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

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

The decree supplements the regulationson deadlines for tax payments stated in Decree 83/2013/ND-CP from July22, 2013 on the implementation of the Law on Tax Administration and theLaw on Amending and Supplementing a number of Articles of the Law on TaxAdministration.

Accordingly, the deadline fortaxpayers to pay corporate income tax for each quarter is on the 30 thday of the following quarter.

The new decree alsostipulates that the deadline for paying taxes could be deferred for upto two years in certain cases, such as businesses suffer physical damagefrom natural disasters, fires and unexpected accidents that directlyaffected operations, or do not receive budget payment for capitalconstruction included in the State budget estimates.

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