Vietnam: Is the deadline for submitting the corporate income tax for Quarter 3 on the 31st?

Vietnam: Is the deadline for submitting the corporate income tax for Quarter 3 on the 31st?

Pursuant to Clause 1, Article 55 of the Law on Tax Administration 2019, the deadline for submitting corporate income tax is regulated as follows:

Tax Submission Deadline

1. In the case where the taxpayer calculates the tax, the deadline for submitting the tax payment is the last day of the tax declaration submission period. In the case of supplementary tax declaration, the tax submission deadline is the submission deadline for the tax declaration of the tax period with errors or omissions.

For corporate income tax, provisional payment by quarter is required, with the submission deadline being the 30th of the first month of the following quarter.

For crude oil, the deadline for submitting resource tax and corporate income tax per crude oil sale is 35 days from the sale date for domestically sold crude oil or from the customs clearance date under customs law for exported crude oil.

For natural gas, the deadline for submitting resource tax and corporate income tax is monthly.

Thus, corporate income tax is provisionally submitted quarterly, with the latest tax submission deadline being October 30, 2024, which is a Wednesday.

Additionally, other tax submission deadlines like VAT and personal income tax are submitted according to Article 44 of the Law on Tax Administration 2019 as follows:

Tax Declaration Submission Deadline

1. The deadline for tax declaration submission for monthly and quarterly tax declarations is regulated as follows:

a) No later than the 20th day of the following month from the month in which the tax obligation arises for monthly declarations;

b) No later than the last day of the first month of the following quarter from the quarter in which the tax obligation arises for quarterly declarations.

The deadline for tax declaration submission for monthly and quarterly tax declarations is regulated as follows:

- No later than the 20th day of the following month from the month in which the tax obligation arises for monthly declarations, i.e., October 20, 2024.

- No later than the last day of the first month of the following quarter from the quarter in which the tax obligation arises for quarterly declarations, i.e., October 31, 2024.

Vietnam: Is the deadline for submitting the corporate income tax for Quarter 3 on the 31st? (Image from the Internet)

Where to submit corporate income tax in Vietnam?

According to Clause 1, Article 56 of the Law on Tax Administration 2019, enterprises must submit corporate income tax to the state budget at the following locations:

- At the State Treasury;

- At the tax management agency where the tax declaration is received;

- Through an organization authorized by the tax management agency to collect taxes;

- Through commercial banks, other credit institutions, and service organizations as regulated by law.

As stipulated in Article 12 of Decree 218/2013/ND-CP, the place to submit corporate income tax is regulated as follows:

- Enterprises submit tax at the locality where their headquarters are located. In cases where an enterprise has a production facility operating on a dependent accounting basis in a province or city under Central authority different from the locality of its headquarters, the tax amount is calculated and submitted at the headquarters and where the production facility is located.

The corporate income tax payable in the province or city under Central authority, where the dependent accounting production facility is located, is determined by multiplying the corporate income tax payable in the period of the enterprise by the ratio of expenses incurred at the dependent accounting production facility to the total expense of the enterprise.

This tax submission regulation does not apply to projects, project categories, or construction bases with dependent accounting.

The allocation, management, and use of revenue from corporate income tax are implemented in accordance with the provisions of the State Budget Law 2015.

- Dependent-accounting units of enterprises practicing whole-sector accounting with income outside the main business activity shall submit tax in the province or city under Central authority where such business activity is conducted.

Which entities are entitled to corporate income tax exemption in Vietnam?

According to Article 4 of the Corporate Income Tax Law 2008, amended and supplemented by Clause 3, Article 1 of the Amended Corporate Income Tax Law 2013 (as further amended by Clause 1, Article 119 of the Medical Examination and Treatment Law 2023 and Clause 2, Article 1 of the Law Amending Various Laws on Tax 2014), income exempted from corporate income tax includes:

- Income from cultivation, animal husbandry, aquaculture, processing of agricultural products, aquatic products, salt production of cooperatives; income of cooperatives operating in agriculture, forestry, fishery, salt production in areas with difficult or particularly difficult socio-economic conditions; income of enterprises from cultivation, animal husbandry, aquaculture, processing of agricultural products, aquatic products in areas with particularly difficult socio-economic conditions; income from fishing activities.

- Income from performing direct technical services serving agriculture.

- Income from implementing scientific research contracts and technology development, products in pilot production stages, products made from new technology applied for the first time in Vietnam.

- Income from the production, business activities of enterprises with 30% or more average annual employees being disabled people, rehabilitants, people infected with the virus causing acquired immunodeficiency syndrome (HIV/AIDS) and having an average of twenty or more employees annually, not including enterprises operating in finance and real estate business sectors.

- Income from vocational education exclusively for ethnic minorities, disabled persons, children in extremely challenging circumstances, and social evils subjects.

- Dividends from investments, joint ventures, and partnerships with domestic enterprises, after corporate income tax has been paid according to the provisions of the Corporate Income Tax Law 2008.

- Donations received for educational activities, scientific research, culture, arts, charity, humanitarian, and other social activities in Vietnam.

- Income from transferring Certified Emission Reductions (CERs) by businesses certified for emission reduction.

- Income from state-assigned tasks of the Vietnam Development Bank in development investment credit, export credit; income from credit activities for the poor and other policy subjects of the Social Policy Bank; income of state financial funds and other state-owned funds operating not for profit according to legal regulations; income of organizations 100% state-owned established by the Government of Vietnam to handle bad debts of credit institutions in Vietnam.

- Undistributed income of medical examination and treatment establishments retained for reinvestment in those establishments; undistributed income of medically-invested private establishments but are not medical examination and treatment establishments and undistributed income of private-invested establishments in education-training, other private investment fields, retained for reinvestment in those establishments according to specific legal regulations in the field of education-training, healthcare, and other private investment areas; undistributed income forming non-dividable assets of cooperatives established and operating under the Law on Cooperatives 2023.

- Income from technology transfer in priority areas for transfer to organizations and individuals in areas with especially difficult socio-economic conditions.