Apply global minimum CIT from 2024 in Vietnam


On November 29, 2023, the National Assembly passed a resolution on the application of supplementary corporate income tax (CIT) in accordance with the regulations on preventing global tax base erosion. This resolution will be effective from January 1, 2024, and will be applicable to the 2024 fiscal year.

The resolution specifies the formula for determining the minimum domestic supplementary corporate income tax standard: Minimum domestic supplementary corporate income tax standard = (Supplementary tax rate x Taxable income for supplementary tax) + Adjusted supplementary tax for the current year (if any).

The minimum tax rate is set at 15% for multinational enterprises with total consolidated revenue of 750 million euros (approximately USD 800 million) or more in two of the four most consecutive years.

Source: The official website of the National Assembly of Vietnam.