LEGAL UPDATE
Most recently legal issuance during the first week of October 2020
| Decision No. 28/2020 / QD-TTg on the list of scrap permitted to be imported from abroad for use as raw production materials
Effective date 15 November 2020 |
| “On 24 September 2020, the Prime Minister issued the List of scrap permitted to be imported from abroad for use as raw production materials attached to this decision. Specifically, this Decision provides for a roadmap for some types of scrap that are allowed to be imported from abroad as raw production materials until the end of 31 December 2021:
1. Recovered (waste and scrap) paper or paperboard: Other, including unsorted waste and scrap (HS code 4707.90.00); 2. Granulated slag (slag sand) from the manufacture of iron or steel: (Granulated slag including: small grain slag, sand slag from iron and steel refining industry) (HS code 2618.00.00).” |
| Decree No. 114/2020/ND-CP guiding Resolution No. 116/2020/QH14 on reduction of payable corporate income tax in 2020 for enterprises, cooperatives, non-business units and other organizations.
Effective date 3 August 2020 |
| “On 25 September 2020, the Government issued Decree No. 114/2020/ND-CP guiding Resolution No. 116/2020/QH14 on reduction of payable corporate income tax in 2020 for enterprises, cooperatives, non-business units and other organizations with the following important contents:
1. Reduct 30% of the payable enterprise income tax amount of the 2020 enterprise income tax period, in cases the total turnover in 2020 is not more than VND 200 billion by the enterprise; 2. Total revenue in 2020 as mentioned above is the total revenue in the enterprise income tax period of 2020 of the enterprise including all sales, processing and supply money, service charges including subsidies, surcharges to which enterprises are entitled 3. In case an enterprise expects its total revenue in enterprise income tax period in 2020 to not exceed VND 200 billion, it shall determine the quarterly temporary payment equal to 70% of the payable enterprise income tax amount of the quarter; 4. At the end of the enterprise income tax period in 2020, if the total revenue in 2020 of the enterprise does not exceed VND 200 billion, the enterprise shall declare and reduce the enterprise income tax in 2020 upon finalization of the enterprises income tax according to regulations; 5. The enterprise income tax calculation period is determined according to the calendar year; in cases enterprises apply a fiscal year different with the calendar year, the enterprise income tax calculation period is determined according to the fiscal year; 6. If the tax period for the first year of a newly established enterprise is 2019 or the tax period of the last year for an enterprise transforming the form of enterprise, form of ownership, consolidation or merger, division, separation, dissolution or bankruptcy in 2021 and shorter than 03 months may be added to the corporate income tax period of 2020 to form one corporate income tax period. The determination of total revenue and reduced tax in this case only applies to the corporate income tax period of 2020 (12 months).” |
