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back to index backASIAtalk February,  2012


Vietnam: Government clarifies incentive policies

Vietnam’s Ministry of Finance issued a circular on 11 November 2011 (Circular 154) that clarifies previous guidance issued on 4 November relating to the government’s tax incentives for 2011.

Circular 154 does not provide any further guidance on the requirements to qualify for the 30% reduction in corporate income tax. To benefit from this incentive, qualifying enterprises must separately recognize profit from activities that are subject to the corporate income tax reduction. If this is not possible, the taxpayer can determine the corporate income tax reduction amount by prorating revenue from activities entitled to the reduction over total corporate revenue in 2011.

Circular 154, however, specifically provides calculation and declaration details with respect to the reduction amount:

- Enterprises can declare the reduction on a quarterly basis, which can be finalized at year end;

- If the assessment year is different from the calendar year, the reduced corporate income tax amount is determined based on the proportion of qualifying quarters. Otherwise, the reduction is determined on a pro rata basis, i.e. by 12 months or the actual number of months depending on the operation period of the taxpayer; and

- If there is a difference between the quarterly declared reduction amount and the final amount, a reconciliation must be made upon finalization.

Source: Deloitte - GAI





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