On June 22th 015, the Ministry of Finance issued Circular No. 96/2015/TT-BTC on guidelines for corporate income tax of Decree No.12/2015/ND-CP dated February 12th 2015, amendment and supplementation to some contents of Circulars about tax.
Accordingly, the Circular regulates on the following issues:
1. Declaration and payment of corporate income tax by Vietnamese enterprises which make investments in foreign countries are amended and supplemented.
2. Loss carry forward between taxed incomes are more specific.
3. Time for determining turnover in order to calculate of taxable income from service provision are amended
4. Deductible expenses and non-deductible expenses when determining taxable incomes are added.
5. Determining the purchase price of transferred stake.
6. Other incomes are annulled. More instructions on other incomes are also provided.
In addition, the Circular also introduces on carrying loss forward upon full and partial division of enterprises are added.
Conditions for application of corporate income tax incentives, concessional rates, duration of tax exemption and reduction are also amended and supplemented.
Circular No. 96/2015/TT-BTC takes effect from August 06, 2015 and applies to the tax period of 2015 onwards.