In this Alert, we would like to highlight the notable contents of this Decree as follows:

Updates on quarterly provisional Corporate Income Tax (“CIT”) payment

• The total amount of provisional CIT payment for four (04) quarters must not be less than 80% of total CIT payable upon

finalization. Previously was CIT payment for the first 03 quarters must not be less than 75% of total CIT payable at year-end.

• If there is any underpaid provisional CIT liability, the late payment interest would be applied on the outstanding amount counting

from the next day after the deadline of the 4th quarter CIT payment.

• The regulation on provisional CIT payment will be retrospectively applied from the tax assessment year 2021 onwards.

• If the taxpayers paid the provisional CIT payment of the first 03 quarter less than 75% of the total CIT payable upon finalization for

the tax assessment year 2021, they could apply the guidance in Decree 91 provided that the late payment interests shall not increase.

Updates on Personal Income Tax (“PIT”) return submission

• When the income payer is subject to quarterly/ month PIT declaration but there is no PIT withheld in that quarter/ month, withholding PIT filing is not required for such quarter/ month.

Updates on the disclosure of information from e-commerce platforms

• E-commerce platform service providers in Vietnam are obliged to provide the information of e-commerce transactions conducted on their platforms, including seller’s name, tax identification number or personal identification number or ID/passport number, address, phone number, and sales revenue.

• Such information must be reported on quarterly basis through the General Department of Taxation’s web portal. 

According to Decree, Instead of paying taxes in October 30th 2022, businesses will be delayed paying until January 30th 2023, which means they can use this capital to continue producing and doing business for a few months.

Because the world economic situation is fluctuating, inflation is increasing more and more, consumers intend to decrease their spending, Firms, especially Export And Import Ones have to face a lot of troubles. Not only is it hard to find customers but also control their capital.

According to Decree, Instead of paying taxes on October 30th 2022, businesses will be delayed paying until January 30th 2023, which means they can use this capital to continue producing and doing business for a few months.

Because the world economic situation is fluctuating, inflation is increasing more and more, consumers intend to decrease their spending, Firms, especially Export And Import Ones have to face a lot of troubles. Not only is it hard to find customers but also control their capital. By changing the time collecting tax fee, The government has helped businesses have time to use their capital for producing and doing business.

"We have a plan to spend money to complete our income tax payment at the end of October. Fortunately, since hearing the news, We have stopped to take money for our business." said Mr. Harry Ta

 It is very grateful for enterprises when The Government made such timely adjustments. Hopefully, thanks to regular Government's Innovation, Businesses will take advantage of opportunities to achieve year- end goals.