In Vietnam, what is the deadline for CIT finalization in 2024? In 2024, what are the incomes eligible for CIT exemption?
In Vietnam, what is the deadline for CIT finalization in 2024?
According to the provisions of Clause 2, Article 44 of the Law on Tax Administration 2019, the deadlines for submission of tax declaration dossiers are specified as follows:
Deadlines for submission of tax declaration dossiers
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2. For taxes declared annually:
a) For annual tax finalization dossiers: the last day of the 3rd month from the end of the calendar year or fiscal year. For annual tax declaration dossiers: the last day of the first month from the end of the calendar year or fiscal year
b) For annual personal income tax finalizations prepared by income earners: the last day of the 4th month from the end of the calendar year;
c) For presumptive tax declarations prepared by household businesses and individual businesses: the 15th of December of the preceding year. For new household businesses and individual businesses: within 10 days from the date of commencement of the business.
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Under Article 8 of Decree 126/2020/ND-CP amended by Clause 3, Article 1 of Decree 91/2022/ND-CP, the regulations on taxes finalized annually are as follows:
Taxes declared monthly, quarterly, annually, separately; tax finalization
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6. The following taxes and amounts shall be declared annually and finalized when an enterprise is dissolved, shuts down, terminates a contract or undergoes rearrangement. In case of conversion (except equitized state-owned enterprises) where the enterprise after conversion inherits all tax obligations of the enterprise before conversion, tax shall be finalized at the end of the year instead of the issuance date of the decision on conversion. Tax shall be finalized at the end of the year):
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b) Corporate income tax (except corporate income tax on transfer of foreign contractor's capital; monthly or separately declared corporate income tax on revenue specified in Point dd Clause 4 of this Article)...
Thus, the deadline for CIT finalization in 2024 (except corporate income tax on the transfer of foreign contractor's capital; monthly or separately declared corporate income tax on revenue) is the last day of the 3rd month from the end of the calendar year or fiscal year for tax finalization dossiers.
Thus, the deadline for CIT finalization for the 2023 tax period in 2024 is March 31, 2024.
However, since March 31, 2024 falls on a Sunday (weekly break), the deadline for CIT finalization for the 2023 tax period is April 1, 2024.
In 2024, what are the incomes eligible for CIT exemption in Vietnam?
In 2024, the incomes eligible for CIT exemption in Vietnam shall comply with the provisions of the Law on Corporate Income Tax 2008 amended and supplemented by the Law on Amendments to Law on Corporate Income Tax in 2013, the Law on Amendments to Tax Laws 2014 in Law Medical Examination and Treatment in 2023 are as follows:
(1) Income from farming, breeding, cultivation and processing of agriculture and aquaculture products, salt production of cooperatives; income of cooperatives engaged in agriculture, forestry, aquaculture, or salt production in disadvantaged areas or extremely disadvantaged areas; income of companies from farming, breeding, cultivation and processing of agriculture and aquaculture products in disadvantaged areas; income from marine fisheries.
(2) Income from the application of technical services directly for agriculture.
(3) Income from the performance of contracts on scientific research and technological development, trial products and products turned out with technologies applied for the first time in Vietnam.
(4) Income from the production and sale of goods and services of enterprises that have at least 30% of the employees are disabled people, detoxified people, suffer from HIV/AIDS, and have at least 20 employees, except for enterprises engaged in finance and real estate business.
(5) Income from job-training activities exclusively reserved for ethnic minority people, the disabled, children in extremely disadvantaged circumstances, and persons involved in social evils.
(6) Income divided for capital contribution, joint venture or association with domestic enterprises, after corporate income tax has been paid under the provisions.
(7) Received financial support used for educational, scientific research, cultural, artistic, charitable, humanitarian, and other social activities in Vietnam.
(8) Income from the transfer of Certified Emissions Reductions (CERs) of enterprises issued with CERs.
(9) Income from the performance of tasks of the Vietnam Development Bank, which are assigned by the State, in credit for development and export; incomes from granting credit to the poor and beneficiaries of policies of Vietnam Bank for Social Policies;
Incomes of state financial funds and other state funds serving non-profit purpose incomes of organizations, of which 100% charter capital is possessed by the State, that are established by the Government to settle bad debts of Vietnamese credit institutions.
(10) The undistributed part of income of medical establishments retained for investment in development of those medical establishments;
The undistributed part of income of private health facilities which are not medical establishments providing medical examination and treatment services, and the undistributed part of income of private facilities in the education – training, other sectors needing the private-sector involvement that is retained to invest in those facility’s development in accordance with laws on education – training, health, and other sectors needing the private-sector involvement;
The undistributed part of income forming assets of cooperatives that are established and operated in accordance with the Law on Cooperatives
(11) Incomes from transfer of technologies that are prioritized to organizations and individuals in extremely disadvantaged areas.
What is the newest CIT finalization declaration form in Vietnam?
The newest CIT finalization declaration form applicable to the revenue-cost method is specified in Form 03/TNDN in Section VI Appendix II issued with Circular 80/2021/TT-BTC.
Download the newest CIT finalization declaration form in Vietnam here
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