(vasep.com.vn) In August 21st 2012, Ministry of Finance (MoF) promulgated the Circular No. 140/2012/TT-BTC guiding the Government’s Decree No. 60/2012/ND-CP, detailing the implementation of the National Assembly’s Resolution No. 29/2012/QH13.
The Resolution promulgates a number of tax policies to help organizations and individuals resolve their difficulties. The Circular stipulated that reducing 30% of the enterprise income tax in 2012 for medium and small enterprises, including co-operatives, intensive-labor enterprises that produce, outsource, process products of agriculture, forestry, aquaculture, textile and garment, leather and footwear, electronic components; building socio-economic infrastructural constructions.
Tax reduction is not applied to medium and small enterprises doing lottery, real estate, securities, finance, banking, insurance business or producing goods, providing services subject to special consumption tax. In case, medium and small enterprises which have business in many sectors, tax reduction will be calculated for their incomes from lottery, real estate, securities, finance, banking, insurance business or producing goods, providing services subject to special consumption tax.
The Circular will take effect from October 5th 2012.
KT