NEW PROVISION ON DEDUCTIBLE EXPENSES UPON DETERMINE TAXABLE INCOMES OF AN ENTERPRISE
Decree No. 146/2017/ND-CP amending and supplementing a number of articles of some Decrees issued on December 15, 2017 by the Government.
According to this Decree, non-deductible expenses upon the determination of taxable incomes of an enterprise including: Expense in excess of VND 3 million/month/person (according to the previous law, it's VND 1 million/month/person) for being contributed to the voluntary pension fund or buying voluntary retirement insurance and life insurance premiums for employees; Expense in excess of the level prescribed by the laws on social insurance and health insurance for being contributed to funds of social security nature, health insurance fund and unemployment insurance fund for employees.
This Decree also specified about value-added tax refund in case establishments have export goods or services in a month or in a quarter. Accordingly, exporting establishments that export goods or services including goods imported for export into non-tariff areas and goods imported for re-export to foreign countries and have a not-yet-credited input value-added tax amount of VND 300 million or more in a month (in case of monthly declaration) or in a quarter (in case of quarterly declaration) are entitled to value-added tax refund on a monthly or quarterly basis, respectively.
Exporting establishments are not entitled to tax refund in case their goods imported for re-export are not exported in the customs operation areas; or their export goods are not exported in the customs operation areas.
This Decree takes effect on February 01, 2018.
