The Law on Corporate Income Tax (CIT) 2008 was approved by the 12th National Assembly at the third session on June 3, 2008 and took effect from January 1, 2009. After more than 15 years of implementation, certain provisions of the applicable Law on CIT have shown inadequacies and are no longer suitable for the current economic context. Consequently, the Ministry of Finance has developed a project dossier of the Law on CIT (amended) with some notable new points as follows:
(i) Supplementing regulations on global anti-base erosion rules.
(ii) Adding CIT-exempt income from the transfer of carbon credits, interest, and the transfer of green bonds for the first time after issuance.
(iii) Abolishing the regulation on the threshold value of 20 million Viet Nam dong or more for goods purchase invoices, recognizing non-cash payment documents when determining expenses deductible from CIT.
(iv) Amending and supplementing regulations on non-deductible expenses related to loan interest rates.
(v) Supplementing regulations on CIT rates applicable to small and micro enterprises.
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