On November 7, 2022, the Ministry of Finance issued Circular 67/2022/TT-BTC guiding tax obligations when enterprises set up and use science and technology development funds, according to which:
For enterprises that are not state-owned enterprises, they were given to determine their specific allocation rate, but not exceeding 10% of the assessable income for corporate income tax in the tax period.
Within 5 (five) years from the time of setting up the Fund according to regulations, if the enterprise does not use or uses not all 70% of the annual allocated fund, it must pay the State budget the corporate income tax calculated on the income allocated but not used or not used up 70% of the annual allocated fund, and have to pay interest arising from that corporate income tax amount concurrently.
The Circular takes effect from December 23, 2022 and applies to the determination of tax obligations from the fiscal year 2022.
