Tax & legal alert - Decree 57 on CIT incentives for projects manufacturing prioritised supporting industry products
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CIT incentives for SI projects
On 04 June 2021, the Government released Decree 57/2021/ND-CP (“Decree 57”), amending Decree 12/2015/ND-CP (“Decree 12”) regarding Corporate Income Tax (“CIT”) incentives for projects manufacturing prioritised supporting industry products (hereinafter referred to as "SI projects").
Decree 57 takes effect from 04 June 2021 and is applied retroactively. Specifically, if applying Decree 57 (including the cases where the tax audit or tax inspection has been carried out), an enterprise can reduce its CIT amount and the corresponding late interest payment (if any), it can request its managing tax authority to adjust the CIT payable per declared or per tax audit/tax inspection and the corresponding late interest payment (if any).
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