Declaration of Corporate Income Tax by Each Arising Transaction or Annually?

Article 16 of Circular 151/2014/TT-BTC (Amending Article 12 of Circular 156/2013/TT-BTC) stipulates the corporate income tax declaration as follows:

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Corporate income tax declaration shall be declared on each arising occasion, annual finalization, or finalization up to the point when a decision is made regarding the division; merger; consolidation; conversion of enterprise type; dissolution; and termination of operation of the enterprise. In cases where the enterprise type is converted and the receiving party inherits all tax obligations of the pre-conversion enterprise (such as converting from an LLC to a Joint Stock Company or vice versa; conversion of a 100% State-owned Enterprise to a Joint Stock Company, and other cases as prescribed by law), final tax declaration up to the decision of conversion is not required; the enterprise only needs to declare the annual tax finalization as prescribed.

Cases of corporate income tax declaration on each arising occasion:

- Corporate income tax declaration on each arising occasion for real estate transfer activities applies to enterprises without real estate trading functions and enterprises with real estate business functions if so desired.

- Corporate income tax declaration on each arising occasion applies to foreign organizations engaging in business in Vietnam or earning income in Vietnam (collectively referred to as foreign contractors) that do not operate under the Investment Law, Enterprise Law and earn income from capital transfer activities.

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=> Based on the aforementioned regulations, corporate income tax declaration shall be declared on each arising occasion, annual finalization, or finalization up to the point when a decision is made regarding the division; merger; consolidation; conversion of enterprise type; dissolution; and termination of operation of the enterprise.

Respectfully!