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General Department of Taxation
Department of Taxation of Ba Ria-Vung Tau Province
No: 110/CTPHY-TTHT
Subject: Corporate Income Tax Incentives
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SOCIALIST REPUBLIC OF VIETNAM
Independence - Freedom - Happiness
Ba Ria - Vung Tau, January 8, 2025
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To:
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Phong Thinh Fishmeal Co., Ltd.
Address: An Hai Hamlet, Loc An Commune, Dat Do District, Ba Ria-Vung Tau Province
Tax code: 3500670992.
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Subject: Response to Letter No. 11/2024/CV-PT dated December 23, 2024 and Letter No. 12/2024/CV-PT dated December 30, 2024 (with additional information and documents requested under Letter No. 24837/CTBRV-TTHT dated December 27, 2024 from the Tax Department) from Phong Thinh Fishmeal Co., Ltd regarding corporate income tax incentives. The Ba Ria-Vung Tau Tax Department provides the following response:
Based on Articles 36, 47, and 50 of Decree No. 164/2003/ND-CP dated December 22, 2003 by the Government detailing the implementation of the Corporate Income Tax Law (CIT):
Article 36. Exemption and reduction of tax for newly established businesses from investment projects and businesses relocating their locations:
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Exempt from tax for 02 years, starting from the first year with taxable income, and a 50% tax reduction for the next 03 years for businesses newly established from investment projects in industries or fields specified in List A of the Annex to this Decree or meeting the conditions for labor usage specified in Article 33 of this Decree.
Article 47. Tax incentives, exemption, tax reduction, and loss carryforward provisions apply to businesses that have complied with the accounting system, invoicing, documentation, and have registered tax declarations. Businesses are responsible for determining the conditions for tax incentives, exemption, and reductions, and they must inform the tax authority along with their annual corporate income tax declaration.
The exemption and tax reduction period starts from the first fiscal year that the business generates taxable income, excluding carried-forward losses.
Article 50. This Decree comes into effect 15 days after its publication in the official Gazette and applies to tax periods starting from 2004.
Based on Decree No. 108/2006/ND-CP dated September 22, 2006 by the Government detailing and guiding the implementation of certain provisions of the Investment Law:
Article 6. Establishment of economic organizations and investment projects:
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Domestic investors with investment projects linked to the establishment of economic organizations must register business operations according to the provisions of the Enterprise Law, related laws, and complete investment procedures according to the Investment Law and this Decree.
Article 21. Investor obligations and responsibilities:
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Investor obligations:
a) Comply with investment law provisions, and perform investment activities according to the registered investment documents and the investment certificate.
Article 28. Adjusting and supplementing investment incentives:
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If an investor meets conditions for additional investment incentives during the project, the investor is entitled to those incentives and can request the relevant authority to adjust and supplement the incentives in the investment certificate.
Article 88. Implementation provisions:
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This Decree takes effect 15 days after its publication in the Official Gazette.
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This Decree repeals:
b) Decree No. 51/1999/ND-CP dated July 8, 1999 detailing the implementation of the Law on Domestic Investment Encouragement (as amended); Decree No. 35/2002/ND-CP dated March 29, 2002 amending and supplementing Annex A, B, and C of Decree No. 51/1999/ND-CP detailing the implementation of the Law on Domestic Investment Encouragement (as amended);
c) The list of preferential investment fields and areas under Decree No. 164/2003/ND-CP dated December 22, 2003 detailing the Corporate Income Tax Law; Decree No. 152/2004/ND-CP dated August 6, 2004 amending and supplementing some provisions of Decree No. 164/2003/ND-CP dated December 22, 2003 detailing the Corporate Income Tax Law.
Based on Article 38 of the Investment Law No. 59/2005/QH11 dated November 29, 2005 by the National Assembly:
Article 38. Investment incentives procedure:
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For domestic investment projects that do not require investment registration, and those requiring registration under Article 45 of this Law, investors self-assess the investment incentives and follow the necessary procedures to receive these incentives.
Based on Article 17 of the Investment Law No. 67/2014/QH13 dated November 26, 2014 by the National Assembly:
Article 17. Investment incentives procedure:
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For projects with an Investment Registration Certificate, the investment registration authority shall specify the incentives and conditions for applying these incentives in the Investment Registration Certificate.
Regarding the corporate income tax incentives, the business is responsible for determining the conditions for tax incentives according to the Investment Law and related legal provisions.
The Ba Ria-Vung Tau Tax Department informs Phong Thinh Fishmeal Co., Ltd. to follow the relevant legal provisions.
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Recipients:
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As mentioned above;
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Tax Inspection Department 3;
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Tax Department for Taxpayer’s Information;
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Website of the Tax Department;
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File: VT, TTHT. (LÂM-5b)
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ON BEHALF OF THE DIRECTOR OF THE TAX DEPARTMENT
DEPUTY DIRECTOR
Tran Hiep Hung
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