On 28 June 2013, the Government issued Decree No. 92/2013/ND-CP detailing a number of articles amending and supplementing the Law on CIT and the Law on VAT effective from 1 July 2013 with some of the following notable points:
– Applies as CIT rate of 20% to enterprises with a total revenue for the preceding year not exceeding VND 20 billion.
– The above CIT rate of 20% will not be applied to income from the transfer of capital / rights to contribute capital / real property / investment projects / rights to participate in investment projects / rights to explore and exploit minerals or income from business activities outside of Vietnam.
– Applies a CIT rate of 10% to income from selling, leasing and financial leasing of social housing regardless of the contract signing date.