New Text Notification

Additional regulations on CIT incentives for supporting technology product projects in Vietnam

Bảo Ngọc

14:49, 10/06/2021

On June 4, 2021, the Government of Vietnam issued Decree 57/2021/ND-CP added Point g Clause 2 Article 20 Decree 218/2013/ND-CP (amended and supplemented in Decree 12/2015/ND-CP) on priority Enterprise income tax incentives for projects to produce supporting industry products, specifically as follows:

Enterprises in Vietnam with investment projects (new investment and expansion investment) manufacturing products on the List of supporting industry products prioritized for development, implemented before January 1, 2015 and meeting the conditions of Projects that produce supporting industry products and are granted certificates of incentives for production of supporting industry products by a competent authority are entitled to CIT incentives, for example:

- In case of not yet enjoying CIT incentives, they are entitled to CIT incentives under the conditions that the project produces supporting industry products from the tax period and is granted a certificate of incentives for production of supporting industry products by a competent authority in Vietnam.

- If they have fully enjoyed CIT incentives under other preferential conditions (besides the preferential conditions applicable to projects producing supporting industry products), they are entitled to tax incentives under the conditions of the project to produce supporting industry products for the remaining time from the tax period, which is granted the certificate of incentives for production of supporting industry products by the competent authority in Vietnam.

Vietnam's Decree 57/2021/ND-CP takes effect from June 4, 2021.

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