Văn bản hợp nhất 14/VBHN-VPQH 2020 Luật Thuế thu nhập doanh nghiệp

OFFICE OF
THE NATIONAL ASSEMBLY
——–

 
SOCIALIST REPUBLIC OF VIET NAM
Independence-Freedom-Happiness
—————–

No.:
14/VBHN-VPQH

Hanoi, July
15, 2020

 

LAW

ON CORPORATE INCOME TAX

The Law on Corporate Income Tax No. 14/2008/QH12
dated June 03, 2008 of the National Assembly, which comes into force from
January 01, 2009, is amended by:

1. The Law No. 32/2013/QH13 dated June 19, 2013
of the National Assembly providing amendments to the Law on Corporate Income
Tax, which comes into force from January 01, 2014;

2. The Law No. 71/2014/QH13 dated November 26,
2014 of the National Assembly providing amendments to the tax laws, which comes
into force from January 01, 2015;

3. The Law on Investment No. 61/2020/QH14 dated
June 17, 2020 of the National Assembly, which comes into force from January 01,
2021.

Pursuant to the 1992 Constitution of the
Socialist Republic of Vietnam, as amended in the Resolution No. 51/2001/QH10;

The National Assembly promulgates the Law on
Corporate Income Tax[1].

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GENERAL PROVISIONS

Article 1. Scope

This Law deals with taxpayers, taxable income,
tax-free income, basis and method of tax calculation, and corporate income tax
incentives.

Article 2. Taxpayers

1. Payers of corporate income tax (CIT) are
organizations that earn taxable income from manufacture and/or trade of goods
and/or service provision (hereinafter referred to as “enterprises”), including:

a) Enterprises that are duly established and
operating under the law of Vietnam;

b) Any enterprise established under a foreign
law (hereinafter referred to as “foreign enterprise”), whether it has a
permanent establishment in Vietnam or not;

c) Organizations established under the Law on
co-operatives;

d) Public service units that are duly
established under the law of Vietnam;

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2. Enterprises that have taxable income
prescribed in Article 3 of this Law will pay CIT as follows:

a) Enterprises that are duly established under
the law of Vietnam will pay CIT on taxable income earned within and outside of
Vietnam;  

b) A foreign enterprise that has a permanent
establishment in Vietnam will pay CIT on taxable income earned within and
outside of Vietnam in connection with operations of that permanent
establishment;

c) A foreign enterprise that has a permanent
establishment in Vietnam will pay CIT on taxable income which are earned within
Vietnam and are not related to operations of that permanent establishment;

d) A foreign enterprise that has no permanent
establishment in Vietnam will pay CIT on taxable income earned in Vietnam.

3.[2]
A permanent establishment of a foreign enterprise is a business establishment
through which the foreign enterprise conducts part or all of its business
operations in Vietnam, including:

a) Branches, offices, factories, plants, means
of transport, mines, oil fields, or other natural resource extraction sites in
Vietnam;

b) Construction sites;

c) Establishments where services are provided,
including consulting services via employees or other entities;

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dd) Representatives in Vietnam, including
representatives that are authorized to sign contracts undersigned by foreign
enterprises or representatives that are not authorized to sign such contracts
but regularly deliver goods or provide services in Vietnam.

Article 3. Taxable income

1. Taxable income includes income earned from
manufacture and/or trade of goods and/or service provision and other income
prescribed in Clause 2 of this Article.

Other incomes include incomes from transfer of
stakes or right to contribute capital; incomes from transfer of real estate,
investment projects, right to participate in investment projects, right to
mineral exploration, extraction and processing; incomes from the right to use
and ownership of property, including incomes from intellectual property rights
as prescribed by laws; incomes from transfer, lease or liquidation of assets,
including financial instruments; income from deposit interests, loan interests
and sale of foreign currencies; incomes from collected bad debts; incomes from
debts payable without identified creditors; omitted incomes from previous
years’ business operation and other income.

In case where a Vietnamese enterprise makes
investment in a foreign country that has signed a Double Taxation Agreement and
transfers its income to Vietnam after paying CIT overseas, regulations of such
Agreement shall apply. If the foreign country has not signed a Double Taxation
Agreement with Vietnam and the rate of CIT incurred in the foreign country is
lower, the difference in CIT shall be collected in accordance with the Law on
Corporate Income Tax of Vietnam.

Article 4. Tax-free incomes

1. [4]
Incomes from farming, husbandry, aquaculture and salt production of
cooperatives; incomes of cooperatives engaged in agriculture, forestry,
fisheries and salt production in disadvantaged areas or extremely disadvantaged
areas; incomes of enterprises from farming, husbandry and aquaculture in
extremely disadvantaged areas; incomes from fishing activities.

2. Incomes from provision of technical services
directly serving agriculture.

3. Incomes from the execution of scientific
research and technological development contracts, experimental products during
the experimental production period, and products that are results of new
technologies applied in Vietnam for the first time.

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5. Incomes from provision of vocational training
for ethnics, disabled people, disadvantaged children and ex-offenders.

6. Incomes from contribution of capital or
domestic business cooperation distributed after CIT is paid in accordance with
regulations of this Law.

7. Sponsorships for education, scientific
research, culture, art, charity and other social activities in Vietnam.

8.[6]
Incomes from transfer of Certified Emissions Reductions (CERs).

9.[7]
Incomes of Vietnam Development Bank from credit extension serving
development investment, credit extension serving export assigned by the State;
incomes of Bank for Social Policies derived from credit extension to the poor
and other beneficiaries of incentive policies; incomes of state financial funds
and other non-profit state funds; incomes of wholly state-owned organizations
established by the Government to deal with bad debts of credit institutions of
Vietnam.

10.[8]
Undistributed incomes of establishments making investment in education –
training, healthcare and other fields in which private sector investment is
encouraged, which are retained for investment in their development on
accordance with specialized regulations of laws on education – training,
healthcare and other fields in which private sector investment is encouraged;
undistributed incomes of cooperatives, that are duly established and operating
in accordance with the Law on cooperatives, retained for acquisition of their
assets.

11.[9]
Incomes from technology transfer in the favored fields to entities in extremely
disadvantaged areas.

Article 5. Tax period

1. The tax period is the calendar year or fiscal
year, except the case prescribed in Clause 2 of this Article.

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Chapter II

BASIS AND METHODS OF TAX
CALCULATION

Article 6. Basis for tax
calculation

The basis for tax calculation is the assessable
income and CIT rate.

Article 7. Determination of
assessable income

1. Assessable income incurred in a tax period
equals (=) taxable income minus (-) tax-free income and loss carried forward
from previous years.

2. Taxable income equals (=) revenue minus (-)
deductible expenses incurred during performance of business operation plus (+)
other incomes, including incomes received outside of Vietnam.

3.[10]
Incomes from transfer of real estate, investment project , right to participate
in an investment project, right to mineral exploration and/or mineral
extraction and/or mineral processing must be determined separately. If an
enterprise suffers from a loss when making a transfer of investment project
(except for mineral exploration and extraction projects), transfer of the right
to participate in an investment project (except for the right to participate in
mineral exploration and extraction projects) or transfer of real estate, such
loss shall be offset against the profit from business operation in the tax
period.

The Government shall elaborate and provide
guidelines for this Article.

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Revenue is the whole revenue from the sale of
goods, processing, service provision, subsidies and surcharges to which an
enterprise is entitled. The revenue is determined in VND. If an enterprise
earns revenue in foreign currencies, such foreign currencies must be converted
into VND at the average exchange rate on inter-bank foreign exchange market
announced by the State Bank of Vietnam at the time such revenue is earned.

The Government shall elaborate and provide
guidelines for this Article.

Article 9. Deductible and
non-deductible expenses [12]

1. Except for the expenses
mentioned in Clause 2 of this Article, every expense will be deductible if all
of the following requirements are met:

a) [13]
There are actual expenses related to the enterprise’s business operation;
expenses on provision of vocational education; or expenses on performance of
national defense and security tasks as prescribed by law;

b) There are adequate invoices and evidencing
documents of the expense in accordance with regulations of law. A purchase of
goods or provision of service worth VND 20 million or more must be proved by
evidencing documents of non-cash payment, except cases where evidencing
documents of non-cash payment are not required as prescribed by law.

2. The expenses below are
non-deductible:

a) Expenses that do not meet all of the
requirements specified in Clause 1 of this Article, except expenses related to
damage caused by a natural disaster, epidemic or another force majeure event
without compensation;

b) Payment of fines for administrative
violations;

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d) Amounts provided by a foreign enterprise to
cover administrative expenses of its permanent establishment in Vietnam beyond
the limit calculated by adopting distribution methods prescribed by the law of
Vietnam;

dd) Provisions in excess of the limits
prescribed by law;

e) Payment of interests on loans serving
business operation taken from entities other than credit institutions or
business entities which exceeds 150% of the basic interest rate announced by
the State Bank of Vietnam at the time of lending;

g) Depreciation of fixed assets against
regulations of law;

h) Accrued expenses determined against
regulations of law;

i) Salaries and remunerations of a sole
proprietor; remunerations of founders who do not directly participate in
business administration; salaries, remunerations and other payables to
employees that have been recorded as expenses but are not actually paid or do
not have invoices/evidencing documents as prescribed by law;

k) Payment of interest on loan equivalent to the
charter capital deficit;

l) Input VAT that has been deducted, VAT paid
using credit-invoice method and CIT;

m) [14]
(abrogated)

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o) Contributions to voluntary pension fund or
social security funds or purchase of voluntary pension insurance for employees
in excess of the limits prescribed by law;

p) Expenses incurred in the fields of banking,
insurance business, lottery business, securities trading, and some other
special business activities which shall comply with regulations adopted by the
Minister of Finance.

3.[15]
When determining taxable income, expenses incurred in foreign currencies must
be converted into VND at the average exchange rate on inter-bank foreign
exchange market announced by the State Bank of Vietnam at the time such
expenses are incurred.

The Government shall elaborate and provide
guidelines for this Article.

Article 10. Tax rate
[16]

1. The CIT rate is 22%, except for the cases
specified in Clause 2 and Clause 3 of this Article and entities given
preferential CIT rates as prescribed in Article 13 of this Law.  

From January 01, 2016, the CIT rate of 20% shall
apply to enterprises that are applying the CIT rate of 22% prescribed in this
Clause.

2. An enterprise whose total revenue earned
during a year does not exceed VND 20 billion shall apply the CIT rate of 20%.

The revenue as the basis for determination of
eligibility for 20% CIT rate specified in this Clause is the revenue earned in
the previous year.

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The Government shall elaborate and provide
guidelines for this Article.

Article 11. Tax calculation
method

1. CIT payable in the
period equals (=) assessable income multiplied by (x) CIT rate. The CIT paid
overseas may be deducted but must not be greater than the CIT payable in
accordance with regulations of this Law.

2. Enterprises prescribed
in Point c and Point d Clause 2 Article 2 of this Law shall follow the tax
calculation method prescribed by the Government.

Article 12. Tax-collecting
authorities

An enterprise shall pay tax at the tax authority
in the same province as its headquarters. In case where an enterprise has a
financially dependent factory located in a province other than that where its
headquarters is located, tax shall be paid in both provinces according to the
ratio of expenses incurred by that factory to those incurred by its
headquarters. Collected tax amounts shall be managed and used in accordance
with regulations of the Law on State Budget.

The Government shall elaborate and provide
guidelines for this Article.

Chapter III

CORPORATE INCOME TAX
INCENTIVES

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1. 10% CIT rate for 15
years shall be applied to:

a) Incomes of an enterprise from execution of
new investment projects in extremely disadvantaged areas, economic zones or
hi-tech zones;

b) Incomes of the enterprise from execution of
new investment projects in the following areas:  scientific research and
technology development; application of high technologies given priority
according to the Law on High Technology; cultivation of high technology,
cultivation of high-tech enterprises; venture capital investment in development
of high technologies on the list of high technologies given priority according
to the Law on High Technology; investment in construction, operation of
facilities for cultivation of high technologies, cultivation of high-tech
enterprises; investment in development of particularly important
infrastructural works of the State as prescribed by law; software production;
manufacture of composite materials, light building materials, rare and valuable
materials; production of renewable energy, clean energy, waste-to-energy
process; development of biotechnology; investment in environmental protection;

c) Incomes of high-tech enterprises and
agriculture enterprises applying high technologies as prescribed by the Law on
High Technologies;

d) Incomes of an enterprise from execution of
new manufacturing projects (except for manufacturing of products subject to
excise tax and mineral extraction projects) that satisfy any of the following
criteria:

– The project’s capital is
at least VND 6,000 billion disbursed within 03 years from the date of
investment certificate, and total revenue is at least VND 10,000 billion per
year after no more than 3 years from the first year in which revenues are
generated by the project;

– The project’s capital is
at least VND 6,000 billion disbursed within 03 years from the date of
investment certificate, and it uses over 3,000 employees.

dd) [18]
Incomes of an enterprise for execution of a new investment project for
manufacture of products on the list of ancillary products given priority that
satisfy any of the following criteria:

– Ancillary products are
meant to support high technologies according to regulations of the Law on High
Technologies;

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The list of ancillary products given priority
specified in this Point shall be announced by the Government;

e) [19]
Incomes of an enterprise from execution of manufacturing projects, except for
manufacturing of products subject to excise tax and mineral extraction projects,
) in which investment is at least VND 12,000 billion, using technologies that
must be appraised in accordance with the Law on High Technologies, the Law on
Science and Technology, and capital is disbursed within 05 years from the date
of investment licensing as prescribed in the Law on investment.

2. 10% CIT rate shall be
applied to:

a) Incomes of an enterprise’s investment in the
public sector fields such as education – training, vocational training,
healthcare, culture, sports and environment;

b) Incomes of an enterprise from execution of an
investment project on construction of social housing for sale, lease or lease
purchase to the entities specified in Article 53 of the Law on Housing;

c) Incomes of a press agency from newspapers,
including advertisements on newspapers, as prescribed in the Law on Journalism;
incomes of a publisher from publishing defined in the Law on Publishing;

d) [20]
Incomes of an enterprise from planting, caring and protection of forests;
farming, husbandry, aquaculture in disadvantaged areas; forestry in
disadvantaged areas; production, propagation and cross-breeding of plant
varieties, animal breeds; production, extraction, and refining of salt, except
for salt production prescribed in Clause 1 Article 4 of this Law; investment in
post-harvest preservation of agriculture products; preservation of agricultural
products, aquatic products, and foods;

dd) Incomes of a cooperative from agriculture,
forestry, aquaculture or salt production in areas other than disadvantaged
areas or extremely disadvantaged areas, except incomes of cooperatives in
Clause 1 Article 4 of this Law.

3. 20% CIT rate for 10
years shall be applied to:

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b) Incomes of an enterprise from execution of
new investment projects in the following areas:  production of high-class
steel; production of energy-saving products; production of machinery and
equipment serving agriculture, forestry, aquaculture or salt production;
production of irrigation equipment; production of feeds for livestock and
poultry; development of traditional trades.

Such an enterprise specified in this Clause may
apply 17% CIT rate from January 01, 2016.

3a. [21]
15% CIT rate shall be applied to incomes of enterprises from farming,
husbandry, processing of agricultural and aquatic products in areas other than
disadvantaged areas and extremely disadvantaged areas.

4. 20% CIT rate shall be
applied to incomes earned by people’s credit funds and microfinance
institutions.

People’s credit funds and microfinance
institutions may apply 17% CIT rate from January 01, 2016.

5.[22] The duration of application of
preferential tax rates may be extended as follows:

a) With regard to investment projects with large
scale and high technologies that need investment, the application of
preferential tax rates may be extended but for a maximum period of 15 years;

b) The projects specified in Point e Clause 1 of
this Article that satisfy any of the following criteria:

– The products
manufactured are capable of global competition; the revenue exceeds VND 20,000
billion per year after no more than 05 years from the first year in which
revenue is generated by the project;

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– The project involves
economic-technical infrastructure, including: investment in development of
water plants, power plants, water supply and drainage system, bridges, roads,
railroads, airports, seaports, air terminals, train stations, new energy, clean
energy, energy-saving industry or oil refinery.

The Prime Minister shall decide extension of
duration for application of preferential tax rates prescribed in this Point
provided that the extension shall not exceed 15 years.

5a.[23]
With respect to the investment projects specified in Clause 2 Article 20 of the
Law on Investment, the Prime Minister shall decide to apply a preferential tax
rate reducing by no more than 50% the preferential tax rate specified in Clause
1 of this Article. The duration of application of the preferential tax rate
shall not exceed 1.5 times the duration of application of the preferential tax
rate specified in Clause 1 and may be extended for no more than 15 years and
must not exceed the duration of the investment project.

6. The preferential tax
rates specified in this Article shall apply from first year in which the
enterprise earns revenue from its new investment project. Regarding high-tech
enterprises and agriculture enterprises applying high technologies,
preferential tax rates shall be applied from the date of the certificate of
high-tech enterprise or certificate of agriculture enterprise applying high
technologies. Preferential tax rates shall apply to projects applying high
technologies from the date of certificate of project applying high
technologies.

The Government shall elaborate and provide
guidelines for this Article.

Article 14. Duration of tax
exemption and reduction [24]

1. Incomes of enterprises
from execution of the new investment projects specified in Clause 1, Point a
Clause 2 Article 13 of this Law, and high-tech enterprises and agriculture
enterprises applying high technologies shall be eligible for CIT exemption for
no more than 4 years and 50% reduction of CIT payable for no more than 9
subsequent years.

1a.[25]
With respect to the investment projects specified in Clause 2 Article 20 of the
Law on Investment, the Prime Minister shall decide to apply tax exemption for
no more than 06 years and reduce 50% of total CIT payable for no more than 13
subsequent years.

2. Incomes of an
enterprise from execution of new investment projects specified in Clause 3
Article 13 of this Law and incomes of an enterprise from execution of new
investment projects in industrial parks (except those located in advantaged
areas as prescribed by law) shall be eligible for CIT exemption for no more
than 2 years and 50% reduction of CIT payable for no more than 4 subsequent
years.

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4. If one of the three
conditions prescribed at this Clause is satisfied, the enterprise having a
project of investment in another operating project such as expansion of
production scale, increase of capacity and innovation of production technology
(hereinafter referred to as “expansion”) in a field or area eligible for CIT
incentives may decide whether to apply CIT incentives to its operating project
for the remaining period (if any) or apply tax exemption or reduction to the
increase in incomes from expansion. The duration of tax exemption or reduction
to the increase in incomes from expansion prescribed in this Clause equals the
tax exemption or reduction period applied to a new investment project in the
same field or area eligible for CIT incentives.

The expansion eligible for CIT incentives
specified in this Clause must satisfy one of the following criteria:

a) The increase in cost of fixed assets when the
project is finished and put into operation is at least VND 20 billion, if the
expansion is of a field eligible for CIT incentives as prescribed in this Law,
or VND 10 billion, if the expansion is located in disadvantaged area or
extremely disadvantaged area as prescribed by law;

b) The ratio of increase in cost of fixed assets
to total cost of fixed assets before investment is at least 20%;

c) Design capacity after expansion increases by
at least 20% compared to the design capacity before investment.

In case where an operating enterprise makes an
expansion in a field or area eligible for tax incentives as prescribed in this
Law but fails to satisfy any of the criteria mentioned in this Clause, tax
incentives shall apply to the project for the remaining period (if any).

If the enterprise chooses incentives applied to
expansion, the increase in income from expansion must be accounted for
separately. If the enterprise is not able to separate the increase in income
from expansion, it shall be determined according to the ratio of cost of new
fixed assets to total cost of fixed assets of the enterprise.

The duration of tax exemption or reduction
mentioned in this Clause begins from the year in which the expansion project is
finished and put into operation.

Tax incentives mentioned in this Clause do not
apply in the cases of expansion due to merger or acquisition of operating
projects or enterprises.

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Article 15. Other cases of
CIT reduction

1. A manufacturing,
construction or transport enterprise that employs a large amount of female
employees shall be eligible for CIT reduction which is proportional to the
expenditure on female workers.

2. An enterprise that
employs a large amount of ethnic workers is eligible for CIT reduction which is
proportional to the expenditure on the ethnic workers.

3.[26] Income of an enterprise from transfer
of technology in a field in which the technology transfer is given priority to
an organization or individual located in a disadvantaged area is eligible for
50% reduction of CIT thereon.

The Government shall elaborate and provide
guidelines for this Article.

Article 16. Loss
carryforward [27]

1. An enterprise may carry
forward any loss it incurs to the next years. Such loss is deducted from
assessable income. The maximum loss carryforward period is 5 years from the
year in which loss is incurred.

2. Losses incurred by an
enterprise from transfer of real estate, investment project or right to
participate in an investment project, that remain after offsetting according to
Clause 3 Article 7 of this Law and losses incurred by an enterprise from
transfer of the right to mineral exploration and extraction shall be carried
forward to the next year and deducted from assessable income from such
operation. The loss carryforward period complies with the provisions in Clause
1 of this Article.

Article 17. Contribution to
science and technology development fund

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2. Within 5 years from the
contribution date, if at least 70% of the science and technology development
fund is not used or not used properly, the enterprise shall pay CIT on the
income that was contributed to science and technology development fund but was
not used or not used properly and interest thereon.

CIT rate shall be paid at the rate applied to
the enterprise during the contribution period.

Interests shall be charged on the tax arrears at
the interest rate of 1-year treasury bonds applied at the time of arrears collection
for a 2-year period.

Interest charged on the improperly used amount
is the late payment interest as prescribed in the Law on Tax Administration and
shall be charged for a period from the contribution date to collection date.

3. An enterprise must not
aggregate expenses from its science and technology development fund with its
deductible expenses when calculating taxable income in a tax period.

4. An enterprise’s science
and technology development fund shall be used for making investment in science
and technology in Vietnam.

Article 18. Conditions for
applying CIT incentives [29]

1. CIT incentives
prescribed in Articles 13, 14, 15, 16 and 17 shall apply to enterprises
following accounting and invoicing regulations and pay CIT by declaration.

CIT incentives for new investment projects
prescribed in Article 13 and Article 14 of this Law shall not apply in cases of
full or partial division, merger, consolidation, change of owners, conversation
of enterprises and other cases prescribed by law.

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3. 20% CIT rate prescribed
in Clause 2 Article 10 and regulations on CIT incentives prescribed in Clause 1
and Clause 4 Article 4, Article 13 and Article 14 of this Law shall not apply
to:

a) Incomes from transfer of stakes or right to contribute
capital; incomes from real estate transfer, except for incomes from investment
in social housing prescribed in Article 13 of this Law; incomes from transfer
of investment project or the right to participate in investment project,
transfer of the right to mineral exploration and extraction; incomes from
overseas business operation;

b) Incomes from exploration and extraction of
petroleum, other rare and valuable resources, and income from mineral
extraction;

c) Incomes from provision of services subject to
excise tax prescribed by the Law on Excise Tax;

d) Other cases prescribed by the Government.

4. Within the same tax
period, if an enterprise is eligible for various CIT incentives on the same
income, it shall be entitled to choose the most favorable one.

Chapter IV

IMPLEMENTATION
[30]

Article 19. Effect

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2. This Law supersedes the
Law on Corporate Income Tax No. 09/2003/QH11.

3. An enterprise that is
applying CIT incentives in accordance with regulations of the Law on Corporate
Income Tax No. 09/2003/QH11 shall be eligible for such CIT incentives for the
remaining period specified in such Law; In case such CIT incentives, including
preferential tax rates, tax exemption and reduction period, are less favorable
than those prescribed in this Law, it is entitled to apply CIT incentives
prescribed in this Law for the remaining period.

4. If an enterprise is
eligible for tax exemption or reduction as prescribed in the Law on Corporate
Income Tax No. 09/2003/QH11 but earns not taxable income, the duration of tax
exemption or reduction shall be determined in accordance with regulations of
this Law and begin from the effective date of this Law.

Article 20. Guidelines for
implementation

The Government shall elaborate and provide
guidelines for Articles 4, 7, 8, 9, 10, 11, 12, 13, 14, 15, 18 and other
contents of this Law deemed necessary for management tasks./.

 

 

CERTIFIED BY

CHAIRMAN

Nguyen Hanh Phuc

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[1]
The Law No. 32/2013/QH13 providing amendments to the Law on corporate income
tax is promulgated pursuant to:

“The 1992 Constitution of the Socialist Republic
of Vietnam, as amended in the Resolution No. 51/2001/QH10;”

The Law No. 71/2014/QH13 providing amendments to
the tax laws is promulgated pursuant to:

“ The Constitution of the Socialist Republic
of Vietnam;”

The Law on Investment No.
61/2020/QH14 is promulgated pursuant to:

“ The Constitution of the Socialist Republic
of Vietnam;”

[2] This Clause
is amended according to Clause 1 Article 1 of the Law No. 32/2013/QH13
providing amendments to the Law on Corporate Income Tax, which comes into force
from January 01, 2014.

[3]
This Clause is amended for the first time according to Clause 2 Article 1 of
the Law No. 32/2013/QH13 providing amendments to the Law on Corporate Income
Tax, which comes into force from January 01, 2014, as follows:

“2. Other incomes include incomes from
transfer of stakes or right to contribute capital; incomes from transfer of
real estate, investment projects, right to participate in investment projects,
right to mineral exploration, extraction and processing; incomes from the right
to use and ownership of property, including incomes from intellectual property
rights as prescribed by law; incomes from transfer, lease or liquidation of
assets, including financial instruments; incomes from deposit interests, loan
interests and sale of foreign currencies; incomes from collected bad debts;
incomes from debts payable without identified creditors; omitted incomes from
previous years’ business operation and other incomes, including incomes from
overseas business operation.”.

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[4]
This Clause is amended for the first time according to Clause 3 Article 1 of
the Law No. 32/2013/QH13 providing amendments to the Law on Corporate Income
Tax, which comes into force from January 01, 2014, as follows:

“Incomes from farming, husbandry, aquaculture
and salt production of cooperatives; incomes of cooperatives engaged in
agriculture, forestry, fisheries and salt production in disadvantaged areas or
extremely disadvantaged areas; incomes of enterprises from farming, husbandry
and aquaculture in extremely disadvantaged areas; incomes from fishing
activities.”.

This Clause is amended for the second time
according to Clause 2 Article 1 of the Law No. 71/2014/QH13 providing
amendments to the tax laws, which comes into force from January 01, 2015.

[5]
This Clause is amended according to Clause 3 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[6]
This Clause is added according to Clause 3 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[7]
This Clause is added according to Clause 3 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[8]
This Clause is added according to Clause 3 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[9]
This Clause is added according to Clause 3 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[10]
This Clause is amended according to Clause 4 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

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[12]
This Clause is amended according to Clause 5 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[13]
This Point is amended for the first time according to Clause 5 Article 1 of the
Law No. 32/2013/QH13 providing amendments to the Law on Corporate Income Tax,
which comes into force from January 01, 2014, as follows:

“a) The actual expense incurred is related to
the enterprise’s business operation; expenses on performance of national
defense and security tasks as prescribed by law;”

This Point is amended for the second time
according to Clause 3 Article 1 of the Law No. 71/2014/QH13 providing
amendments to the tax laws, which comes into force from January 01, 2015.

[14]
This Point is amended for the first time according to Clause 5 Article 1 of the
Law No. 32/2013/QH13 providing amendments to the Law on Corporate Income Tax,
which comes into force from January 01, 2014, as follows:

“m) Expenses of advertising, marketing, sales
promotion, brokerage commissions, reception, meetings, marketing aid, and
allowances directly related to business operation in excess of 15% of total
deductible expenses.  Total deductible expenses exclude the expenses
specified in this Point. With regard to commercial activities, total deductible
expenses exclude the costs of purchase of goods to be resold;”

This Point is abrogated according to Clause 3
Article 1 of the Law No. 71/2014/QH13 providing amendments to the tax laws,
which comes into force from January 01, 2015.

[15]
Regulations on exchange rates used for determination of revenues, costs, prices
for tax calculation, assessable income, taxable income and tax payable to state
budget prescribed in this Article are abrogated according to Point a Clause 2
Article 6 of the Law No. 71/2014/QH13 providing amendments to the tax laws,
which comes into force from January 01, 2015.

[16]
This Clause is amended according to Clause 6 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

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[18]
This Point is added according to Clause 5 Article 1 of the Law No. 71/2014/QH13
providing amendments to the tax laws, which comes into force from January 01,
2015.

[19]
This Point is added according to Clause 5 Article 1 of the Law No. 71/2014/QH13
providing amendments to the tax laws, which comes into force from January 01,
2015.

[20]
This Point is amended for the first time according to Clause 5 Article 1 of the
Law No. 32/2013/QH13 providing amendments to the Law on Corporate Income Tax,
which comes into force from January 01, 2014, as follows:

 “d) Incomes of an enterprise from
planting, caring and protection of forests; farming, husbandry, aquaculture in
disadvantaged areas; forestry in disadvantaged areas; production, propagation
and cross-breeding of plant varieties, animal breeds; production, extraction,
and refining of salt, except for salt production prescribed in Clause 1 Article
4 of this Law; investment in post-harvest preservation of agriculture products;
preservation of agricultural products, aquatic products, and foods;”.

This Point is amended for the second time
according to Clause 6 Article 1 of the Law No. 71/2014/QH13 providing
amendments to the tax laws, which comes into force from January 01, 2015.

[21]
This Clause is added according to Clause 7 Article 1 of the Law No.
71/2014/QH13 providing amendments to the tax laws, which comes into force from
January 01, 2015.

[22]
This Clause is amended for the first time according to Clause 7 Article 1 of
the Law No. 32/2013/QH13 providing amendments to the Law on Corporate Income
Tax, which comes into force from January 01, 2014, as follows:

“5. With regard to investment projects with
large scale and high technologies that need investment, the application of
preferential tax rates may be extended but for a maximum period of 15 years.”.

This Clause is amended for the second time
according to Clause 8 Article 1 of the Law No. 71/2014/QH13 providing
amendments to the tax laws, which comes into force from January 01, 2015.

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[24]
This Article is amended according to Clause 8 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[25]
This Clause is added according to Point b Clause 4 Article 75 of the Law on
Investment No. 61/2020/QH14, coming into force from January 01, 2021.

[26]
This Clause is amended according to Clause 9 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[27]
This Article is amended according to Clause 10 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[28]
This Clause is amended according to Clause 11 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[29]
This Article is amended according to Clause 12 Article 1 of the Law No.
32/2013/QH13 providing amendments to the Law on Corporate Income Tax, which
comes into force from January 01, 2014.

[30]
Article 2 of the Law No. 32/2013/QH13 providing amendments to the Law on
Corporate Income Tax, which comes into force from January 01, 2014, stipulates
as follows:

“Article 2

1. This Law comes into
force from January 01, 2014, except the regulations in Clause 2 of this
Article.

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3. An enterprise whose
investment project is eligible for CIT incentives (including preferential tax
rates, tax exemption or reduction) by the end of the tax period 2013 according
to legislative documents on CIT in force before the effective date of this Law
shall be eligible for CIT incentives the remaining period specified in such
documents. In case where the enterprise meets the eligibility conditions for
CIT incentives laid down in this Law, it may choose between keeping on applying
the old CIT incentives or applying those specified in this Law for the
remaining period if it is eligible for CIT incentives applied to enterprises
established from new investment projects or expansion projects.

At the end of the tax period 2015, an
enterprise that has investment projects eligible for 20% CIT rate prescribed in
Clause 3 Article 13 of the Law on corporate income tax 14/2008/QH12, as amended
in Clause 7 Article 1 of this Law, shall apply 17% CIT rate from January 01,
2016 for the remaining period.

4. The following
regulations on corporate income tax are abrogated:

a) Clause 2 Article 7 of the Law on Deposit
Insurance No. 06/2012/QH13;

b) Clause 2 Article 4 of the Law on Health
Insurance No. 25/2008/QH12;

c) Clause 1 Article 10, Clause 1 Article 12,
Clause 2 Article 18, Clause 2 Article 19, Clause 1 and Clause 2 Article 22,
Clause 3 Article 24 and Clause 2 Article 28 of the Law on High Technologies No.
21/2008/QH12;

d) Clauses 1, 4, 5, 6, 7 and 8 Article 44,
Article 45 of the Law on Technology Transfer No. 80/2006/QH11;

dd) Clause 1 Article 53, Clause 5 Article 55
and Clause 3 Article 86 of the Law on vocational training No. 76/2006/QH11;

e) Clause 1 Article 68 of the Law on
Vietnamese guest workers No. 72/2006/QH11;

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h) Clause 3 Article 8 of the Law on legal aid
No. 69/2006/QH11;

i) Clause 3 Article 66 of the Law on Higher
Education No. 08/2012/QH13;

k) Article 34 of the Disabilities Law No.
51/2010/QH12;

l) Clause 4 Article 33 of the Law on
investment No. 59/2005/QH11;

m) Clause 2 Article 58, Clause 2 Article 73,
Clause 3 Article 117 and Clause 3 Article 125 of the Law on Enterprises No.
60/2005/QH11.

5. The Government shall
elaborate and provide guidelines for articles and clauses of this Law as
assigned.”.

Clause 3 Article 2 of the Law No. 32/2013/QH13
providing amendments to the Law on Corporate Income Tax, which comes into force
from January 01, 2014, as amended in Clause 9 Article 1 of the Law No.
71/2014/QH13 providing amendments to the tax laws, which comes into force from
January 01, 2015, stipulates as follows:

“3. Any enterprise having an investment
project shall be eligible for CIT incentives in accordance with regulations of
the Law on Corporate Income Tax from the date of issuance of the license or
investment certificate as prescribed by regulations of the Law on
investment.  Where amendments to regulations of the Law on Corporate
Income Tax are made and an enterprise meets eligibility conditions for CIT
incentives prescribed by new regulations, such enterprise may decide whether to
apply the old or new regulations on preferential CIT rate, duration of tax
exemption/reduction for the remaining period from the day on which new
regulations come into force.

At the end of the tax period 2015, an
enterprise that has investment projects eligible for 20% CIT rate prescribed in
Clause 3 Article 13 of the Law on Corporate Income Tax No. 14/2008/QH12, as
amended in the Law No. 32/2013/QH13, shall apply 17% CIT rate from January 01,
2016 for the remaining period.”.

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“Article 6

1. This Law comes into
force from January 01, 2015.

2. The following
regulations on exchange rates used for determination of revenues, costs, prices
for tax calculation, assessable income, taxable income and tax payable to state
budget are abrogated:

a) Article 8 and Clause 3 Article 9 of the
Law on Corporate Income Tax No. 14/2008/QH12, as amended in the Law No.
32/2013/QH13;

b) Clause 1 Article 6 of the Law on Personal
Income Tax No. 04/2007/QH12, as amended in the Law No. 26/2012/QH13;

c) Clause 3 Article 7 of the Law on Value
Added Tax No. 13/2008/QH12, as amended in the Law No. 31/2013/QH13;

d) Article 6 of the Law on Excise Tax No.
27/2008/QH12;

dd) Clause 3 Article 9 and Article 14 of the
Law on Export and Import Duties No. 45/2005/QH11;

e) Clause 4 Article 86 of the Customs Law No.
54/2014/QH13.

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4. Regulations on
determination of taxes incurred by individual businesses in Clause 1 Article 19,
Clause 1 Article 20 and Clause 1 Article 21 of the Law on Personal Income Tax
No. 04/2007/QH12, as amended in the Law No. 26/2012/QH13 are abrogated.

5. The Government and
competent agencies shall elaborate articles and clauses of this Law as
assigned.”.

Article 76 and Article 77 of the Law on
Investment No. 61/2020/QH14, which comes into force from January 01, 2021,
stipulate as follows:

“Article 76. Implementation

1. This Law comes into
force from January 01, 2021, except the regulations in Clause 2 of this
Article.

2. The regulations set
out in Clause 3 Article 75 of this Law come into force from September 01, 2020.

3. The Law on
Investment No. 67/2014/QH14 amended by the Law No. 90/2015/QH13, the Law No.
03/2016/QH14, the Law No. 04/2017/QH14, the Law No. 28/2018/QH14 and the Law
No. 42/2019/QH14 shall cease to have effect from the effective date of this
Law, except for Article 75 of the Law on Investment No. 67/2014/QH14.

4. Individuals who are
Vietnamese citizens may use their personal identification numbers instead of
copies of their identity cards/citizen identity cards, passports or other
personal identification documents upon following administrative procedures set
out in the Law on Investment and Law on Enterprises if the national population
database is connected to the national investment and enterprise registration
database.

5. Any legislative
document that refers to regulations on project approval decisions or investment
guideline decisions in accordance with the Law on Investment shall be
implemented in accordance with the regulations on investment guideline approval
of this Law.

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để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.

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DĐ:

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1. Investors that were
issued with investment licenses, investment incentive certificates, investment
certificates or investment registration certificates before the effective date
of this Law shall execute their investment projects in accordance with such
investment licenses, investment incentive certificates, investment certificates
or investment registration certificates.

2. Investors are not
required to follow procedures for approval for investment guidelines in
accordance with this Law with respect to the investment projects in one of the
following cases:

a) The investors obtained investment
guideline decisions, investment guideline approval or investment approval in
accordance with regulations of laws on investment, housing, urban areas and
construction before the effective date of this Law;

b) The investors have started execution of
projects that are not subject to approval for their investment guidelines,
investment guideline decision or investment guideline or issuance of the
investment registration certificate in accordance with regulations of laws on
investment, housing, urban areas and construction before the effective date of
this Law;

c) Investors won the bidding for investor
selection or the land use right auction before the effective date of this Law;

d) Projects have been granted investment
incentive certificates, investment licenses, investment certificates or
investment registration certificates before the effective date of this Law.

3. If an investment
project specified in Clause 2 of this Article is adjusted and the adjustments
are subject to approval for investment guidelines in accordance with this Law, the
procedures mentioned in this Law must be followed to obtain approval for
investment guidelines or adjust investment guidelines.

4. Any investment
project executed or approved or allowed to be executed in accordance with
regulations of law before July 01, 2015 and subject to project execution
security as prescribed in this Law is not required to have a deposit or a bank
guarantee.  If the investor adjusts the objectives or schedule for
execution of the investment project or repurposes land after the effective date
of this Law, the investor must pay a deposit or obtain a bank guarantee in
accordance with this Law.

5. Any debt collection
service contract concluded before the effective date of this Law shall cease to
have effect from the effective date of this Law; and the parties to such
contract may carry out activities to liquidate the contract in accordance with
the civil law and other relevant regulations of law.

…

…

…

TVPL

Pro

để sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.

Mọi chi tiết xin liên hệ: ĐT:

(028) 3930 3279

DĐ:

0906 22 99 66

Bạn phải đăng nhập hoặc đăng ký Thành Viênđể sử dụng được đầy đủ các tiện ích gia tăng liên quan đến nội dung TCVN.Mọi chi tiết xin liên hệ:

7. The regulation in
Clause 3 Article 44 of this Law applies to both investment projects to which
land was allocated before the effective date of this Law and projects to which
land has not yet been allocated.

8.  In the event
that the law stipulates that documentation serving administrative procedures
must consist of an investment registration certificate or written approval for
investment guidelines but the investment project is not subject to issuance of
an investment registration certificate or written approval for investment
guidelines as prescribed in this Law, the investor is not required to submit an
investment registration certificate or written approval for investment
guidelines.

9. With respect to
areas which have difficulties in providing land for development of residential
housing, service facilities and public utilities for employees working in
industrial parks, the competent authority may adjust the planning for
construction of industrial zones (for industrial parks established before July
01, 2014) to reserve part of the land area for development of residential housing,
service facilities and public utilities for employees working in the industrial
parks.

After adjustment of the planning, the land
area for development of residential housing, service facilities and public
utilities for employees working in an industrial park must be outside the
geographical boundary of the industrial park and must ensure an environmental
safety distance in accordance with the law on construction and other relevant
regulations of law.

10. Grandfather clauses
on outward investment activities:

a) Regulations on the duration of outward
investment projects set out in outward investment licenses and outward
investment certificates issued before July 01, 2015 shall cease to have effect;

b) Any investor issued with an outward
investment license or certificate or outward investment registration
certificate to make outward investment in a conditional business line subject
to conditional outward investment in accordance with this Law may continue to
make investment according to the issued outward investment license or
certificate or outward investment registration certificate.

11. From the effective
date of this Law, if any document has been received and the deadline for
processing thereof has expired but the results have not been returned in
accordance with the Law No. 67/2014/QH14 on Investment amended by the Law
No.  90/2015/QH13, the Law No. 03/2016/QH14, the Law No. 04/2017/QH14, the
Law No. 28/2018/QH14 and the Law 42/2019/QH14, such document shall continue to
be processed in accordance with Law 67/2014/QH14 on Investment amended by the
Law No. 90/2015/QH13, the Law No. 03/2016/QH14, the Law No. 04/2017/QH14, the
Law No. 28/2018/QH14 and the Law No. 42/2019/QH14.

12. The Government
shall elaborate this Article.”.