• 24/02/2022 11:11

Legal basis: Circular 156/2013/TT-BTC

                                Circular 151/2014/TT-BTC

I. CIT finalization declaration document.

- A declaration for finalization of corporate income tax, made according to form 03/TNDN.

- Annual financial reports.

- Appendices attached to the tax finalization declaration (if any) such as:

▪️ Appendix of production and business results made according to Form No. 03-1A/TNDN, Form No. 03-1B/TNDN, Form No. 03-1C/TNDN.

▪️ Appendix for loss transfer according to form No. 03-2/TNDN.

▪️ Appendices on CIT incentives (if any) such as 03-3A/TNDN, 03-3B/TNDN, 03-3C/TNDN...

⏭️ Some cases to note:

1. Enterprises and organizations that pay CIT according to the % on sales of goods and services, shall declare and finalize their annual CIT according to form No. 04/TNDN (issued together with Circular 151).

- If enterprises and organizations are eligible to pay CIT at the rate of % on sales of goods and services, but do not regularly conduct business in goods and services subject to CIT, they shall declare CIT according to each time it is incurred, according to form No. 04/TNDN, and do not have to declare annual finalization.

Note: Enterprises that declare VAT by the direct method, does not mean that they also declare CIT as a percentage on revenue (This is for non-business units) -> You want to calculate the percentage rate of revenue, you must send an official letter to tax for advice, if you agree, then you can do it.

2. If an enterprise has a production facility (including a processing and assembling facility) that does dependent accounting in a different province from its head office, then:

- Pay corporate income tax centrally at the head office.

a) Procedures for transferring documents between the Treasury and the Tax Authority

▪️ Enterprises self-determine the CIT amount to be calculated and paid at the place of head office and dependent branches, in order to make CIT payment documents for the locality where the head office is located and each locality where the dependent production facility is located.

▪️ The tax payment vouchers must clearly state that the payment to the state budget revenue account at the State Treasury is at the same level as the tax agency where the head office registers tax declaration and the locality where the dependent production facility is located.

▪️ The State Treasury where the head office is located shall transfer money and state budget vouchers to the relevant State Treasuries to account for the state budget revenue tax portion of the dependent production facility.

b) Tax finalization

▪️ Enterprises declare and finalize CIT at the place where their head office is located:

Remaining CIT payable = CIT payable according to finalization ( - ) Temporarily paid at the place where the head office is located and temporarily paid at the place where dependent production establishments are located.

▪️ The amount of CIT still payable or refunded upon finalization is also distributed according to the correct proportions at the place where the head office and dependent production establishments are located.

II. Location of submitting the declaration of CIT finalization in 2022.

▪️  Submit to the tax agency for direct management.

▪️ If the enterprise has an affiliated unit that does independent accounting, the affiliated unit shall pay the tax agency directly to manage the affiliated unit.

▪️ If an enterprise has an affiliated unit but does dependent accounting, that affiliated unit is not required to submit a corporate income tax return. Enterprises are responsible for centralized declaration at the head office, including the arising part at the affiliated units.

III. The deadline for submission of tax finalization declarations in 2022

▪️ No later than the 90th day (ninety), from the end of the calendar year or the fiscal year according to point dd, Clause 3, Article 10 of Circular 156/2013/TT-BTC stipulating.

In case the enterprise divides, separates, consolidates, merges, transforms the form of ownership, dissolves or terminates its operation:

▪️ No later than the 45th (forty-fifth) day from the date of issuance of a decision on the enterprise's division, separation, consolidation, merger, the transformation of ownership form, dissolution, or termination of the operation.

In case of natural disaster, fire, or unexpected accident:

▪️ Enterprises must make a written request for extension and submit it to the tax agency directly managing it (which clearly states the reason for the extension, certified by the People's Committee of the commune, ward, or township or the police station of the commune, ward or township).

▪️ The extension must not exceed 60 (sixty) days from the expiration of the deadline for submitting tax finalization declarations.

IV. CIT rate

▪️ The CIT rate in 2021 is 20% specified in Article 11 of Circular 78/2014/TT-BTC, specifically as follows:

Before January 1st, 2016:

▪️ Enterprises engaged in the production and trading of goods and services with a total annual turnover of not more than 20 billion dongs shall apply the tax rate of 20%.

▪️ Enterprises with total annual revenue of over VND 20 billion apply the tax rate of 22%.

▪️ Newly established enterprises in less than 12 months:

  • In the year of provisional calculation of the quarter at the tax rate of 22% (except for cases eligible for tax incentives);
  • At the end of the fiscal year, if the average revenue of the months of the year does not exceed VND 1.67 billion, the enterprise shall finalize the payable corporate income tax of the fiscal year at the tax rate of 20%;
  • If the average monthly revenue in the first year does not exceed 1.67 billion VND, the following year the enterprise may apply the corporate income tax rate of 20%.

From January 1st, 2016 up to now, all businesses that are applying the tax rate of 20% and 22% have switched to applying the tax rate of 20%.

⏭️ Special cases:

▪️ The corporate income tax rate for oil and gas prospecting, exploration, and exploitation activities in Vietnam is from 32% to 50%. Based on the exploitation location, exploitation conditions, and mine reserves, enterprises having investment projects in oil and gas prospection, exploration and production shall send investment project dossiers to the Ministry of Finance for submission to the Prime Minister for a decision on specific tax rates for each project and each business establishment.

▪️ The corporate income tax rate applicable to the search, exploration, and exploitation of precious and rare natural resources (including: platinum, gold, silver, tin, wonfram, antimony, precious stones, rare earth excluding petroleum) apply a tax rate of 50%;

▪️ In case rare and precious natural resource mines with 70% or more of the assigned area are located in areas with extremely difficult socio-economic conditions on the list of areas eligible for corporate income tax incentives, promulgated together with the Decree No. 218/2013/ND-CP of the Government applies the corporate income tax rate of 40%.

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