On August 17th, 2021, the Ministry of Finance issued Circular No. 71/2021/TT-BTC providing guidance on corporate income tax for establishments implementing socialization that have not yet arrears in accordance with Resolution 63/NQ-CP August 25th, 2014.
Accordingly, societalized entities shall be entitled to corporate income tax incentives under laws and the Prime Minister’s decisions over periods of time in the following specific circumstances:
- In cases where societalized entities meet the conditions according to the detailed list of types, size-related criteria and standards promulgated along with one of Decision No. 1466/QD-TTg or Decision No. 693/QD-TTg or Decision No. Decree 1470/QD-TTg shall be entitled to corporate income tax incentives for the remaining time since meeting the conditions;
- In cases where societalized entities meet the conditions before the time when the above 03 Decisions take effect, they shall be entitled to corporate income tax incentives for the remaining time since the effective date of the Decisions;
- In cases where societalized entities do not meet the mentioned above conditions, they shall make additional declarations of the amount of corporate income tax underpayment (if any), self-assess corporate income tax amount that must be paid or corporate income tax arrears that tax authorities will retrospectively collect until they meet the conditions stated in the Prime Minister’s Decisions.
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This legal update is for general information only and is not a substitute for legal advice.
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