In the Draft Resolution on some tax solutions to remove difficulties and obstacles, and to promote the development of enterprises, the Ministry of Finance has proposed regulations on tax debt cancellation for late payment; cancellation, deferral of tax debts, late payment interest, and fines for taxpayers who have dissolved, gone bankrupt, or ceased business...
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However, during the meeting on the Draft Resolution on several tax measures to address difficulties and obstacles and promote the development of enterprises (referred to as the Draft Resolution) on October 01, 2016, some contents were changed.
The issuance of the Draft Resolution aligns with the policy outlined in Resolution 35/NQ-CP supporting and developing enterprises until 2020. At the meeting, many opinions were put forward to unify and finalize the contents of this Draft Resolution. The Ministry of Finance also promptly revised and completed the regulations in the Draft Resolution.
- Select contents that need immediate resolution and can be applied in the short term, including a report on difficulties with the land rent policy for enterprises- Proposed solutions for small and medium enterprises, including startups and information technology enterprises, must align with the regulations in the Draft Law on supporting small and medium enterprises. In cases where the Law on supporting small and medium enterprises does not specify criteria and tax incentives, supplement regulations in the Draft Resolution for prompt implementation in 2017, 2018;- Explain the impact of the solution to reduce 50% of personal income tax payable from salaries and wages of individuals working in high technology fields, high-tech applications in agriculture, and agricultural product processing in easing difficulties for enterprises. If necessary, only apply to individuals working in high technology fields in small and medium enterprises and in sectors and areas that truly need encouragement in 2017, 2018.
Some highlights in the Notification 312/TB-VPCP of the Office of the Government of Vietnam Conclusion of Deputy Prime Minister Vuong Dinh Hue at the meeting on the Draft Resolution are as follows:
Debt Cancellation for Late Payment
Taxpayers providing goods and services to be paid from the state budget, have funds sourced from the state budget but have not received timely payments from the state, leading to late payment and fines, will have their late payment debts canceled.
No Tax Debt Cancellation for Bankrupt or Dissolved Taxpayers
No regulations for the cancellation of tax debts, tax deferrals, late payments, or fines for cases of dissolution, bankruptcy, or business cessation as these are tax management issues unrelated to the difficulties and obstacles of enterprises. If necessary, it should be stipulated in a separate document.
Corporate Income Tax Incentive at 15% for Renovation of Old Apartment Buildings
In cases ensuring separate accounting and projects implemented in 2017, 2018, enterprises will enjoy a 15% corporate income tax incentive for activities related to the renovation of old apartment buildings.
Additionally, do not stipulate the offset of income from real estate transfers against losses from business and production activities when determining taxable income of enterprises.
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