Government delays corporate income tax payment

The Vietnamese Government has agreed to extend corporate income tax payments by three months to help enterprises surmount difficulties and boost economic development.

Under a new decision, textile outsourcing firms are allowed to pay corporate tax three months after the usual deadline (Photo: SGGP)

The regulation will take effect as of April 10, 2010.
 
Under the decision, approved by the Prime Minister, eligible firms are allowed to pay corporate tax three months after the usual deadline. For example, in the second quarter, they can pay on October 30 at the latest.
 
The extension applies to small- and medium-sized enterprises (SMEs), production companies, and textile and footwear outsourcing firms.
 
The tax deferment option will be in place until the end of the year. The corporate tax rate is now 25 percent.

New schedule for payment of corporate income tax: 

Usual deadline

Delayed deadline

Quarter I

July 30, 2010

Quarter II

October 30, 2010

Quarter III

January 31, 2011

Quarter IV

April 30, 2011

By Ng.Quang – Translated by Minh Anh

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