Some notes when finalizing corporate income in 2022

CIT is a direct tax, levied on the taxable income of enterprises, including income from production and trading activities of goods and services and other incomes as prescribed by law. There are some necessary notes when finalizing corporate income in 2022.

What is CIT finalization?

CIT finalization is the act of declaring the total amount of CIT payable by an enterprise to the tax authority. CIT finalization activities include annual tax finalization and are applied in case there is a decision on enterprise dissolution, division, the transformation of enterprise type, ownership form, or termination of the operation. At that time, the tax authority issues a final settlement decision to the enterprise, the main purpose is to collect the CIT amount

Regulations on types of CIT finalization documents

Currently, when finalizing CIT, most organizations and businesses. CIT will have to prepare a complete set of documents to ensure the legitimacy of their tax finalization. However, depending on each case, the requirements for tax finalization records will be different.

STT	File name	Form	Text attached to the form
Dossier for finalization of corporate income tax by the revenue-cost method
1	Corporate income tax finalization declaration (applicable to the revenue-cost method)	Form No. 03/TNDN	Circular 80/2021/TT-BTC
2	Annual financial statements, including:
	– Accounting balance sheet	Model No. B01-DN	Circular 200/2014/TT-BTC
	– Report on business performance	Model No. B02-DN
	– Cash flow statement using the direct method; – Cash flow statement using the indirect method	Model No. B03-DN
	– Notes to financial statements	Model No. B09-DN
3	Power of attorney to carry out the procedure if not the legal representative performing the work
	Depending on the actual arising of the business, submit additional documents
4	Appendix The results of production and business activities
	– For enterprises in the manufacturing, trading and service industries	Form No. 03-1A/TNDN	Circular 80/2021/TT-BTC
	– For businesses in the banking and credit industries	Form No. 03-1B/TNDN
	– For securities companies, securities investment fund management companies	Form No. 03-1C/TNDN
5	Loss Transfer Appendix	Form No. 03-2/TNDN	Circular 80/2021/TT-BTC
6	Appendices of corporate income tax incentives (if any):
	– For business establishments newly established from investment projects, business establishments relocated, new investment projects	Form No. 03-3A/TNDN	Circular 80/2021/TT-BTC
	– For business establishments investing in building new production lines, expanding scale, renovating technology, improving ecological environment, improving production capacity (expansion investment)	Form No. 03-3B/TNDN
	– For enterprises employing ethnic minorities or enterprises engaged in production, construction or transportation activities that employ many female employees.	Form No. 03-3C/TNDN
	– For science and technology enterprises or technology transfer enterprises in the fields of priority for transfer.	Model No. 03-3D/TNDN
7	Appendix of corporate income tax paid abroad to be deducted in the tax period	Form No. 03-4/TNDN	Circular 80/2021/TT-BTC
8	Appendix of corporate income tax for real estate transfer	Form No. 03-5/TNDN	Circular 80/2021/TT-BTC
9	Appendix to report on setting up and using science and technology funds	Form No. 03-6/TNDN	Circular 80/2021/TT-BTC
10	Appendix of information on affiliate relations and related transactions	Model number 01	Decree No. 132/2020/ND-CP
11	Appendix to the table of corporate income tax payable for production establishments	Form No. 03-8/TNDN	Circular 80/2021/TT-BTC
12	Appendix to the table of the distribution of corporate income tax payable to the localities where they are entitled to receive revenue from real estate transfer activities	Form No. 03-8A/TNDN
13	Appendix table of the distribution of corporate income tax payable to localities where they are entitled to revenue from hydroelectricity production activities	Form No. 03-8B/TNDN
14	Appendix table of the distribution of corporate income tax payable to localities where revenue is received from the computerized lottery business	Form No. 03-8C/TNDN
15	Appendix of the list of payment documents of temporarily paid corporate income tax of real estate transfer activities that have not been handed over in the year	Form No. 03-9/TNDN
16	In case an enterprise has an investment project abroad, in addition to the above-mentioned dossiers, the enterprise must supplement the dossiers and documents for the income from the overseas investment project, including:
	– A copy of the overseas income tax return certified by the taxpayer;
	– A photocopy of the overseas tax payment receipt certified by the taxpayer, the original foreign tax authority’s certification of the paid tax amount, or a copy of an equivalent document certified by the taxpayer.
Dossier for finalization of corporate income tax by the ratio-to-revenue method
1	Corporate income tax return	Form No. 04/TNDN	Circular 80/2021/TT-BTC
2	Annual financial statements, including:
	Accounting balance sheet	Form No. B 01 – DN	Circular 200/2014/TT-BTC
	Report on business performance	Form No. B 02 – DN
	Statements of cash flows	Form No. B 03 – DN
	Notes to financial statements	Form No. B 09 – DN
3	Power of attorney to carry out the procedure if not the legal representative performing the work

The time limit for submitting CIT finalization dossiers

After fully preparing tax finalization documents, businesses must pay attention to the deadline for submitting CIT finalization documents to ensure no mistakes occur.

Based on current legal regulations, the deadline for submitting the annual CIT finalization dossier is normally the last day of March, counting from the end of the calendar year (March 31st) or the financial year (for businesses that choose an accounting period other than the calendar year)

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