Law No. 106/2016/QH13 amending tax laws dated April 6, 2016, includes the following new points:
– The penalty for late tax payments in 2016 was reduced to only 0,03% per day, calculated on the amount of tax overdue.
– Abolish the regulation that businesses are entitled to a refund of uncredited input value-added tax (VAT) if the cumulative amount after at least 12 months or 4 quarters from the first month or quarter in which the uncredited VAT amount arose.
– Businesses are not entitled to a VAT refund but may carry forward the uncredited tax amount of the investment project to the next period in the following cases:
- The business's investment project did not contribute the full registered charter capital; it engaged in conditional business activities without fulfilling the necessary conditions or failed to maintain those conditions throughout its operation.
- Investment projects for the exploitation of natural resources and minerals that were licensed from July 1, 2016, or investment projects for the production of goods where the total value of natural resources and minerals plus energy costs accounts for 51% or more of the product's cost.
Don't get penalized for late tax payments in 2016!
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