Draft decree to guide corporate income tax
05/11/2008 06:28 pm
Laws/Vietnam - The Ministry of Finance is drafting a decree to guide implementation of the Law on Corporate Income Tax.
The draft decree would also allow companies in the first three years of operation to allocate up to 15 percent of their deductible expenses to promotion and marketing activities. Beyond three years, the ceiling on deductible marketing expenses would fall to 10 percent.
The chapter on income from real estate transfers states that income from real estate transfers shall include income from transfers of land use rights and transfers of land lease rights with or without any buildings or other improvements attached to land, as well as transfers of capital in return for transfers of ownership or land use rights. Taxable income from transfers of real estate would be equal to turnover less costs and deductible expenses relevant to these transfers. Deductible costs would include the input price of the real estate, as well as site and crop compensation expenses and relocation costs, as well as subsequent site preparation and construction costs and operating costs.
The
decree would stipulate in detail the scope of application and
assessment of the tax; handling of income and capital gains from real
estate transfer, and tax incentives.
The draft decree would also allow companies in the first three years of operation to allocate up to 15 percent of their deductible expenses to promotion and marketing activities. Beyond three years, the ceiling on deductible marketing expenses would fall to 10 percent.
The chapter on income from real estate transfers states that income from real estate transfers shall include income from transfers of land use rights and transfers of land lease rights with or without any buildings or other improvements attached to land, as well as transfers of capital in return for transfers of ownership or land use rights. Taxable income from transfers of real estate would be equal to turnover less costs and deductible expenses relevant to these transfers. Deductible costs would include the input price of the real estate, as well as site and crop compensation expenses and relocation costs, as well as subsequent site preparation and construction costs and operating costs.
Source: Vnagency.com.vn
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