Global

Details

  • Service: Tax, International Corporate Tax, Global Compliance Management Services
  • Type: Regulatory update
  • Date: 12/14/2012

Vietnam - Alternative corporate income tax incentives 

December 14:   Vietnam’s Ministry of Finance issued guidance providing alternative corporate income tax incentives for enterprises that were operating under an incentive regime based on export ratios (the export ratio-based incentive was withdrawn pursuant to Vietnam’s WTO commitments).

The guidance—Circular 199/2012/TT-BTC is dated 15 November 2012, and is effective 31 December 2012—applies for the 2012 tax year and subsequent years.

Overview

As part of joining the World Trade Organization (WTO), Vietnam agreed to repeal certain corporate income tax incentives based on export ratios.


With the recent guidance, enterprises can select and apply one of the other corporate income tax incentives for the remaining period of the export ratio-based incentive. Those enterprises electing to apply other incentives must notify the local tax authorities in Vietnam by the due date (i.e., the deadline for filing their 2012 corporate income tax finalization return).


Read a December 2012 report [PDF 643 KB] prepared by the KPMG member firm in Vietnam: Withdrawal of corporate income tax (CIT) incentives toward export enterprises and alternative incentive options




©2012 KPMG LLP, a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative ("KPMG International"), a Swiss entity. All rights reserved.


The KPMG logo and name are trademarks of KPMG International.


KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever.


The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation.


Direct comments, including requests for subscriptions, to go-fmtaxnewsflash@kpmg.com.
For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at:

+ 1 202 533 4366

1801 K Street NW
Washington, DC 20006.

 

Share this

Share this

Subscribe

Subscribe to receive the latest TaxNewsFlash email alerts (you must select the option for TaxNewsFlash)


Already a Subscriber? Login


Not a member? Subscribe now

Contact us