CIT

Update news CIT

The year 2020 is witnessing a wave of enterprises leaving the market after being hit hard by the Covid-19 pandemic.

Businesses complain about new CIT payment regulation

Under the new regulation, by the end of the third quarter, enterprises have to estimate the amounts of tax of the fourth quarter and pay the amounts.

Vietnam approves 30% CIT reduction

The Government has decided to implement a 30 per cent corporate income tax (CIT) cut for certain businesses for the 2020 financial year.

93% enterprises to benefit from cut in corporate income tax

About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17 per cent from July 1 this year, down from the current rate of 20 per cent.

 

Da Nang has second centralised IT Zone

Prime Minister Nguyen Xuan Phuc has signed a decision to approve the Da Nang Information Technology Park (DITP) as a centralised information technology (CIT) zone.

Ministry proposes cut in corporate tax, but hikes for other taxes

VietNamNet Bridge - The Ministry of Finance’s (MOF) recent proposals on raising many kinds of taxes and fees have been facing strong opposition from the public.

Investors happy about new cut in corporate income tax

VietNamNet Bridge - The stock market has shown positive reactions to the disclosure of the government’s intention to slash the corporate income tax (CIT) from 20-22 percent to 15-17 percent.

Finance Ministry wants 1% tax on transfer price in M&A deals

In an effort to prevent involved parties from evading tax by inaccurately declaring profits from M&A deals, MOF plans to tax one percent on the transfer price, to be applied to businesses, and one percent on income, to be applied to individuals.

Tax increases could have negative impact on economy

VietNamNet Bridge – The Ministry of Finance (MOF) is seeking approval to raise the VAT in 2019, raising concern among economists. 

Unilever Vietnam asked to pay tax arrears

VietNamNet Bridge - The decision by the government's taxation body to force Unilever Vietnam to pay tax arrears without imposing a fine has raised controversy.

Bigger incentives considered to attract investment

 VietNamNet Bridge – Deputy Chairman of the National Assembly’s Committee on Financial and Budgetary Affairs Dinh Van Nha shared with VIR’s Manh Bon the Ministry of Finance’s latest proposals

Deficit higher than expected

VietNamNet Bridge – Viet Nam's State budget deficit was estimated to hit VND92.39 trillion in the first half of this year, equal to 57 per cent of the annual plan set by the National Assembly,

Tax breaks aimed at attracting investment

VietNamNet Bridge – Industrial zones may become more appealing if tax incentives are re-introduced. This is the thinking behind a draft law on Corporate Income Tax prepared by the Ministry of Finance.

Bright CIT news on horizon

VietNamNet Bridge – It appears likely that enterprises can enjoy the corporate income tax reduction from July this year instead early next year as planned previously.