New Decree guiding the implementation of the amended Laws on CIT and VATThe Government officially issued Decree 92/2013/ND-CP (“Decree 92”) dated 13 August 2013 providing guidance on the implementation of the new regulations, effective from 1 July 2013 in accordance with the amended Laws on CIT and VAT. Decree 92 took effect from 13 August 2013.

Decree 92 presents further detailed guidance on applicable objects, types of income and taxable period entitled to favorable tax rates under the amended laws, including:

■ A 20% CIT rate is applicable for enterprises with the total annual revenue not exceeding VND20 billion;

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

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

Details of notable content in Decree 92 were updated in our Tax Alert on 21 August 2013.

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