A new decree stipulates a two-year tax exemption and a 50-percent reduction over the following four years for income generated by new investment projects and corporate income generated by new investment projects in industrial zones, with the exception of investment projects in areas with favourable socio-economic conditions.

In case an industrial zone is located in both favourable and unfavourable areas, the determination of tax conditions will be based on the project’s precise location, according to Decree 91/2014/ND-CP issued by the Government on October 1 on the amendment of taxation regulations.

The decree supplements the regulations on deadlines for tax payments stated in Decree 83/2013/ND-CP from July 22, 2013 on the implementation of the Law on Tax Administration and the Law on Amending and Supplementing a number of Articles of the Law on Tax Administration.

Accordingly, the deadline for taxpayers to pay corporate income tax for each quarter is on the 30 th day of the following quarter.

The new decree also stipulates that the deadline for paying taxes could be deferred for up to two years in certain cases, such as businesses suffer physical damage from natural disasters, fires and unexpected accidents that directly affected operations, or do not receive budget payment for capital construction included in the State budget estimates.

Meanwhile, the possible timeframe for tax deferrals is stipulated at one year at most for a number of specific cases. One of the cases is when businesses have to suspend operations due to authorities requesting them to relocate their premises.-VNA