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Decree No. 146/2017/ND-CP amending the regulations on VAT and CIT
The content of this Decree includes:
- Amending and supplying regulations on objects not liable to VAT on export products such as natural resources and minerals not yet processed into other products.
- Amending, supplementing the regulations on VAT refund as follows:
- Business establishments have imported goods then export to the non-tariff area or exported to outside of Vietnam, which have input VAT is equal or more than 300 million VND within month or quarter, VAT shall be reimbursed on a monthly or quarterly basis.
- Business establishments will not reimburse VAT in cases good imported for exported after do not export in the geographical areas of customs operation in accordance with the customs legislation.
- Amending and supplementing the regulations on non-deductible expenses upon determination of taxable incomes to calculate CIT, as follows:
- Expenditures in excess of 3 million VND/month/person for deduction of voluntary retirement, voluntary retirement insurance, and life insurance for employees are non-deductible expenses when determining taxable income to calculate CIT.
This Decree takes effect on February 1, 2018.