Guidance on Finalization of Corporate Income Tax (CIT) and Personal Income Tax (PIT) for the Year 2016

09:37, 11/07/2024

The General Department of Taxation has recently issued Guidelines for the finalization of corporate income tax (CIT) and personal income tax (PIT) for the year 2016 with the following notable contents:

Personal Income Tax Finalization for 2016:

- Identifying two entities required to finalize taxes: Individuals with income and organizations paying income from salaries and wages.- Organizations and individuals must submit tax finalization dossiers to the correct location and within the prescribed time frame;- Individuals can choose to: Authorize or directly finalize taxes;- Note regarding family deduction for oneself and dependents;- The General Department of Taxation has upgraded the application to support and process tax finalization declarations according to the new templates in Circular 92/2015/TT-BTC.

Corporate Income Tax Finalization for 2016:

- Adjusting the conditions for determining deductible expenses when calculating taxable income;- Depreciation costs of fixed assets;- Welfare expenses directly paid to employees, to be included in expenses not exceeding the average one-month salary in the year;- Corporate income tax rates and incentives;

See detailed guidance HERE.

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