Question

Law on Enterprise Income Tax in Vietnam No. 14/2008/QH12 dated June 3, 2008, took effect on January 01, 2009. It was amended and supplemented by the Law No. 32/2013/QH13 dated June 19, 2013 on amending and supplementing some articles of the Law on enterprise income tax in Vietnam which  takes effect on January 01, 2014; and by the Law No. 71/2014/QH13 dated November 26, 2014 on amending and supplementing a number of articles of the Laws on taxes. Then, it was consolidated at Law on enterprise income tax No. 14/VBHN-VPQH dated December 11, 2014.

Answer

Law on Enterprise Income Tax in Vietnam 

Some remarkable provisions of the Law on Enterprise Income Tax No. 14/VBHN-VPQH dated December 11, 2014:

The common Corporate Income Tax rate (CIT rate) is 20%, applicable from 01 January 2016;

Tax rate incentives;

Tax exemption and reduction duration incentives;

Carrying forward of losses: Loss-suffering enterprises may carry forward their losses to the subsequent year; those losses may be included in taxable income. The time limit for carrying forward losses is five years, counting from the year following the year the losses arise.

DMS Law firm’s services:

Law on accounting and taxes in Vietnam

Attorneys and experts at DMS Law office in Danang, Vietnam have +20 years of work experience in management consulting from small, medium companies to large groups, corporations, foreign invested companies in Vietnam, multinational companies in Vietnam.

DMS Lawyers and Members in Danang, Vietnam have an in-depth understanding of Law on Enterprise Income Tax and related laws, such as: Law on Tax Administration, Law on Value-Added Tax, Foreign Contractor Tax, Law on Excise Tax, Law on Personal Income Tax, Law on Enterprises and specialized laws applicable to different types of enterprise./.

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(Signed)

Lawyer Do Minh Son