11-09-2018 / By Administrator / Taxation
The General Department of Taxation of Ministry of Economy and Finance has issued a notice to the Garment Industry Textile Enterprises:
• For garment textile industry enterprises that have adjusted accounting records, 3-year tax returns, and provided annual financial report of independent audit to the tax administration at least on 31 March 2019 and receive the incentive suspension monthly prepayment profit tax until the end of the year 2022 , and has been recognized as an enterprise service provider garment and trim (CMT). during this period, if the results of tax adjustments are paid, enterprises shall be exempted from penalties, including additional tax and interest.
• For garment textile industry enterprises that keep a list of accounting and tax filings incorrectly and have not yet provided an independent audit financial report for submission to the General Department of Taxation which may lost the exemption permits of Prepayment of Profit Tax and conditions to be the garment industries. Moreover, they can be considered as a low tax compliance levels and suffer the penalties of the tax laws and regulations.