Can the profits from real estate transfer be offset with losses from business activities ?

In case, when finalizing corporate income tax (CIT) in 2021, can enterprises offset profits from business activities with losses of real estate transfer, project transfer, investment, transfer the right to participate in the implementation of investment projects ?

Taxable income:

Income from real estate transfer, investment project transfer, transfer of the right to participate in investment projects: must be accounted separately for corporate income tax declaration and payment (from January 1, 2016, the CIT rate is 20%), is not entitled to income tax incentives;

Enterprises in the tax period that suffer a loss from real estate transfer, investment project transfer, transfer of the right to participate in the implementation of investment projects (except for mineral exploration and mining projects), such loss is offset against the profit from production and business activities (including other incomes specified in Article 7 of Circular No. 78/2014/TT-BTC); after offsetting, the remaining loss is carried forward to the following years within the time limit for carrying forward losses as prescribed (Article 2 of Circular No. 96/2015/TT-BTC dated June 22, 2015).

Based on the above legal provisions, only in the case of enterprises in the tax period suffering losses from real estate transfer activities, those losses shall be offset against the profits of production and business activities, there is no regulation on the opposite (vice versa), thus in case the enterprise has a profit from real estate transfer, this profit shall not be offset against the loss of business activities;

Therefore, when finalizing CIT in 2021, if the enterprise makes a profit from the transfer of real estate, the transfer of investment projects, the transfer of the right to participate in the implementation of investment projects, it cannot be offset against a loss of business activities, but must be declared and paid CIT of real estate transfer activities.

Can the profit of production and business activities be offset with the loss of real estate transfer ?