According to the provisions of the Law on Tax Administration, for enterprises whose fiscal year is the same as the calendar year, the deadline for finalizing corporate income tax (CIT) is the last day of the 3rd month from the end of the calendar year. (March 31, 2021). For enterprises with a fiscal year other than the calendar year, the latest settlement deadline is the last day of the 3rd month from the end of the fiscal year.

In particular, businesses must determine and declare enough information in the CIT finalization declaration and pay attention to a number of indicators such as: industry with the highest revenue rate; The ratio (%) of the business line with the highest revenue ratio to the total revenue of the tax period. Enterprises need to pay attention to accurately identifying objects that must declare, control and fully declare related transaction information, and correctly determine deductible interest costs (30% limit) when calculating taxes. Corporate income according to the provisions of Decree 132/2020/ND-CP dated November 5, 2020 of the Government to limit errors.

Regarding determining and declaring 2020 corporate income tax reduction according to Resolution 116/2020/QH14, in case the total revenue in 2020 does not exceed 200 billion VND, the enterprise is entitled to a 30% reduction of the payable corporate income tax of the tax period. CIT in 2020.

When preparing tax declaration documents, enterprises declare the reduced corporate income tax amount on the declaration forms issued with Circular No. 151/2014/TT-BTC dated October 10, 2014 of the Ministry of Finance and its amending documents. changes and supplements (if any) and on the Reduced Corporate Income Tax Appendix issued with Decree 114/2020/ND-CP.

In addition, the reduced corporate income tax amount is calculated on the payable corporate income tax amount of the 2020 tax period after deducting the corporate income tax amount that the enterprise is currently enjoying incentives for.