Decree 92 of Vietnam guiding tax exemption and reduction for businesses affected by COVID-19

Bao Ngoc

08:11, 28/10/2021

On October 27, 2021, the Government of Vietnam has just promulgated Decree 92/2021/ND-CP regulating expenses implementation details Resolution 406/NQ-UBTVQH15 on a number of solutions to support businesses and people affected by the epidemic COVID-19.

According to the decree, on reducing Enterprise income tax (EIT), 30% reduction of payable EIT amount of 2021 in case the taxpayer is an organization engaged in production and business activities of goods and services with income. Taxable income and revenue in 2021 is not more than 200 billion VND and revenue in 2021 is lower than the revenue in 2019.

Specifically, the reduced EIT amount of the tax period 2021 is calculated on the entire income of the enterprise (including incomes according to Clause 3, Article 18 of the Law on Enterprise Income Tax of Vietnam).

The reduced EIT amount is calculated on the payable EIT amount of the tax period of 2021, after deducting the EIT amount that the enterprise is enjoying incentives in accordance with the provisions of the Law on Enterprise Income Tax and its guiding documents. onion.

Based on the revenue in the tax period 2019 and the expected revenue in 2021, enterprises themselves determine the tax reduction when temporarily paying quarterly CIT and declare tax reduction according to the declaration form issued with Circular 80/ 2021/TT-BTC of Vietnam and on the Appendix CIT is reduced in Appendix II issued with Decree 92/2021.

Decree 92/2021/ND-CP of Vietnam takes effect from October 19, 2021.

>> See more detailed: Instructions for businesses to receive EIT reduction in 2021

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