{"id":12621,"date":"2020-10-05T10:43:43","date_gmt":"2020-10-05T10:43:43","guid":{"rendered":"https:\/\/bizlawyer.vn\/guidance-on-the-declaration-of-cit-payable-reduction-in-2020"},"modified":"2020-10-05T10:43:43","modified_gmt":"2020-10-05T10:43:43","slug":"guidance-on-the-declaration-of-cit-payable-reduction-in-2020","status":"publish","type":"post","link":"https:\/\/bizlawyer.vn\/zh-hans\/guidance-on-the-declaration-of-cit-payable-reduction-in-2020","title":{"rendered":"Guidance on the declaration of CIT payable reduction in 2020"},"content":{"rendered":"

On September 25, 2020, the Government issued Decree No. 114\/2020\/ND-CP, detailing
\nthe implementation of the National Assembly's Resolution No. 116\/2020\/QH14 on
\ncorporate income tax (\u201cCIT<\/strong>\u201d) payable in 2020 for enterprises, cooperatives, non-business
\nunits and other organizations (”Decree 114\/2020\/ND-CP<\/strong>”).<\/p>\n

Accordingly, guidance on the declaration of CIT payable reduction in 2020, specifically as
\nfollows:<\/p>\n

1. Enterprises shall determine by themselves the reduced CIT amount:<\/strong><\/p>\n

– Enterprises determine by themselves the amount of CIT to be reduced when: temporarily
\ncalculating tax (quarterly) and declaring the CIT payable in the CIT period 2020.<\/p>\n

– When making a tax declaration dossier, the enterprise shall declare the reduced CIT on the
\ndeclaration forms enclosed with Circular No. 151\/2014\/TT-BTC dated October 10, 2014 of
\nthe Ministry of Finance and the amended and supplemented documents (if any) and in the
\nCIT Appendix are reduced according to Resolution No. 116\/2020\/QH14 issued together
\nwith Decree 114\/2020\/ND-CP.<\/p>\n

2. When enterprises underpay\/overpay the quarterly temporary tax amount:<\/strong><\/p>\n

– Underpayment compared to the temporarily paid tax amount (quarterly)<\/em>: The enterprise
\nmust additionally pay the outstanding tax + late payment interest in accordance with the
\nLaw on Tax Administration and its guiding documents.<\/p>\n

– Overpayment compared to the payable tax amount of the CIT period 2020<\/em>: Overpaid tax
\namounts shall be handled according to the provisions of the Law on Tax Administration
\nand guiding documents.<\/p>\n

3. Inspection and examination by competent state agencies in the declaration of CIT<\/strong>
\npayable reduction in 2020:<\/strong><\/p>\n

– Through inspection and examination, the competent authority discovered: (1) Enterprises<\/em>
\nare not subject to tax reduction according to the provisions of Decree 114\/2020\/ND-CP; or<\/em>
\n(2) The payable tax amount of the CIT period 2020 is larger than the paid tax amount<\/em> =>
\nthe enterprise must pay: the outstanding tax + late payment interest from the date of
\nexpiration of the tax payment time limit + fines in accordance with the Law on Tax
\nAdministration and its guiding documents.<\/p>\n

– In case enterprises: (1) additionally declaring CIT declaration dossiers for the tax period<\/em>
\n2020; or (2) implementing a decision after inspection and examination by a competent<\/em>
\nauthority<\/em> => Leading to an increase in CIT payable, the additional CIT is reduced by 30%
\nin accordance with the Decree. 114\/2020\/ND-CP.<\/p>\n

– In case enterprises: (1) additionally declaring CIT declaration dossiers for the tax period<\/em>
\n2020; or (2) implementing a decision after inspection and examination by a competent<\/em>
\nauthority<\/em> => Leading to the reduction of corporate income tax payable, the overpaid tax amount (if any) shall be handled according to the provisions of the Law on Tax<\/p>\n

Administration and guiding documents.<\/p>\n

4. The value of the Decree 114\/2020\/ND-CP provides:<\/strong><\/p>\n

– It is a supporting policy from the state to help enterprises overcome difficult times due to
\nthe impact of the Covid-19 epidemic;<\/p>\n

– It is the capital facilitation for enterprises to develop production and business, improve
\ncompetitiveness, expand production scale;<\/p>\n

– It is a measure to maintain long-term revenues for the state budget.<\/p>\n

Above is the news: Guidance on the declaration of CIT payable reduction in 2020, in<\/p>\n

Decree No. 114\/2020\/ND-CP.<\/p>\n

Decree No. 114\/2020\/ND-CP takes effect from the effective date of Resolution No.
\n116\/2020\/QH14 and applies to the CIT period 2020, interpreted as August 3, 2020.<\/p>\n

Hope the above information is helpful to The Valued Readers.<\/p>\n

Bizlawyer is pleased to accompany with you!<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

On September 25, 2020, the Government issued Decree No. […]<\/p>\n","protected":false},"author":3,"featured_media":12617,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16],"tags":[],"class_list":["post-12621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-16"],"_links":{"self":[{"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/posts\/12621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/comments?post=12621"}],"version-history":[{"count":0,"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/posts\/12621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/media\/12617"}],"wp:attachment":[{"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/media?parent=12621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/categories?post=12621"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bizlawyer.vn\/zh-hans\/wp-json\/wp\/v2\/tags?post=12621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}