1. The importance of declaring and submitting Corporate Income Tax

Ensures revenue for the state budget

• CIT is an important source of revenue for the state budget, accounting for a large portion of total state budget revenue. This revenue is used to invest in areas such as education, healthcare, national security, infrastructure, and social security, contributing to improving living standards and ensuring social security for the people.
• Businesses paying taxes fully and on time demonstrate their responsibility to the community and contribute to the country’s development.

Promotes transparency and sound business operations

• Declaring and submitting CIT accurately, fully, and on time helps businesses operate transparently and clearly, building trust with customers, partners, and investors. 
• Businesses that pay their taxes fully are entitled to legal benefits, creating favorable conditions for their production and business activities.

Contributes to economic regulation

• CIT policy is used as an effective economic regulation tool. The government can adjust tax rates and calculation methods to encourage or restrict certain economic sectors and activities, contributing to directing socio-economic development in line with set goals.

Reflects business tax culture

• Declaring and submitting CIT accurately, fully, and on time demonstrates a business’s commitment to law and tax culture. 
• Businesses that pay their taxes fully will be highly regarded for their reputation and responsibility, building a positive image among customers, partners, and the community.

Protects a fair business environment

• Businesses paying their taxes fully and on time contribute to creating a fair business environment for all businesses. 
• Businesses that evade taxes will be penalized according to the law, ensuring fair competition in the market.

Declaring and submitting CIT is the obligation and responsibility of every business. Businesses must raise their awareness of law compliance, fulfill their tax obligations fully, on time and accurately to contribute to building a transparent and sound economy while demonstrating their responsibility to the community and society.

2. Important Notes

Taxpayers

• Operating businesses
• Businesses dissolving, relocating, transferring capital, merging, or splitting
• Businesses inactive but with taxable income

Tax Period

• Typically one month, one quarter, or one year
• Businesses can choose a different tax period according to regulations

Tax Deadline

• Depends on the tax period and payment method
• Pay taxes through banks or directly at tax authorities

Preparing Tax Documents

• Tax declaration form for corporate income tax (form 01/CIT).
• Financial statements (including balance sheet, income statement, and explanatory notes)
• Documents related to revenue, expenses, and deductions

Tax declaration

• Businesses declare their taxes independently using tax authority software.
• Tax declaring software can be downloaded from the tax authority’s website or installed on a computer.
• Businesses must enter all information accurately into the tax declaring software.

Paying Taxes

• Businesses can pay taxes in one of two ways:
  • Pay taxes through banks
  • Pay taxes directly at tax authorities

• When paying taxes, businesses must present the following documents:
  • Tax declaration form for corporate income tax 
  • Payment slip
  • Related documents

Tax Authority Review of Documents

• The tax authority will review the business’s tax return and payment documents within 5 working days of receiving the documents.
• If the documents are valid, the tax authority will issue a tax payment certificate to the business.
• If the documents are invalid, the tax authority will notify the business to make corrections.

Notes:

• Businesses must declare CIT accurately, fully, and on time.
• Late tax payments will be penalized according to the law.
• Businesses should retain all documents related to CIT filing and payment for at least three years.