Vietnam Issues Guidance on Corporate Income Tax Changes for 2015

On 22 June 2015, Vietnam issued Circular 96/2015/TT-BTC, which provides guidance on a number of changes for corporate income tax in 2015. Main changes are summarized as follow.

Revenue Recognition Timing

• Income from offshore investment projects is to be declared in the year the income is remitted to Vietnam instead of the year it was derived or subsequent year; and
• The timing for revenue recognition for services is changed from the date the invoice is issued to the time when the service pro…