Adjusting the regulation on temporary payment of 75% of corporate income tax

The Ministry of Finance has sent a written report to the Prime Minister for permission to amend a number of articles of Decree 126/2020/ND-CP, including a provision for the temporary payment of corporate income tax for the first three quarters of the year.

This is the content of Official Dispatch No. 13983/BTC-TCT dated December 7, 2021 of the Ministry of Finance in response to voters' petition sent to the 2nd session of the 15th National Assembly on the temporary payment of 75% of enterprises' income tax in the first three quarters of the year.

And in fact, some industries such as: real estate, commerce, investment... often have revenue at the end of the year. However, it is not possible to predict the revenue and profit of the fourth quarter in advance, so if you pay taxes in advance, it is really difficult for the cash flow of the business. Therefore, it is proposed to have a document to guide Decree 126/2020/ND-CP so that it is convenient for businesses and not more disadvantageous than the previous regulations.

Accordingly, businesses are allowed to extend the temporary payment of corporate income tax for the first quarter of 2021 and the second quarter of 2021.However, n the second quarter and third quarter of 2021, there were 23 provinces and cities that had to implement social distancing. In which, a number of provinces and cities are large economic areas, where the majority of businesses are concentrated, but many businesses have to temporarily suspend production and business, do not generate revenue and income.

Entering the fourth quarter of 2021, the Government has implemented many measures to prevent and control the Covid-19 epidemic in the new situation, businesses gradually resume operations. To facilitate support for businesses in the context of the Covid-19 pandemic, the Ministry of Finance has sent a written report to the Prime Minister for permission to amend a number of articles of Decree 126/2020/ND-CP, in which: provision for temporary payment for the first 3 quarters of the year mentioned above.

Based on the direction of the Prime Minister, the Ministry of Finance will draft a Decree amending and supplementing Decree 126/2020/ND-CP in a shortened form and send it to ministries and branches for comments to submit to submission.


 

 

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