Vietnam Tax & legal alert - Decree 44 on CIT expenses for the prevention of COVID-19

Việt Nam Tin Thuế & Luật – Nghị Định 44 Về Chi Phí Được Trừ Chống Dịch Covid-19

Mazars Vietnam

On 31 March 2021, the Government released Decree 44/2021/ND-CP ("Decree 44") providing guidance on the conditions for being deductible expense of the donation and sponsorship in cash or in kind for prevention of COVID-19 pandemic.

On 31 March 2021, the Government released Decree 44/2021/ND-CP ("Decree 44") providing guidance on the conditions for being deductible expense of the donation and sponsorship in cash or in kind for prevention of COVID-19 pandemic.

According to Decree 44, such expenses shall be deductible if the below conditions are met:

  • Eligible organizations for receiving donations and sponsorship are: The Vietnam Fatherland Front Committee at all levels; health facilities; armed forces; units and organizations assigned by competent state agencies to serve as centralized quarantine facilities; educational institutions; press agencies; Ministries, Ministerial-level agencies, Government agencies; state and local agencies of the Communist Party, youth unions, trade unions at all levels; local government agencies at all levels with fund-raising function; Covid-19 prevention funds at all levels; National Humanitarian Portal; charity, humanitarian funds, and organizations with fundraising function which are established and operated in accordance with the laws.
  • Required supporting documents are: a written confirmation as the form attached to this Decree, or documents (in paper or electronic form) certifying the donation or sponsorship which is signed and stamped by both the representatives of the sponsor and the organisations receiving donations and sponsorship; legitimate invoices and documents as required by the laws for the donation or sponsorship in cash or in kind.

Decree 44 takes effective from the signing date and is applicable to the fiscal year 2020 and 2021.

Please Login or Register for Free now to view all updates and articles

In addition to free-to-view updates and articles, you can also subscribe to the full Legal Centrix Vietnam Service including access to:

  • Overview notes on the law
  • Thousands of high quality translations of legislation covering all key business areas
  • Legal and tax updates
  • Articles on important legal and tax issues
  • Weekly email alerts
  • Sophisticated web platform and search

Legal Centrix is trusted by top law and accounting firms.

Mazars Vietnam

Mazars is an internationally integrated partnership, specialising in audit, accountancy, advisory, tax and legal services*. Operating in over 90 countries and territories around the world, we draw on the expertise of 40,400 professionals – 24,400 in Mazars’ integrated partnership and 16,000 via the Mazars North America Alliance – to assist clients of all sizes at every stage in their development. 

Mazars in Vietnam was established in 1994, providing a broad array of professional services in audit and accounting, tax, financial advisory, as well as consulting and legal services.  We have since grown to become one of the premier mid-tier firms in the country with two offices in Hanoi and Ho Chi Minh City. We are committed to helping our clients confidently build and grow their businesses and always seeking to understand our clients and their environments, adjust our recommendations and support accordingly.  

Present in over 90 countries and territories, we work together as one team across borders and functions to deliver exceptional and tailored services. We combine our skills and expertise with both a global perspective and local knowledge. We empower our people to help clients make the most of opportunities, operate with conviction, and give confidence to their stakeholders.  

With more than 200 professionals in Vietnam, we serve clients of all sizes not only in Vietnam but also across Asia-Pacific. Our multi-disciplinary team of professionals comprises Chartered Accountants, Certified Public Auditors, Tax Lawyers, Masters in Accounting and Finance, Masters in Business and Administration and Cost Accountants, who are all well equipped with the requisite business and technical skills, experience and knowledge base to deliver customised solutions to our clients of all sizes, across all sectors, while remaining agile, personal and distinct in our approach. 

Mazars in Vietnam is ranked number one for the Accounting Outsourcing Services and among the top Auditing firms in Vietnam.

 

Click here to view the author's profile

Author

Related Content

Tags

  • Vietnam
  • Corporate Income Tax
  • Corporate Tax
  • Pandemics ( Coronavirus )

Recent updates

Cookies On
Our Website
We use cookies on our website. To learn more about cookies, how we use them on our site and how to change your cookie settings please click here to view our cookie policy. By continuing to use this site without changing your settings you consent to our use of cookies in accordance with our cookie policy.