On November 29, 2023, the National Assembly passed a resolution to implement a supplementary corporate income tax (CIT) in accordance with global anti-base erosion and profit shifting (BEPS) rules. This resolution will take effect from January 1, 2024, and apply to the fiscal year 2024.

The resolution outlines a formula to determine the minimum domestic supplementary CIT: Minimum domestic supplementary CIT = (Supplementary tax rate x Taxable profit for supplementary tax purposes) + Adjusted supplementary tax for the current year (if any).

A 15% tax rate will be applied to multinational enterprises with a consolidated group revenue of 750 million euros (approximately 800 million US dollars) or more in any two of the four preceding years.

Source: Official Website of the National Assembly of Vietnam.