CIT declaration and payment for income derived from
offshore investment projects
• Income from offshore investment projects should be declared in the year
when the profit is remitted to Vietnam. Previously, the income was included
in the CIT finalization of the year subsequent to the fiscal year where the
income was derived, or the same year in which the income was derived.
• Supporting documents and dossiers for credit of tax paid overseas are
simplified to be similar as those required under the Double Tax Treaty
application. Required documents now include:
-- Copy of tax declaration submitted overseas, certified by the taxpayer;
-- Copy of the tax payment vouchers certified by the taxpayer, or the
original certification of the tax payment issued by tax authorities
overseas, or a copy of a document having equivalent validity certified by
the taxpayer.
• Gains (losses) from offshore investment projects cannot be offset against
losses (gains) incurred in Vietnam.