Corporate income tax is the type of tax levied on the income of business organizations and governed by the 2008 Law on Corporate Income Tax (amended in 2013 and 2014). The standard CIT rate is 20%. From 1 January 2016, the standard corporate tax rate is 20%. Vietnam corporate income tax - Vietnam's National Assembly has agreed to a corporate income tax reduction of 6 percentage points for most businesses … assignees). The employer and employee contributions are 1% each on total salary and some allowances. Vietnam imposes a standard corporate income tax (CIT) at a 20% flat rate. 25/2018/TT-BTC, revising and supplementing the existing circulars on value added tax (VAT), corporate income tax and personal income tax. In terms of corporate tax reporting and compliance, your company should submit tax statements on a monthly, quarterly and annual basis, regardless of whether you conduct any business activities and have any tax liabilities or not. The Corporate Income Tax (CIT) and the Value Added Tax (VAT) constitute the workhorse of the Vietnam tax system and each generates about 7% of GDP in revenues. Corporate Tax Rates 2020 includes information on statutory national and local corporate income tax rates applicable to companies and branches, as well as any applicable branch tax imposed in addition to the corporate income tax (e.g., branch profits tax or branch remittance tax). Decree 123 will take effect from 1 July 2022, but taxpayers that meet the technology infrastructure requirements are encouraged to implement e-invoices and e-documents as regulated in this Decree before the deadline of 1 July 2022. Special or preferential tax rates of 10% or 20% can be granted to encouraged investment projects. Foreign companies or individuals that operate in Vietnam are considered foreign contractors and subject to Foreign Contractors Tax– FC… The current tax rate applicable to corporate income is 20%. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Salary earned from working abroad is not taxed in Vietnam. Vietnam corporate tax to probably be reduced by 30%. Expatriates are only subject to the HI. The stamp duty rates vary depending on the asset transferred. The most significant change could be the scope of application; individuals who do business are not subject to the Law on CIT but the Law on Personal Income Tax.That is to say, the amended CIT Law only applies to taxpayers who operate in a corporate form. By continuing to browse this site you agree to the use of cookies. Vietnam will cut corporate income tax for science and technology companies from March 1 to boost the development of science and technology – PHOTO: THANH HOA HCMC – Companies active in the science and technology sectors in Vietnam will enjoy the exemption and reduction of corporate income tax for up to 13 years, beginning from March 1, 2021, according … the deadline for compulsory implementation of e-invoices from 1 November 2020 until 1 July 2022. The concept of residency is not in use for companies in Vietnam.Domestic companiesoperating under Vietnamese law will be taxed on local and foreign profits, though corporate income taxes paid abroad can be deductible from the Vietnamese one. Change of business location more than two times within 12 months without any notification or any tax declaration at the new location. There is no concept of tax residency for CIT. VAT applies to goods and services used for production, trading, and consumption in Vietnam (including goods and services purchased from non-residents), with certain exemptions. Since 1 January 2019, the tax rates are as follows: In November 2020, the National Assembly has approved the new Law on environmental protection, which will take effect from 1 January 2022. Goods exported and then re-imported back to Vietnam due to sales returns by overseas customers. Sales of goods or provision of services to related parties (a definition thereof is included). Vietnam’s government on September 25 signed off on implementing a 30 percent corporate income tax cut for the 2020 financial year. Prior to 1 December 2018, Social insurance (SI) contributions were applicable to Vietnamese individuals only. A variety of tax reductions and –exemptions is applied The tax is charged on the specific land area used based on the prescribed price per square metre at progressive tax rates ranging from 0.03% to 0.15%. The tax is charged on the specific land area used based on the prescribed price per square metre at progressive tax rates ranging from 0.03% to 0.15%. Monthly Tax & Customs Newsletter and Alert are publications prepared by Deloitte Vietnam, which aim to keep our clients and the public up to date on tax and customs notable regulations that affect companies doing business in Vietnam. Trending . In contrast to common tax systems, the Vietnamese law on CIT does not focus only on corporate enterprises. Vietnam has recently announced some changes over VAT and Corporate Income Tax. The new law will ease tax administration procedures for entities while ensuring strict enforcement to prevent tax evasion. Your message was not sent. We have updated our 2021 Tax Guide for Vietnam, which is a comprehensive document covering taxation in Vietnam – for both Corporate Taxpayers and Individuals. Tax rate for enterprises operating in the oil and gas and other precious natural resources sectors ranges from 32% to 50%, depending on the project. However, if the business engages in highly-encouraged sectors or geographical areas, it is subject to corporate income tax incentives in Vietnam. These individual taxpayers in Vietnam are eligible for tax refunds on the personal income tax. The 0.4 percent tax has been proposed by the Ministry of Finance, which claims it will bring in VND31 trillion ($1.3 billion) per year and help Vietnam “get in line with regulations on property tax rates in other countries.” However, experts have expressed their … At the exit, a VC (or any private equity fund) in particular or any foreign investors in general would have several liquidity considerations including IPO, share redemption and, most commonly, M&A. Corporate Income Tax in Vietnam (CIT) (SB Law) CIT is levied on the taxable income of companies established in Vietnam including foreign invested companies. Businesses in the oil, gas and natural resources sector are subject to a heavier tax rate, ranging from 32% to 50% on their taxable income. 'High tax risk enterprises' are required to use e-invoices with a verification code continuously for 12 months. The Corporate Tax Rate in Vietnam stands at 20 percent. Taxpayers need a current guide, such as the Worldwide Corporate Tax Guide, in such a shifting tax landscape, especially if they are contemplating new markets. The requirements for data transmission to the tax authorities and the use of e-invoices with a verification code under Clause 12, Article 5 of Decree 12/2015 is abolished. EY Vietnam received Prime Minister’s Certificate of Merit. Most goods imported into Vietnam are subject to import duty except and import VAT they qualify the conditions for exemption, such as goods imported for the production of subsequently exported goods under toll manufacturing or contract manufacturing arrangements, goods imported to form fixed assets of incentivised investment projects (in this case import VAT is not exempted), etc. Compulsory UI contributions are applicable to Vietnamese individuals only. Therefore, salary earned from working abroad is taxable in Vietnam. From 2016 it will be further reduced to 20%. Corporate Tax Rates in Vietnam. Natural water used for agriculture, forestry, fisheries, salt industries, and sea water for cooling purposes may be exempt from NRT, provided that certain conditions are satisfied. Unemployment insurance (UI) contributions are applicable to Vietnamese individuals only. Please see www.pwc.com/structure for further details. While some industries still require foreigners to form a joint venture with a Vietnamese, Vietnam has consistently liberalized its foreign investment regime and most industries now allow full ownership by foreigners;; The most popular corporate vehicle to do business in Vietnam is the limited liability company.Such entity can be registered … Vietnam could afford raising public debt to support post-Covid recovery. Projects eligible for free zone registration are usually eligible for tax benefits. Generally, gains resulting from such exit could be taxed by the Government of Vietnam under the sphere of corporate income tax. Anti-dumping tax, anti-subsidy tax, safeguard tax are all considered as supplemental import duties applicable to the imported goods under certain scenarios. PwC - Vietnam Pocket Tax Book 2018 Special Sales Tax • Taxable Price • Tax Credits • Tax Rates Natural Resources Tax Property Taxes Environment Protection Tax Import and Export Duties List of Countries by Corporate Tax Rate - provides a table with the latest tax rate figures for several countries including … Keeping your tax reports in compliance is a time-consuming yet crucial part of doing business, especially when operating in a foreign market. Current Vietnam Corporate Tax Rate is 38.10%. Taxable revenue includes income from the sale of goods, provision of services, leasing or sale of assets, joint venture operations and more. Before using e-invoices (either with or without a verification code), enterprises must register and obtain approval from the tax authorities via the web portal of the General Department of Taxes (GDT). Please try again. However, since Vietnam's independence in 1945, it has largely been influenced by the ruling Communist Party.Currently, the main sources of corporate law are the Law on Enterprises, the Law … By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement. Vietnam’s National Assembly on June 19 ratified the government’s proposal to cut corporate income tax (CIT) by 30 percent. See “Other incentives” section for further The income subject to SI/HI/UI contribution comprises salary, certain allowances, and other regular payments according to labour law, but this is capped at 20 times the basic salary for SI/HI contributions and 20 times the minimum regional salaries for UI contribution. Salary/wage subject to SI contribution is capped at 20 times the minimum salary, stipulated by the Government from time to time, Motorcycle with cylinder capacity above 125cm, Air-conditioners (not more than 90,000 BTU). Interest Certain assets, including houses, land, automobiles and motorcycles, etc., that are subject to registration of ownership are subject to stamp duty. NRT is payable by industries exploiting Vietnam’s natural resources, including petroleum, minerals, natural gas, forest products, natural seafood, natural bird’s nests, and natural water. Sale of agricultural products that have not been processed into other products or have only been through preliminary processing. The reduction was approved by more than 90 percent of all State members. This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - List of Countries by Corporate Tax Rate. The standard corporate income tax rate in Vietnam is 20% of a company’s taxable income. Import duty rates are classified into three categories: ordinary rates, preferential rates, and special preferential rates. Tax Law in Vietnam Tax Administration Corporate Income Tax International Tax Withholding Tax International Tax Agreements Foreign Contractor Tax Controlled Foreign Companies Transfer Pricing Non-Resident Capital Gains Indirect Taxes Value Added Tax Special Sales Tax Import/Export Duties Employment Taxes Social, Health and Unemployment Insurance The range of rates is wide depending upon the location, infrastructure, and the industrial sector in which the business is operating. In addition, Circular 68/2019/TT-BTC guiding the implementation of Decree 119 on e-invoicing was released (Circular 68) in October 2019 and took effect from 14 November 2019. Particularly, to support enterprises being affected by Covid-19, the Government has introduced a 30% CIT reduction for 2020 under Decree 114/2020, which took effect on 3 August 2020 and is applicable to taxpayers that have total revenue in 2020 of not exceeding VND 200 billion. EPT is an indirect tax that is applicable to the production and importation of certain goods deemed detrimental to the environment, the most significant of which are petroleum and coal. Taxpayers must file VAT returns on a monthly basis by the 20th day of the subsequent month or on a quarterly basis by the 30th day of the subsequent quarter (for companies with prior year annual revenue of VND 50 billion or less). Vietnam Announces Corporate Tax Breaks For SMEs by Mary Swire, Tax-News.com, Hong Kong 15 April 2019. multiplying the imported good’s dutiable value by the corresponding import duty rate. Vietnam Corporate Taxation The general corporate income tax rate in Vietnam is 20%. Corporate Tax Rates 2020 includes information on statutory national and local corporate income tax rates applicable to companies and branches, as well as any applicable branch tax imposed in addition to the corporate income tax (e.g., branch profits tax or branch remittance tax). Corporate Income Tax ... PwC - Vietnam Pocket Tax Book 2018 6 7 12 14 19 20 PwC 3. Their revenue performance compares well with most of the neighboring ASEAN countries. Please contact for general WWTS inquiries and website support. Preferential tax rates can be obtained for encouraged projects. are exempt from FCWT. The UI contributions are capped at 20 times the minimum regional salary stipulated by the Government from time to time. Health insurance (HI) contributions are required for Vietnamese and foreign individuals that are employed under Vietnam labour contracts for at least three months. 25/2018/TT-BTC, revising and supplementing the existing circulars on value added tax (VAT), corporate income tax and personal income tax. No withholding or remittance tax is imposed on profits paid to foreign corporate shareholders. certain repairs, training, advertising, promotion etc.) It highlights recent improvements in corporate governance regulation, makes policy recommendations, and provides investors with a benchmark against which to measure corporate governance in Vietnam. Corporate income tax will be completely exempted in the first four years and […] Visit our. Vietnam Corporate Tax Rate chart, historic, and current data. The other rates are applicable to Vietnam companies operating in specific industries, such as oil and gas. The standard tax rate is reduced to 22% from 1 January 2014. See the Tax credits and incentives section for more information. Corporate law in Vietnam was originally based on the French commercial law system. Tax Compliance in Vietnam. Vietnam Corporate Taxation The general corporate income tax rate in Vietnam is 25%. Skip to content. Vietnam Corporate Income Tax. Enterprises operating in the oil and gas industry are subject to CIT rates ranging from 32% to 50%, depending on the location and specific project conditions. Enterprises (generally companies) are subject to the tax rates imposed under the CIT Law. Preferential CIT rates of 10%, 15%, and 17% are available where certain criteria are met. In addition, owners of houses and apartments have to pay land tax under the law on non-agricultural land use. Vietnam is planning to slash corporate income tax rates from the current 20-22% to 15-17% in an effort to make the country one of the most competitive economies in … Please try again. Corporate Tax Rates 2020. Vietnam has recently announced some changes over VAT and Corporate Income Tax. Corporate income tax Vietnam imposes a standard corporate income tax (CIT) at a 20% flat rate. Companies operating in this country should take note of the changes and stay compliant with the regulations. Decree 51/2010, Decree 04/2014 amending Decree 51/2010 and Decree 119/2018) still apply and enterprises can continue to use current invoices until receipt of a notification from the tax authorities. Please contact for general WWTS inquiries and website support. Corporate income tax in Vietnam, also known as corporation tax or company tax, is levied on both foreign as well as domestic companies. HCMC – Companies active in the science and technology sectors in Vietnam will enjoy the exemption and reduction of corporate income tax for up to 13 years, beginning from March 1, 2021, according to Circular 03 issued by the Ministry of Finance. The subjects of this tax is almost all products and services in Vietnam domestic market, except some subjects that are used for societal purpose, in agriculture, education, medical service, insurance, aiding, science, mineral, … There are no local, state, or provincial income taxes in Vietnam. The FTA between ASEAN member states and Japan; The FTA between ASEAN member states and China; The FTA between ASEAN member states and Hong Kong; The FTA between ASEAN member states and India; The FTA between ASEAN member states and Korea; The FTA between ASEAN member states and Australia and New Zealand; The trade agreement between Vietnam and Cambodia; The trade agreement between Vietnam and Laos; The FTA between Vietnam and Eurasian Economic Union (Vietnam and the Customs Union of Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan); The CPTPP pact or TPP-11 (i.e. Foreign investors generally pay rental fees for land use rights. © 2017 - 2021 PwC. Corporate Tax Rate in Vietnam averaged 26.77 percent from 1997 until 2020, reaching an all time high of 35 percent in 1998 and a record low of 20 percent … Industries where enterprises are allowed to use e-invoices without a verification code of the tax authorities will be determined based on the economic sectors as regulated. All taxes are imposed at the national level. The most significant change could be the scope of application; individuals who do business are not subject to the Law on CIT but the Law on Personal Income Tax.That is to say, the amended CIT Law only applies to taxpayers who operate in a corporate … The standard CIT rate is 20%. Special preferential rates are applicable to imported goods from countries that have a special preferential trade agreement (or Free Trade Agreement) with Vietnam. Collections on behalf of other parties that are not related to the provision of goods/services (e.g. Import duty is computed on an ad valorem basis, i.e. Compulsory HI contributions are applicable to both Vietnamese individuals and expatriates, except those transferred from their mother companies abroad to subsidiary firms in Vietnam (i.e. This update includes changes arising during the 2021 year due to Covid-19 stimulus incentives from the Government and other material changes arising for taxpayers in 2021. The MFN rates are in line with Vietnam’s World Trade Organization (WTO) commitments and are applicable to goods imported from other WTO member countries. the EVFTA). Tax Filing and payment of tax – Tax on employment income is withheld by the employer and remitted to the tax authorities. There are several rates at which the corporate tax is levied in Vietnam, however the tax authorities impose a standard tax rate of 20%. Decree 51/2010, Decree 04/2014 amending Decree 51/2010 and Decree 119/2018). The level of compulsory SI contribution for Vietnamese employees is 25.5% of total salary, of which 17.5% is the employers’ obligation and the remaining 8% is the employees’ obligation. Business organisations established under the laws of Vietnam are subject to CIT and taxed on worldwide income. Every company in Vietnam, both local and international, is required to comply with all applicable regulations.. silver, gold, gemstones) are subject to CIT rates of 40% or 50%, depending on the project’s location. The standard corporate income tax (CIT) rate is 20%. Residents in Vietnam have to pay tax on their worldwide income at progressive tax rates. Export duties are charged only on a few items, basically certain natural resources. The Vietnamese government has released Circular No. Vietnam's Ministry of Finance has forwarded a proposal to parliament to legislate for corporate tax relief for small and medium sized enterprises. Vietnam to cut 30% corporate income tax in 2020. Vietnam business registration summary. Vietnam Value Added Tax is calculated based on the added value from each stage of the supply chain, from manufacturing to distribution and consumption. Expatriates are exempt. Dividends. This page displays a table with actual values, consensus figures, forecasts, statistics and historical data charts for - List of Countries by Corporate Tax Rate. Enterprises engaging in prospecting, exploration, and exploitation of mineral resources (e.g. Tax rate for enterprises operating in the oil and gas and other precious natural resources sectors ranges from 32% to 50%, depending on the project. There is no specific change to the above EPT rates stated under this new Law. However, on 19 October 2020, the Government issued Decree 123/2020 (Decree 123) guiding invoices and documents, which extends the deadline for compulsory implementation of e-invoices from 1 November 2020 until 1 July 2022. Corporate tax rates in Vietnam. From January 2016, companies in Vietnam are generally taxed at a standard flat Corporate Income Tax Rate of 20%. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. HI contribution rates are 4.5% of total salary and some allowances, with two-thirds contributed by the employer and one-third by the employee. This article was last updated in January 2019. Corporate Tax Rates 2020. Decree 119 and Circular 68 make e-invoices compulsory for all enterprises from 1 November 2020. Certain services rendered by a foreign organisation, which does not have a PE in Vietnam where the services are rendered outside of Vietnam, including repairs to means of transport, machinery, or equipment, advertising, marketing, promotion of overseas investment and trade, brokerage activities for the sale of overseas goods and services, training, and certain international telecommunication services. The compulsory use of e-invoices is extended to 1 July 2022. overnment issued Decree 123/2020 (Decree 123) guiding invoices and documents, which. While Vietnam is a rising star in ASEAN, its tax systems can be time-consuming and complex. This site uses cookies to collect information about your browsing activities in order to provide you with more relevant content and promotional materials, and help us understand your interests and enhance the site. The imported good ’ s dutiable value by the Government has released an Decree. 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