Circular No. 42/2012/TT-BTC guiding the implementation of Decision No. 04/2012/QĐ-TTg dated January 19, 2012 of the Prime Minister on extending the payment of corporate income tax for three additional months for small and medium-sized enterprises and labor-intensive enterprises for the first and second quarters of 2011.

CIRCULAR

Guidelines for implementing Decision No. 04/2012/QĐ-TTg dated January 19, 2012 of the Prime Minister on extending the tax payment deadline by three additional months for the corporate income tax payable in the first and second quarters of small and medium-sized enterprises and labor-intensive enterprises Pursuant to the Law on Corporate Income Tax and guiding documents therefor; 2011 ofPursuant to the Law on Tax Administration and guiding documents therefor;

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Pursuant to Decision No. 04/2012/QĐ-TTg dated January 19, 2012 of the Prime Minister on extending the tax payment deadline by three additional months for the corporate income tax payable in the first and second quarters of 2011 by small and medium-sized enterprises and labor-intensive enterprises;

The Ministry of Finance guides the implementation of the extension of the corporate income tax payment deadline for such enterprises as follows:

Pursuant to 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;

Extending the tax payment deadline by three additional months for the corporate income tax payable in the first and second quarters of 2011 by small and medium-sized enterprises and labor-intensive enterprises that have already been granted an extension under Decisions No. 21/2011/QĐ-TTg dated April 6, 2011 of the Prime Minister on extending the corporate income tax payment deadline for small and medium-sized enterprises to address difficulties and promote economic development in 2011 and No. 54/2011/QĐ-TTg dated October 11, 2011 of the Prime Minister on extending the corporate income tax payment deadline for labor-intensive enterprises in certain industries in 2011 to address difficulties and promote production and business activities.

The specific identification of small and medium-sized enterprises and labor-intensive enterprises as provided for herein shall be carried out in accordance with the guidelines set forth in Circular No. 52/2011/TT-BTC dated April 22, 2011 guiding the implementation of Decision No. 21/2011/QĐ-TTg; Circular No. 170/2011/TT-BTC dated November 25, 2011 guiding the implementation of Decision No. 54/2011/QĐ-TTg; and Circular No. 154/2011/TT-BTC dated November 11, 2011 of the Ministry of Finance guiding the implementation of Decree No. 101/2011/NĐ-CP dated November 4, 2011 of the Government detailing the implementation of Resolution No. 08/2011/QH13 of the National Assembly on issuing supplementary measures regarding taxes to address difficulties for businesses and individuals.

Article 1. Scope and Applicability

Article 2. Determination of the Amount of Tax Extended

The amount of corporate income tax payable in the first and second quarters of 2011 extended under this Circular is the amount of tax extended under Circulars No. 52/2011/TT-BTC and No. 170/2011/TT-BTC.

Article 3. Extension Period for Tax Payment

1. The extension period for corporate income tax payment stipulated in Article 1 of this Circular is determined as follows:

a) The extension period for the provisional tax payable in the first quarter of 2011 is extended until July 30, 2012 at the latest.

b) The extension period for the provisional tax payable in the second quarter of 2011 is extended until October 30, 2012 at the latest.

2. In cases where the tax payment date specified in Clause 1 of this Article falls on a public holiday, the extension period for tax payment shall be calculated to the next working day.

b) The deadline for extending the payment of provisional tax for the second quarter of 2011 shall be extended to no later than October 30, 2012.

2. In cases where the tax payment date specified in Clause 1 of this Article falls on days designated as holidays under the law, the extension period for tax payment shall be calculated to the next working day.

Article 4. Procedures for extending tax payment deadlines

1. For corporate income taxes due for the first and second quarters of 2011 that are extended according to the provisions of Article 1 of this Circular, enterprises eligible for the extension shall prepare and submit provisional quarterly corporate income tax declarations for the first and second quarters of 2011 to replace those already submitted. Enterprises shall supplement the following indicators before the declaration section in the provisional quarterly corporate income tax declaration:

- The amount of corporate income tax continued to be extended under Decision No. 04/2012/QĐ-TTg.

- The requested extension period.

During the tax payment extension period, enterprises eligible for the extended tax payment deadline who have not yet declared to obtain the extension shall follow the provisions of this Circular. Enterprises may complete supplementary tax declaration forms on any working day, regardless of the subsequent tax declaration submission deadline, but must do so prior to the date when the tax authority or competent authority announces the inspection or audit decision at the taxpayer's place of business.

2. During the tax payment extension period, enterprises will not be considered to be in violation of late tax payments and will not be subject to administrative penalties for late tax payments for the extended tax amounts.

Article 5. Implementation and Effectiveness

1. This Circular takes effect from April 26, 2012.

2. In the course of implementation, if there are any difficulties, organizations and individuals are advised to report to the Ministry of Finance for timely guidance and resolution./.