Without benchmark, 2021 CIT tax reduction not feasible: taxmen
1. Our company was established in August 2019 but there was no revenue generated in that year. In 2021, our annual revenue was less than VND200 billion ($8.55 million). Could we apply for a 30% CIT reduction according to the government's Decree 92/2021/ND-CP?
According to Decree 92/2021/ND-CP, enterprises with (i) revenue not exceeding VND200 billion in 2021 and (ii) a decrease in revenue compared to 2019 will be eligible for a 30% CIT reduction in 2021. The General Department of Taxation recently confirmed if taxpayers have no revenue generated in 2019 (i.e. there is no benchmark to determine the revenue decrease for 2021), then 30% CIT reduction to tax year 2021 will not be granted.

Photo courtesy of Afrah Financial.
2. Our company was newly established from an investment project, which was licensed to be implemented in two phases. Phase 1 of the project has been complete and generated revenue from March 2022 while Phase 2 is still under construction. Could the input VAT incurred during the construction period of Phase 2 be eligible for a VAT refund?
According to the current regulation, in case a new investment project is registered to be implemented into multiple phases (which should be clearly stated under the Investment Registration Certificate), the input VAT incurred during the construction stage, after offsetting against the VAT payable at operation stage, could be refundable if the accumulated amount is from VND300 million ($12,800) and above.
3. Our company manufactures beverages for domestic sale. To boost sales, we offer trade discounts to distributors if the targeted purchase volume is achieved. The discounted value will be issued under a separate invoice at the end of the discount period. Should such a discount invoice be presented in negative or positive value?
In accordance with the current regulations, an invoice with negative value is only used to adjust the previously incorrect invoice for a downward adjustment. In case the company issues a separate invoice for trade discount, this is not an adjustment to an incorrect invoice and hence it should be presented in positive value. Of note, the description of the trade discount must be clearly stated on the invoice.
* Please email [email protected] if you have questions on tax issues.
- Read More
PVI Insurance sees 9-month profit before tax more than doubling
PVI Insurance has reaffirmed its position as the No. 1 non-life insurer in Vietnam, with total revenue increasing nearly 1.4 times in the first nine months of 2025 and pre-tax profit more than doubling year-on-year - surpassing its full-year targets for both revenue and profit.
Companies - Fri, October 17, 2025 | 9:08 am GMT+7
Vingroup to develop 4,600ha coastal urban project in northern Vietnam
A consortium of Vingroup (HoSE: VIC) and its real estate arm Vinhomes (HoSE: VHM) will develop a 4,600-hectare coastal urban complex in Ha An ward, Quang Ninh province, following local authorities’ approval of a zoning plan.
Real Estate - Fri, October 17, 2025 | 8:30 am GMT+7
Indonesia resumes int’l carbon trading after 4-year hiatus
Indonesian President Prabowo Subianto has issued a new decree to restart international carbon emissions trading after a four-year hiatus.
Southeast Asia - Thu, October 16, 2025 | 9:23 pm GMT+7
Investors seek 2-year delay for $2.56 bln LNG power project in northern Vietnam, citing equipment hurdles
Investors of a $2.56 billion LNG-fired power plant in Hung Yen province have proposed delaying the project’s commercial operation schedule by two years due to difficulties securing key equipment.
Energy - Thu, October 16, 2025 | 9:04 pm GMT+7
Vietnam to soon raise taxpayers' personal deduction: official
The personal income tax deduction in Vietnam is "very likely" to increase to VND21.7 million ($823,940) per month, including VND15.5 million (588,530) for the taxpayer and VND6.2 million ($235,410) for each dependent.
Finance - Thu, October 16, 2025 | 6:25 pm GMT+7
Business confidence climbs as reforms gain traction amid global headwinds: EuroCham Vietnam
The index climbed to 66.5, surpassing pre-tariffs level and reaching its highest in three years – showcasing resilience and adaptability amid global headwinds and evolving U.S. tariff pressures.
Economy - Thu, October 16, 2025 | 4:36 pm GMT+7
Vietnam's stock market watchdog suspends two Grant Thornton auditors
Vietnam's State Securities Commission (SSC) has suspended two auditors from Grant Thornton Vietnam after determining that the 2024 audited financial statements of Saigon Water Infrastructure Corporation (HoSE: SII) failed to meet required standards.
Finance - Thu, October 16, 2025 | 3:35 pm GMT+7
Law No. 56 a major policy breakthrough for Vietnam's stock market development
The Law No. 56, effective January 1, 2025, is one of the major legal breakthroughs in recent years that will enhance the transparency and operational efficiency of the Vietnamese stock market.
Finance - Thu, October 16, 2025 | 2:30 pm GMT+7
WHA Group breaks ground on smart technology industrial zone in central Vietnam
Thailand's WHA Group on Tuesday broke ground on a world-class, modern, and environmentally friendly industrial zone in central Vietnam, namely the WHA Smart Technology Industrial Zone-Thanh Hoa.
Real Estate - Thu, October 16, 2025 | 2:00 pm GMT+7
Vietnam a key partner in Murphy Oil’s global strategy: exec
Vietnam remains a key partner in Murphy Oil’s global business strategy, said Eric Hambly, the U.S. corporation's president and CEO.
Companies - Thu, October 16, 2025 | 12:06 pm GMT+7
VNPT, Qualcomm debut Vietnam’s 1st original design-based excellence center
State-owned Vietnam Posts and Telecommunications Group (VNPT) and Qualcomm have officially launched the VNPT-Qualcomm Excellence Center (VQEC), the first facility in the country to operate under an original design co-development model using Qualcomm’s core technologies.
Companies - Thu, October 16, 2025 | 8:41 am GMT+7
Indonesia enjoys steady growth in nine months
Indonesia's Ministry of Finance on Tuesday announced the country’s 2025 budget performance as of September, reporting that Southeast Asia’s largest economy continued to post steady growth despite global economic uncertainties.
Southeast Asia - Wed, October 15, 2025 | 9:53 pm GMT+7
Malaysia on progressive path towards AI nation status: experts
Malaysia is on a progressive track towards becoming an Artificial Intelligence (AI) nation by 2030, a goal seen as achievable under Budget 2026 - the Malaysian Government’s fiscal and policy framework for 2026.
Southeast Asia - Wed, October 15, 2025 | 9:44 pm GMT+7
Thailand steps up development of semiconductor industry
Thailand’s Board of Investment (BOI) plans to propose a new national semiconductor and advanced electronics policy board to the government, which will spearhead Thailand’s semiconductor development strategy.
Southeast Asia - Wed, October 15, 2025 | 9:40 pm GMT+7
ASEAN sets ambitious energy targets
Senior energy officials from ASEAN member nations and Timor-Leste on Tuesday convened in Kuala Lumpur, Malaysia, to finalize key outcomes and policy recommendations to be submitted to the 43rd ASEAN Ministers on Energy Meeting (AMEM).
Southeast Asia - Wed, October 15, 2025 | 9:33 pm GMT+7
Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam
A subsidiary of Sun Group, one of Vietnam’s leading real estate developers, has received approval to invest VND9.88 trillion ($375 million) in an inland waterway tourism project in the central coastal city of Danang.
Industries - Wed, October 15, 2025 | 5:21 pm GMT+7
- Travel
-
Sun Group gets nod for $375 mln inland waterway tourism project in central Vietnam
-
Hilton signs strategic partnership with Sun Group to develop 5 hotels in Vietnam
-
Long Thanh airport to handle 80% of int’l flights to HCMC area, Tan Son Nhat airport 20%
-
New train helps tourists explore landmarks of Hanoi, Bac Ninh province
-
Cam Ranh airport in central Vietnam tourism hub set to be among country’s largest
-
VAFIE hosts second 'Golf Club for Business' outing