Decree No. 114/2020/ND-CP guidance on the National Assembly’s Resolution No. 116/2020/QH14

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ATTRIBUTE

Decree No. 114/2020/ND-CP dated September 25, 2020 of the Government on detailing the implementation of the National Assembly’s Resolution No. 116/2020/QH14 on reduction of enterprise income tax payable in 2020 for enterprises, cooperatives, non-business units and other organizations
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Official number:114/2020/ND-CPSigner:Nguyen Xuan Phuc
Type:DecreeExpiry date:
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Issuing date:25/09/2020Effect status:
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Fields:Enterprise , Tax - Fee - Charge

SUMMARY

Guidance on reduction 30% of enterprise income tax payable in 2020

On September 25, 2020, the Government issues the Decree No. 114/2020/ND-CP on detailing the implementation of the National Assembly’s Resolution No. 116/2020/QH14 on reduction of enterprise income tax payable in 2020 for enterprises, cooperatives, non-business units and other organizations.

Specifically, to reduce 30% of enterprise income tax amount payable in the enterprise income tax period of 2020 for enterprises having total turnover no more than VND 200 billion in 2020. In case an enterprise’ expected total turnover in the enterprise income tax period of 2020 is not exceed VND 200 billion, such enterprise shall determine its quarterly temporary payment equivalent to 70% of the quarterly payable enterprise income tax amount.

At the end of the enterprise income tax period of 2020, if the enterprise’s total turnover in 2020 is not exceed VND 200 billion, such enterprise shall make a declaration of reduction of enterprise income tax for 2020 when settling enterprise income tax as prescribed.

If the first enterprise income tax period of a newly established enterprise is 2019 or the last enterprise income tax period of an enterprise which is converted into another form, or has it form of ownership transformed, or is consolidated, merged, split up, divided, dissolved or bankrupted is 2021, and such period is less than 03 months, then such period shall be added into the enterprise income tax period of 2020 to become an enterprise income tax period.

This Decree takes effect on August 03, 2020 and applies for the enterprise income tax period of 2020.

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THE GOVERNMENT

________

No. 114/2020/ND-CP

THE SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness

________________________

Hanoi, September 25, 2020

 

 

DECREE

On detailing the implementation of the National Assembly’s Resolution No. 116/2020/QH14 on reduction of enterprise income tax payable in 2020 for enterprises, cooperatives, non-business units and other organizations

__________________

 

Pursuant to the Law on Organization of the Government dated June 19, 2015;

Pursuant to the Law on Tax Administration dated June 13, 2019;

Pursuant to the Enterprise Income Tax dated June 03, 2008, which is amended and supplemented by the Law No. 32/2013/QH13 and the Law No. 71/2014/QH13;

Pursuant to the National Assembly’s Resolution No. 116/2020/QH14 on deduction of enterprise income tax payable in 2020 for enterprises, cooperatives, non-business units and other organizations;

At the proposal of the Minister of Finance;

The Government hereby promulgates the Decree on detailing the implementation of the National Assembly’s Resolution No. 116/2020/QH14 on reduction of enterprise income tax payable in 2020 for enterprises, cooperatives, non-business units and other organizations.

 

Article 1. Subjects of application

This Decree applies to enterprise income taxpayers being goods and service production and business organizations which have taxable incomes (hereinafter referred to as enterprises) as prescribed in Article 1 of the Resolution No. 116/2020/QH14, including:

1. Enterprises established in accordance with Vietnamese Law.

2. Organizations established in accordance with the Law on Cooperatives.

3. Non-business units established in accordance with Vietnamese Law.

4.  Other organizations established in accordance with Vietnamese law and engaged in income-generating production and business activities.

Article 2. Reduction of enterprise income tax

1. To reduce 30% of enterprise income tax amount payable in the enterprise income tax period of 2020 for enterprises having total turnover no more than VND 200 billion in 2020.

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