Many new contents on enterprise income taxes, personal income tax or VAT tax are prescribed by the Government at the Decree No. 91/2014/ND-CP dated October 01, 2014 amending, supplementing a number of Articles under the Decree regulating on Tax.
First, the Decree points out clearly in the case that taxpayers have not received capital construction investment capital amounts stated in state budget estimates, the tax payment time limit extension must not exceed 2 (two) years from the date of expiration of the tax payment time limit; however, the tax amount for extension for this case must not exceed the amount owed by the state budget (in the previous regulations, the maximum time limit extension is 01 year).
At the same time, the Decree also supplements some new forms of tax payment. Accordingly, based on the efficiency of production, the taxpayer shall pay the amount for temporary calculation on a quarterly basis no later than the thirtieth of the quarter following the quarter arising the tax obligations. Enterprises that have to make financial statements in accordance with legal regulations, based on the quarterly financial statements and legal regulations on tax to determine the quarterly temporary tax amount. Enterprises that not have to make financial statements as stipulated, based on the enterprise income tax of the preceding year and the estimation of business efficiency in the year to determine the quarterly temporary tax amount.
If the accumulation of four temporary payments is lower than 20% or over compared with the payable tax amount according to the tax finalization, the enterprise must pay the interest for late payment for the differences from 20% or over between temporary amount and the finalization amount counting from the following day after the last day of quarter 4 tax payment until the day of paying the remaining amount of finalized amount..
Besides, also in accordance with this Decree, Declaration on a quarterly basis is applicable to taxpayers that satisfy the condition of total turnover of up to VND 50 billion (instead of VND 20 billion in previous regulations) from goods or services in the preceding year.
This Decree takes effect on November 15, 2014.
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