To deduce donation for COVID-19 pandemic in Vietnam from CIT

To deduce donation for COVID-19 pandemic in Vietnam from CIT
Nguyễn Trinh

Recently, the Government of Vietnam issued Decree 44/2021/ND-CP on guidelines for deductible expenses upon determination of taxable corporate income regarding enterprise/organization’s grants to prevention and control of COVID-19 pandemic

According to the Decree, an enterprise may claim a deduction from taxable corporate income for any grant in cash or in kind given to the recipients for the prevention and control of COVID-19 pandemic in Vietnam.

Recipients of grants in Vietnam include: The Committees of Vietnamese Fatherland Front at all levels; health facilities; the armed force units; units and organizations tasked by competent authorities to perform duties at centralized quarantine facilities; education institutions; press agencies; Ministries, ministerial-level agencies or Governmental agencies; Communist Party organizations, youth unions, central and local trade unions; agencies affiliated to local governments that have fund-raising function; funds for prevention and control of COVID-19 pandemic at all levels; national humanitarian fund web portals; charitable and humanitarian funds, and organizations incorporated and operating under law that have fund-raising function.

Vietnam's Decree 44/2021/ND-CP takes effect from March 31, 2021 and applies to the corporate income tax periods of 2020 and 2021.


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