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Confronted with current economic challenges, the Government has recently issued the Decision No. 54/2011/QD-TTg dated 11 Oct 2011 extending 2011 corporate income tax payment deadlines for labor-intensive enterprises in some sectors.

The payment of 2011 corporate income tax shall be extended for one (01) year if enterprises and cooperatives meet these two conditions, including:

Firstly, enterprises have the total of more than 300 regular employees in 2011, excluding employees under short-term contracts of less than 3 months. For enterprises organized after the model of parent-subsidiary company, the number of employees of the parent company does not include employees of its subsidiary companies.

Secondly, such enterprises must have income from the production or processing of agricultural-forestry-fishery products, textile and garment, leather and footwear and electric components, or the construction and installation of socio-economic infrastructure facilities.

Amounts of corporate income tax eligible for payment deadline extension exclude income tax amounts on other operations and incomes other than those from the operations mentioned above.

By courtesy of ©LuatViet - Advocates & Solicitors 2011