% VAT rate for income from social housing business activities; and

3. A 50% reduction of applicable VAT rates for income from sale, lease, or financial lease of a commercial building.

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