Circular No. 83/2012/TT-BTC dated May 23, 2012 of the Ministry of Finance guiding the exemption, reduction and deferment of payment of a number of state budget revenues according to the Government’s Resolution No. 13/NQ-CP of May 10, 2012, on a number of solutions for removing production and business difficulties and supporting the market

PROLONGING THE ENTERPRISE INCOME TAX PAYMENT TERMS FOR 09 MONTHS

The Ministry of Finance issued the Circular No. 83/2012/TT-BTC dated May 23, 2012 guiding exemption, reduction and prolongation of time limit for a number of State budget revenues according to the Government’s Resolution No. 13/NQ-CP dated May 10, 2012 on a number of solutions to remove difficulties in production business and market support.

Of which, prolonging the enterprise income tax payment terms for 09 months regarding the enterprise income tax amount payable in 2010 or earlier that until May 10, 2012, the following enterprises still fail to pay State budget remittances: small- and medium-sized enterprises, enterprises in producing, processing sectors, enterprises producing mechanical products being means of production, means of waterway transportation, steel, cement.

Payment delaying shall not be fined within the period from January 01, 2012 until the end of September 30, 2012 regarding the enterprise income tax amounts having not been paid of enterprises prescribed above. If the tax agency has notified the fine for payment delaying, the tax agency shall notify again the fine for payment delaying.

The Circular also stresses on prolonging the deadlines of the value-added tax (VAT) payment of April, May and June of 2012 for 06 months (excluding VAT of the importation stage) regarding enterprises paying VAT under the deduction method being the following subjects: small and medium-sized enterprises, enterprises in producing, processing sectors.

Branches, affiliated units of small and medium-sized enterprises and labor-intensive enterprises which are not in the same province of the head office (excluding units having activities of construction, installation, sale as extra-provincial business declare VAT for temporary calculation under rates 1%, 2%) separately making VAT declaration with the tax agencies directly managing the branches and affiliated units are also subjects of prolongation of VAT payment.