The persons subject to the tax rate of 22% specified in this Clause shall be subject to the tax rate of 20% shall applied onJanuary 01, 2016 is the content prescribed at the Decree No. 218/2013/ND-CP dated December 26, 2013 of the Government detailing and guiding the implementation of the Law on Enterprise Income Tax. Similarly, Tax rate of 20% for people’s credit fund and micro financial institution and from January 01,2016, the tax rate of 17% shall be applied. Enterprises established and operating under the law of Vietnam, including cooperatives, non-business units operating the production and business of goods and services with the total annual revenue not exceeding 20 billion dong are entitled to the tax rate of 20%; within that, the total annual revenue as a basis for determination of enterprise subject to the tax rate of 20% specified in this Clause is the enterprise’s total revenue of sale of goods and services supply of the preceding year. The tax rate of enterprise income tax for search, exploration and extraction activities of oil and gas and other rare natural resources in Vietnam from 32% to 50%. For the search, exploration and extraction of oil and gas, based on the location and conditions for extraction and mine reserve, the Prime Minister shall decide on the tax rate consistently with each project and business establishment at the request of the Minister of Finance. This Decree takes effect on February 15, 2014 and applies to the tax period from 2014 onwards.
