Legal document newsletter week 18/11/2023

The Ministry of Finance issued official dispatch No. 2298/BTC-CST dated March 13, 2023 to collect comments on the proposal to develop a Law on Corporate Income Tax (amended) with the following goals: 

– Expand the tax base according to the Party and State’s policies and in accordance with international practices through adjusting the scope, subjects, and reviewing tax exemption and reduction policies; 

– Amend and supplement the contents of the Corporate Income Tax Law to resolve inadequacies, remove difficulties for production and business, reduce administrative procedures, and create convenience for taxpayers; 

– Amend and supplement contents to ensure consistency of the legal system; 

– Amend and supplement contents to ensure the goal of international economic integration, in accordance with development trends. 

At the same time, the expected time for submission to the National Assembly Standing Committee and the National Assembly according to Official Dispatch No. 2298/BTC-CST is expected as follows: 

– The Government prepares a proposal to develop a project on the Law on Corporate Income Tax (amended), submitting it to the National Assembly Standing Committee so that the National Assembly Standing Committee can report to the National Assembly for approval in the 2024 Law and Ordinance Development Program at 7th session of the 15th National Assembly (May 2024). 

– The Government submits to the National Assembly for comments on the Corporate Income Tax Law project (amended) at the 8th session of the 15th National Assembly (October 2024). 

– The Government submits to the National Assembly for approval the Corporate Income Tax Law project (amended) at the 9th session of the 15th National Assembly (May 2025).