On 07 January 2013, the Government issued Resolution No. 02/NQ-CP introducing various measures to solve the corporate and business difficulties. Accordingly, Enterprises which registered the VAT under the credit method are entitled to postpone the payment of VAT for January, February and March 2013 for a period of 06 months. Eligible Enterprises shall include:

  • Small and medium enterprises (which have less than 200 full-time employees/workers and generate the annual revenue of VND20 billion or less). Enterprises engaged in the business of finance, banking, insurance, securities, lotteries, game prizes, or production of goods and provision of services which are subject to Special Sale Tax, are not allowed to enjoy this postponement.
  • Labor intensive enterprises (300 employees/workers) in production and processing of agricultural products, forestry products, fishery products; garment and textiles, leathers and shoes, electronic components; and construction of social and economic infrastructure projects.
  • Enterprises which invest in or engage in housing projects (for sales, rent or hire-purchase) and enterprises which engage in the production of steel or iron, cement, bricks and tiles. If the enterprises cannot prepare the separate accounts for these activities, the postponement of VAT is only applicable to the prorated revenue.

 Also, the payment of CIT for Quarter I of 2013 shall be allowed to postpone for 06 months. Meanwhile, payment of CIT for Quarters II & III of 2013 shall be allowed to postpone for 03 months. Eligible enterprises shall include:

  • Small and medium enterprises (which have less than 200 full-time employees/workers and generate the annual revenue of VND20 billion or less). The CIT amount to be postponed will not cover the CIT to be paid for the income generated from financial activities, banking activities, insurance, securities, lotteries, game prizes, and the income from trading of goods and provision of services which are subject to Special Sale Tax.
  • Labor intensive enterprises (300 employees/workers) in production and processing of agricultural products, forestry products, fishery products; garment and textiles, leathers and shoes, electronic components; and construction of social and economic infrastructure projects.
  • Enterprises which invest in or engage in housing projects (for sales, rent or hire-purchase), regardless of the corporate size or number of employees/worker hired.

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