Policies on reducing and pronging time for payment of Corporate Income Tax in 2009POLICIES ON REDUCTION, PROLONGATION OF TIME FOR
PAYMENT OF CIT IN 2009
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To implement the package for encouragement of consumption of the Government of Vietnam, on 13 January 2009 Ministry of Finance did issue Circular No. 03/2009/TT-BTC providing guidelines for implementation of policies on reducing and pronging time for payment of Corporate Income Tax (“CIT”) in 2009. In particular:
1. Enterprises being entitled to reduction and prolongation of time for payment of CIT are including:
1.1 Small and medium enterprises satisfying any of the two conditions as follows:
- Having Charter capital not exceeding VND 10 billion; or
- Having average labour in 4th quarter of 2008 not exceeding 300 persons.
1.2 Enterprises manufacturing, processing and producing agricultural, forestry and aquatic products, garment products, leather products and shoes, electronic spare-parts.
2. Policies on reduction and prolongation of time for payment of CIT:
2.1 Enterprises as mentioned at Item 1.1 shall be entitled a reduction of 30% over the CIT amount of 4th quarter of 2008 and CIT amount of the whole year of 2009 and entitled to delay payment of CIT of 2009 for 09 months (the final time for making payment of CIT amount is 09 months from due time for payment of CIT amount of each quarter);
2.2 Enterprises as mentioned at Item 1.2 shall be entitled to delay payment of CIT of 2009 for 09 months (the final time for making payment of CIT amount is 09 months from due time for payment of CIT amount of each quarter).
3. Time for application: 45 days as from 13 January 2009.
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