Chapter II
TAX BASES AND TAX CALCULATION METHODS
Article 6.- Tax bases
Tax bases include assessable income and tax rate.
Article 7.- Determination of assessable income
1. Assessable income in a tax period is the taxable income minus tax-exempt incomes and losses carried forward from previous years.
2. Taxable income is turnover minus deductible expenses for production and business activities plus other incomes, including income received outside Vietnam.
3. Income from real estate transfer must be separately determined for tax declaration and payment.
The Government shall detail and guide the implementation of this Article.
Article 8.- Turnover
Turnover is the total sales, processing remuneration, service provision charges, subsidies and surcharges enjoyed by enterprises. Turnover is calculated in Vietnam dong; foreign currency turnover, if any, must be converted into Vietnam dong at the average exchange rate on the inter-bank foreign currency market announced by the State Bank of Vietnam at the time foreign-currency turnover is generated.
The Government shall detail and guide the implementation of this Article.
Article 9.- Deductible and non-deductible expenses upon determination of taxable incomes
1. Except the expenses specified in Clause 2 of this Article, enterprises are entitled to deduction of all expenses which fully meet the following conditions:
a/ They are actually paid expenses related to production and business activities;
b/ They are accompanied with adequate invoices and documents as prescribed by law.
2. Non-deductible expenses upon determination of taxable incomes include:
a/ Expense not fully satisfying the conditions specified in Clause 1 of this Article, except the uncompensated value of losses caused by natural disasters, epidemics or other force majeure circumstances;
b/ Fine for administrative violations;
c/ Expense already covered by other funding sources;
d/ Business administration expense allocated by foreign enterprises to their Vietnam-based permanent establishments in excess of the level calculated according to the allocation method prescribed by Vietnamese law;
e/ Expense in excess of the law-prescribed norm for the deduction and setting up of provisions;
f/ Expense for raw materials, materials, fuel, energy or goods in excess of the wastage rate set by enterprises and notified to tax offices and the actual ex-warehousing price;
g/ Payment for interests on loans for production and business activities of entities other than credit institutions or economic organizations in excess of 150% of the basic interest rate announced by the State Bank of Vietnam at the time of loaning;
h/ Fixed asset depreciation made in contravention of law;
i/ Expenses advanced in contravention of law;
j/ Salaries and wages of owners of private enterprises; remuneration paid to enterprise founders who do not personally administer production and business activities; salaries, wages and other accounted amounts payable to workers which have actually not been paid to them or paid without invoices or documents as prescribed by law;
k/ Loan interests paid corresponding to the insufficient amount of the charter capital;
l/ Credited input value-added tax, value-added tax to be paid according to the credit method, and corporate income tax;
m/ Expense for advertisement, marketing, sales promotion and brokerage commissions; expense for reception, protocol and conferences; expense in support of marketing and payment discount; expense for press agencies newspapers given as presents or gifts directly related to production and business activities in excess of 10% of total deductible expenses; for newly set up enterprises, such expense in excess of 15% of total deductible expenses for the first 3 years from the date of setting up. Total deductible expenses exclude the expenses specified at this Point; for trade activities, total deductible expenses exclude purchasing prices of sold goods;
n/ Financial supports, excluding those for educational and healthcare activities and for mitigating natural disaster consequences and building houses of gratitude for the poor as prescribed by law.
3. Deductible foreign currency expenses upon the determination of taxable incomes must be converted into Vietnam dong at the average exchange rate on the inter-bank foreign currency market announced by the State Bank of Vietnam at the time foreign currency expenses arise.
The Government shall detail and guide the implementation of this Article.
Article 10.- Tax rates
1. The corporate income tax rate is 25%, except the cases specified in Clause 2, this Article, and Article 13, of this Law.
2. The corporate income tax rate applicable to activities of prospecting, exploring and exploiting oil and gas and other precious and rare natural resources is between 32% and 50%, depending on each project or business establishment.
The Government shall detail and guide the implementation of this Article.
Article 11.- Tax calculation method
1. An corporate income tax amount payable in a tax period is the assessable income multiplied by the tax rate; in case an enterprise has paid income tax outside Vietnam, the paid tax amount may be subtracted but must not exceed the corporate income tax amount payable under the provisions of this Law.
2. The tax calculation method applicable to enterprises listed at Points c and d, Clause 2, Article 2 of this Law complies with the Governments regulations.
Article 12.- Places for tax payment
Enterprises shall pay tax at tax authorities of local areas where they are headquartered. In case an enterprise has a dependent accounting unit operating in a province or centrally run city other than the place of its headquarters, tax payable shall be calculated according to the ratio of the unit's expenses to the headquarters' expenses. Revenues from collected tax shall be managed and used in accordance with the Law on State Budget.
The Government shall detail and guide the implementation of this Article.
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