From the end of December 2022, Circular No. 67/2022/TT-BTC issued by the Minister of Finance on November 7, 2022, providing guidance on tax obligations when enterprises set up and use Scientific and technological development funds will begin to take effect. Subjects governed by this circular are all enterprises established and operating under the provisions of Vietnamese law and relevant state agencies, organizations, and individuals.
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In which, Each enterprise shall annually make contribution as a percentage (%) of its income subject to corporate income tax (CIT) to the Fund as law on investment and the financial mechanism for scientific and technological activities. The specific requirements are as follows:
First, for state-owned enterprises: A state-owned enterprise shall make a contribution equaling 3% - 10% of its income subject to CIT in the tax period. The specific contribution amount shall be subject to the enterprise’s capacity and planned funding for science and technology activities;
Second, for non-state enterprises: decide on their own the specific deduction rate, but not exceeding 10% of the income for calculating corporate income tax in the tax period.
Photo 1. New regulations on tax obligations when enterprises set up and use science and technology development funds_ Hotline: 0972118764
Note that deductions from the Science and Technology Development Fund will be determined for each corporate income tax period and deducted from the taxable income when determining the payable corporate income tax during the tax period.
The above set aside fund should only be used for investment in scientific and technological research and development of enterprises. Besides, the contents permitted to spend the fund must be following the provisions of the law.
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Photo 2. New regulations on tax obligations when enterprises set up and use science and technology development funds_ Hotline: 0972118764
In case the enterprise uses the fund for improper purposes, the enterprise will have to pay to the state budget the part of corporate income tax calculated on the deducted income corresponding to the improper use and the profit generated from that corporate income tax amount.
The interest rate for calculating interest arising on the recovered corporate income tax amount calculated on the portion of the fund used for improper purposes is the rate of late payment interest according to the provisions of the Tax Administration Law and other legal documents guiding the payment of interest implementation guide.
The interest calculation period is calculated continuously from the day following the date of deduction of the fund to the day immediately preceding the day on which the recovered tax is remitted into the state budget.
Circular 67/2022/TT-BTC takes effect from December 23, 2022.
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