PERMISSION TO EXTEND TAX YEAR MAXIMUM 2

Many new content on corporate income tax, personal income tax and value added tax by the Government Decree No. 91/2014 / ND-CP dated 01.10.2014 amending and supplementing a number of articles in the decree on tax.

First of all, this Decree specifies, case projects the unpaid capital construction were recorded in the State budget estimate tax payment will be extended up to 02 years from the date of expiry pay taxes; however, the amount of tax to be extended shall not exceed the amount owed to the State budget (previously, the time may be extended up to 01 years of debt).

At the same time, the Decree also added a new regulation on tax payment forms. Accordingly, based on the results of production, sales, implementation provisional taxpayers pay income tax by quarterly business on the 30th day of the quarter following the quarter in the tax liability arises. For those businesses must prepare quarterly financial reports shall be based on the financial statements and the tax provisions to determine the corporate income tax temporarily paid quarterly; for businesses not established financial reporting, based on the corporate income tax of previous years and the expected results of production and business in order to determine the payment of quarterly advance tax.

Where the total 04 times lower temporary payment of 20% or more compared to the corporate income tax payable under the settlement, the enterprise must pay interest for the delayed payment of the difference of 20% or more between the temporary payment with the finalization of the date following the last day of your tax payment deadline of 04 business days to actually pay the outstanding tax amount compared to the settlement.

Also, according to the decree, the quarterly tax will apply to taxpayers who meet the conditions that the total sales of goods and services in the preceding year from 50 billion or less; instead of the 20 billion or less as before.

This Decree shall take effect on the date of 15/11/2014.

Sources from "Law Vietnam"