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Decree 92/2013 on implementation of CIT and VAT

Decree No. 92/2013/ND-CP dated 13 August 2013 has been issued to provide guidance on the implementation of the amendments to the corporate income tax (CIT) and value added tax (VAT) as previously reported:

-   Reduction of CIT to 20% for enterprises with a total annual revenue not exceeding VND 20 billion, effective since 1 July 2013. The reduced CIT rate applies to total revenue from the sale of goods and services from the preceding year. Enterprises in operation for less than 1 year, may apply the reduced rate if they have an average monthly revenue (until 30 June 2013) less than VND 1.67 billion. The reduced rate of 20% does not apply to revenue from:
-   capital transfer, transfer of right to contribute capital, revenue from real estate transfer (except for revenue from investment and business in social houses specified in article 3 of Decree No. 92/2013/ND-CP), revenue from transfer of investment projects, transfer of rights to participate in investment projects, transfer of rights to explore and exploit minerals, and revenues from activities of production and business outside of Vietnam;
-   exploration and exploitation of petroleum, other rare and precious natural resources, and revenues from exploiting minerals;
-   the provision of services that are subject to excise tax.
-   Reduced CIT rate of 10% for revenue from investment and business in social housing. "Revenue" refers to the income received from the sale, lease or lease for purchase of the social housing from 1 July 2013. The income from such activities should be accounted for separately so as to avoid any confusion.
-   Reduced VAT rate of 5% for the sale, lease or lease for purchase of social houses and 50% reduction on the VAT rate for the sale, lease or lease for purchase of commercial houses. The reduced rate of 5% applies to contracts concluded after 1 July 2013 and/or payments made from 1 July 2013 onwards. The 5% VAT rate applies to the gross price but excludes interest due on instalment payments, late payments and other similar interest.
The 50% reduction of VAT tax rate for contracts of sale, lease or lease for purchase of commercial housesapplies to payments made from 1 July 2013 to 30 June 2014.

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