Vietnam Extends Corporate Income Tax Payments by 3 Months
Vietnamese Prime Minister Nguyen Tan Dung has approved the Ministry of Finance to extend the deadline for local enterprises to pay corporate income tax by three months as part of government efforts to boost the economic growth.
Small and medium enterprises (SMEs), particularly firms involved in textile and footwear outsourcing will be subject to the decision which will take effect on April 10.
The firms are eligible to pay the 25% corporate income tax three months after the usual deadline on October 30 at latest.
The government had previously decided to allow delayed payments for corporate income tax for the first three months of 2010.
In 2009, the ministry spent VND10 trillion for tax concessions and arrears for local enterprises in government efforts to stimulate growth and consumption.
Of the sum, the 30% corporate income tax reductions for the fourth quarter of 2008 and the whole year of 2009 were estimated at VND3.1 trillion. (Labor)
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