Extended Pay Window for Enterprise Income Tax in Labor-intensive Businesses (27/10)
27/10/2011 - 12 Lượt xem
According to the decision, from November 30, 2011, labor-intensive businesses, cooperatives earning revenue from producing and processing farm produce, forest products, seafood, textiles, garments, leather and footwear products and electronic components and from socioeconomic infrastructure project construction and installation can defer their 2011 enterprise income tax for a year.
Beneficiaries of this extension payment are businesses that employ more than 300 workers (exclusive of subsidiary businesses) in 2011.
The extension payment is only subject to enterprise income tax related to the above-mentioned activities. The decision says that the extension payment is only applied to businesses and cooperatives that are established and operate according to Vietnam law, apply accounting systems, invoices and other documentation according to Vietnam law and pay taxes under the tax declaration mode. Businesses and cooperatives benefiting from the extension payment have to make balance sheets designed specifically for activities subject to the extension payment.
In cases where a business cannot clarify enterprise income tax related to activities subject to the extension payment, that business defines percentage of revenue from those activities per its total revenue. If the business cannot define that percentage it can temporarily fix a certain percentage that will be adjusted according to the business's 2011 actual tax balance sheet.
Schedule for extension payment of enterprise income tax:
Tax of the first quarter of 2011 is to be paid no later than April 30, 2012, while tax of the second quarter of 2011 is to be paid no later than July 30, 2012, tax of the third quarter of 2011 is to be paid no later than October 30, 2012, and tax of the fourth quarter of 2011 is to be paid no later than March 31, 2013.
Referring to units that do not apply a solar calendar tax payment period, the extension payment of enterprise income tax is only subject to temporarily paid tax of four quarters of 2011./.
Source: VEN.
