Reduction of 30% of enterprise income tax amount in 2012 for small- and medium-sized enterprises in Vietnam

Reduction of 30% of enterprise income tax amount in 2012 for small- and medium-sized enterprises in Vietnam (Internet image)

Article 2 of Decree 60/2012/ND-CP stipulates reduction of 30% of enterprise income tax amount in 2012 for enterprises specified in clause 1, Article 1 of the Resolution No. 29/2012/QH13 as follows:

- The small- and medium-sized enterprises in Vietnam, not including small- and medium-sized enterprises business in lottery, real estate, securities, finance, bank, insurance, or manufacture of goods subject to the excise tax, first-class enterprises, special-class enterprises belonging to economic corporation, general companies.

• The small- and medium-sized enterprises being reduced tax specified in this clause are enterprises, including cooperatives (not including non-business units) that satisfy the criteria of capital or labor  as prescribed in clause 1, Article 3 of the Government’s Decree No. 56/2009/ND-CP, of June 30, 2009 on assistance to the development of small- and medium-sized enterprises.

• Tax shall be not reduced as prescribed in this Clause for:

- The intensive-labour enterprises in manufacture, processing: Agricultural products, forestry products, fishery products, textile and garment, leather and footwear, electronic components, intensive-labour enterprises for building socio-economic infrastructure.

- The amount of enterprise income tax being enjoyed reduction of enterprises specified in Clause 1, Clause 2 of Article 2 of Decree 60/2012/ND-CP is amount of tax payable quarterly temporary calculated and the remaining tax payable under the 2012 tax settlement.  

- Enterprises being enjoyed the enterprise income tax reduction specified in this clause are enterprises being established and operated under Vietnamese law; implementing regime of accounting, invoice, voucher as prescribed by law and pay tax under declaration.

More details can be found in Decree 60/2012/ND-CP, which comes into force from September 20, 2012.

Le Vy

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