Corporate Income Tax Returns Due by March
HANOI, Jan. 18 – Corporate income tax (CIT) and transfer pricing (TP) returns in Vietnam are due for submission by March 31.
The new regulations introduced in 2009 has changed the way CIT is followed thus companies need to be extra careful to ensure that they are in compliance and possess documents needed to account for all expenses. The same care must be applied to annual TP returns that must accurately reflect the nature of transactions.
There are also available CIT incentives and benefits that companies can avail of with proper documentation. Foreign invested companies doing business in the country must maintain their records following the Vietnamese accounting system in Vietnamese dong although there is also an option to keep records in a foreign currency after approval from the Ministry of Finance.
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