Vietnam to Extend CIT Payments for SMEs by 3 Months

On January 19, 2012 the Prime Minister enacted Decision No. 04/2012/QĐ-TTg – granting a three-month extension for the payment of corporate income tax which small and medium enterprises, and enterprise using many laborers, must pay for the first and second quarters of 2011.

According to Decision No. 04, enterprises which were extended tax payments according to Decision No. 21/20111/QD-TTg dated April 6, 2011 and Decision No. 54/2011/QĐ-TTg dated October 11, 2011 will be granted extensions to pay corporate income tax for three more months.

The extended periods are stipulated as follows:

• The payment of provisional corporate income tax for the first quarter of 2011 will be extended until July 30, 2012
• The payment of provisional corporate income tax for the second quarter of 2011 will be extended until October 30, 2012

In case tax payment days are on holidays, as prescribed by Law, the extended period will be calculated on the next working day.

This Decision takes affect from March 10, 2012.

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