What is the List of 1000 enterprises paying the most corporate income tax in Vietnam issued by the General Department of Taxation?
What is the List of 1000 enterprises paying the most corporate income tax in Vietnam issued by the General Department of Taxation?
As per Official Dispatch 3786/TCT-KK in 2022, the General Department of Taxation has issued a List of 1000 enterprises paying the most corporate income tax in Vietnam in 2021.
Following the directive from the Ministry of Finance's leadership on identifying and publicly disclosing the List of 1000 enterprises paying the most corporate income tax in Vietnam (referred to as V1000), the General Department of Taxation in Vietnam hereby forwards the List of 1000 enterprises paying the most corporate income tax in 2021 to be disclosed publicly (included list).
(1) Criteria for determining 1000 enterprises paying the most corporate income tax in 2021:
- The enterprises selected to be included in the ranking list comprise:
+ Enterprises established under Vietnamese law
+ Foreign enterprises
+ Other organizations engaged in production and business
(2) Disclosed contents
The list of 1000 enterprises that have paid CIT in 2021 includes the following information:
- Ranking number in order of the amount of CIT paid from highest to lowest;
- Tax code of the enterprise;
- Name of the enterprise.
The top 03 enterprises paying the most corporate income tax in Vietnam on the list issued with Official Dispatch 3786/TCT-KK in 2022 are as follows:
-
VIETTEL GROUP
-
JOINT STOCK COMMERCIAL BANK FOR FOREIGN TRADE OF VIETNAM (VIETCOMBANK)
-
GREEN CITY DEVELOPMENT JOINT STOCK COMPANY
More details can be found in the attached list of Official Dispatch 3786/TCT-KK in 2022
What is the List of 1000 enterprises paying the most corporate income tax in Vietnam issued by the General Department of Taxation? (Image from the Internet)
Who are CIT payers in Vietnam?
According to Clause 1, Article 2 of the Law on Corporate Income Tax 2008 regarding CIT taxpayers:
CIT Taxpayers
1. Taxpayers are goods and service production and business organizations which have taxable incomes under the provisions of this Law (below referred to as enterprises), including:
a/ Enterprises established under Vietnamese law;
b/ Enterprises established under foreign laws (below referred to as foreign enterprises) with or without Vietnam-based permanent establishments;
c/ Organizations established under the Law on Cooperatives;
d/ Public service providers established under Vietnamese law;
e/ Other organizations engaged in income-generating production and business activities.
Thus, as regulated, the entities required to pay CIT are as stated above.
Which incomes are subject to CIT in Vietnam? What are the CIT rates?
According to Article 3 of the Law on Corporate Income Tax 2008 (as amended and supplemented by Clause 2, Article 1 of the Law on Amendments to Law on Corporate Income Tax 2013, and Clause 1, Article 1 of the Law on Amendments to Tax Laws 2014), taxable income includes:
- Taxable income includes income from production, business activities of goods and services, and other income specified in Clause 2 of this Article.
- Other income includes:
+ Income from capital transfer, rights to contributed capital;
+ Income from real estate transfer, project transfer, transfer of the right to participate in projects, transfer of exploration, mining, and processing rights of minerals;
+ Income from the use of assets, ownership rights to assets, including income from intellectual property rights as stipulated by law;
+ Income from transfers, leases, and liquidation of assets, including types of valuable papers;
+ Income from interest on deposits, loans, foreign currency sales;
+ Recovery of previously written-off bad debts;
+ Income from unidentified payable amounts;
+ Income from previous business years that was overlooked and other income.
Note: Vietnamese enterprises investing abroad and transferring income back to Vietnam after paying CIT abroad will follow the Double Taxation Avoidance Agreements (DTAA) if Vietnam has an agreement with that country; otherwise, if the CIT rate abroad is lower, enterprises must pay the difference based on Vietnam's CIT law.
At the same time, according to Article 10 of the Law on Corporate Income Tax 2008 (as amended and supplemented by Clause 6, Article 1 of the Law on Amendments to Law on Corporate Income Tax 2013), the CIT rate is specified as follows:
- The standard CIT rate is 22%, except for cases specified in Clauses 2 and 3 of this Article and tax rate preferences specified in Article 13 of this Law.
Cases subject to the 22% rate transition to a 20% rate from January 1, 2016.
- Enterprises with annual total revenue not exceeding twenty billion VND apply a 20% rate.
The revenue used to determine the applicable 20% rate is the revenue of the preceding year.
- The CIT rate for activities of exploration, and extraction of oil, gas, and other valuable resources ranges from 32% to 50% depending on each project, and each business establishment.
The Government of Vietnam will elaborate on and guide the implementation of this Article.
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