Corporate Income Tax (CIT)

Decree providing detailed provisions for implementation of a number of articles of Amended Laws on CIT and VAT
The Government issued Decreee No. 92/2013/NĐ-CP dated 13 August 2013 providing detailed provisions for implementation of a number of articles of the amended Laws on CIT and VAT in 2013.

Some of the salient points are summarized below:

  • Annual turnover as the basis for determining whether an enterprise is entitled to the 20% tax rate from 01 July 2013 refers to the total turnover of the enterprise from sale of goods and supply of services in the preceding year.
  • If the total duration is less than 12 months, or if the tax period is more than 12 months, or if the enterprise is newly established in the first 6 months of year 2013, the turnover as the basis for determining tax incentive refers to the monthly average turnover of year 2012 or average of the months in year 2013 calculated to the end of 30 June 2013 and not in excess of VND1.67 billion.

 

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