Circular No. 12/2009/TT-BTC guiding the extension of corporate income tax payment for businesses operating certain industries in 2009.

CIRCULAR

Guidelines for extending the payment of corporate income tax for 2009 for businesses operating certain industries

In accordance with the Law on Tax Administration and guiding documents;

--------------------

Pursuant to the Enterprise Income Tax Law and related guiding documents;

In accordance with Resolution No. 21/2008/QH12 of the National Assembly of the 12th term regarding the state budget for 2009;

In accordance with Decision No. 16/2009/QĐ-TTg dated January 21, 2009 of the Prime Minister issuing several tax measures to implement policies to stimulate investment and consumption, prevent economic downturns, and address difficulties faced by businesses;

Pursuant to the Decree No. 118/2008/NĐ-CP dated November 27, 2008 of the Government stipulating the functions, tasks, powers, and organizational structure of the Ministry of Finance;

The Ministry of Finance provides guidelines for implementing the extension of the payment of corporate income tax due in 2009 for businesses operating certain industries as follows:

General Provisions

Part I
Scope of Application

Article 1. 1. The extension of the payment of corporate income tax due in 2009 for a period of nine months shall apply to income from the following business activities:

- Production of mechanical products that are means of production;

- Production of construction materials, including: various types of bricks, tiles, lime, paint;

- Construction and installation;

- Tourism services;

- Trading in foodstuffs;

- Trading in fertilizers.

2. Small and medium-sized enterprises shall follow the guidelines set out in Circular No. 03/2009/TT-BTC dated January 13, 2009 of the Ministry of Finance.

Conditions for Application

Article 2. 1. The industries specified in Article 1 must be recorded in the Business Registration Certificate and actually engaged in such business activities.

2. The extension of the payment of corporate income tax shall only apply to businesses that have implemented accounting systems, invoices, and receipts, and registered tax payments through declarations.

Extension of Payment of Corporate Income Tax

Part II
Determination of the Amount of Corporate Income Tax Eligible for Extended Payment

Article 3. The amount of corporate income tax eligible for extended payment is the quarterly corporate income tax due in 2009 from the business activities listed in Article 1 of Chapter I of this Circular.

The amount of corporate income tax eligible for extended payment is determined based on the business accounting results if the enterprise separately accounts for the income from the business activities eligible for extended payment.

If the enterprise does not separately account for the corporate income tax payable from the business activities eligible for extended payment, the amount of corporate income tax eligible for extended payment is determined based on the ratio between the revenue from the business activities eligible for extended payment and the total revenue from all business activities of the enterprise in each quarter.

The time for extending the payment and declaration of quarterly corporate income tax is determined as follows

Article 4. 1. Time for extending late payment of tax

- The tax of the first quarter of 2009 is extended to the latest date of January 30, 2010;

- The tax of the second quarter of 2009 is extended to the latest date of April 30, 2010;

- The tax of the third quarter of 2009 is extended to the latest date of July 30, 2010;

- The tax of the fourth quarter of 2009 is extended to the latest date of October 30, 2010.

2. Declaration of tax eligible for extended late payment

Enterprises declare the tax eligible for extended late payment each quarter according to the guidelines at Section I and Section III, Part B, Circular No. 60/2007/TT-BTC dated June 14, 2007 of the Ministry of Finance. At the same time, enterprises commit in the declaration to pay the full corporate income tax within the extended payment period.

If the last day of the deadline for submitting tax declaration and extended payment stipulated in this Article coincides with a public holiday, the last day of the deadline referred to above shall be the next day after the holiday.

This Circular takes effect 45 days from the date of issuance and applies from the first quarter corporate income tax declaration in 2009.

Part III
Implementation

Article 5. During implementation, if there are any issues, organizations and individuals are advised to report to the Ministry of Finance for timely guidance and resolution.

Article 6. During the implementation process, if there are any difficulties, organizations and individuals are advised to report them to the Ministry of Finance for timely guidance and resolution.