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Declaration of value added tax and priorities of enterprise income tax on development of supporting industries

Wednesday, 16 March 2016
On 5/2/2016, the Ministry of Finance issued Circular No. 21/2016/TT-BTC on declaration of value added tax and priorities of enterprise income tax as stipulated under the Decree No. 111/2015/ND-CP dated November 03, 2015 on development of supporting industries.

Accordingly, This Circular guides on declaration of value-added tax and incentives on enterprise income tax for projects manufacturing supporting industry products on the list of products of supporting industries prioritized for development as stipulated under the Decree No. 111/2015/ND-CP dated November 03, 2015 on development of supporting industries.

Tax payers shall declare value-added tax by quarter for income of supporting industry products on the list of products of supporting industries prioritized for development (regardless of income being under 50 billion dong or more).
 


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If income of tax payers come from both income of supporting industry products on the list of products of supporting industries prioritized for development and income of other business operation, tax payers shall also declare value-added tax by quarter. If not declaring by quarter, tax payers may declare value-added tax by month and notify to the tax department as stipulated under the law on tax management.

Tax payers being individuals that have income arising from supporting industry products on the list of products of supporting industries prioritized for development shall declare value-added tax by year and submit value-added tax by quarter. If paying tax by each time arising income of supporting industry products on the list of products of supporting industries prioritized for development, tax payers shall declare and submit value-added tax by each arising time or may declare and submit value-added tax by month.

Tax declaration dossier for tax payers being organizations shall be implemented according to guidelines under the Circular No. 156/2013/TT-BTC dated November 06, 2013, the Circular No. 26/2015/TT-BTC dated February 27, 2015 of the Ministry of Finance.

Tax declaration dossier for tax payers being individuals shall be implemented according to guidelines under the Circular No. 92/2015/TT-BTC dated June 15, 2015 of the Ministry of Finance.

This Circular takes effect from April 01, 2016. Incentives of enterprise income tax as stipulated under this Circular shall apply for the period of enterprise income tax from 2015.

Van Hai (Source: MOIT)

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