The industrial park is considered as an ideal destination for domestic and foreign investors who want to develop their business in Vietnam. An industrial park is a concentrated area of large enterprises specializing in the production of industrial goods and industrial production services, with a defined geographical boundary, no inhabitant, and signed by the Prime Minister. Since its establishment, the Vietnamese government has a special tax incentive and support policy for businesses here

Therefore, Hong Bang Law would like to send to customers the following advice about the Tax policy for enterprises located in industrial parks.

Legal grounds

• Decree 82/2018/ND-CP on the management of industrial parks and economic zones
• Circular 219/2013/TT-BTC on value-added tax
• Circular 78/2014/TT-BTC (regarding corporate income tax)
• Circular 151/2014/TT-BTC (regarding corporate income tax)
• Decree 46/2014/ND-CP (regarding land use levy incentives)
• Law on export tax and import tax 2016

Exemption and reduction of corporate income tax

• Enterprises are entitled to tax exemption for 2 years and a 50% reduction of payable tax for the next 4 years for income from the implementation of new investment projects.

Preferential import and export tax

• Exemption from import tax on goods that make up the project’s fixed assets
• Tax exemption for goods imported for processing and processed products for export;
• Tax exemption for goods exported for processing and imported processed products
• Tax exemption for goods imported to produce goods for export
• Exemption from tax on imported goods to create fixed assets of beneficiaries of investment incentives
• Exemption from import tax on raw materials, supplies and components for a period of 5 years
• Tax exemption for goods produced, processed, recycled or assembled in non-tariff zones
• Exemption from tax on imported raw materials, supplies and components for the production and assembly of medical equipment

Exemption and reduction of land rent:

• Exemption of land rent for 11 years from the time the project is completed and put into operation. Exemption of land rent during the period of temporary suspension of construction or operation because the project faces difficulties and must be suspended when certified by the investment licensing agency.
• Reduce 50% of land rent during the period of business shutdown in case of natural disaster, fire, force majeure accident.

Services provided by Hong Bang Law

Hong Bang Law is a company with 10 years of experience in consulting in the fields of foreign investment, tax, and finance. We have supported many foreign investors, accompanying them throughout the implementation of investment projects and activities in Vietnam, especially in the field of taxation.

Hong Bang Law will accompany customers, providing tax consulting and support services for enterprises in industrial parks including:

• Comprehensive consultation on the investment process in industrial parks, tax issues for enterprises in industrial parks;
• Registration service for business tax identification number;
• Service of declaring contractor tax on each arising, monthly basis;
• Service of corporate tax finalization;
• Service of confirming corporate tax obligations;
• Service of performing other tax procedures. Processing establishment and execution of authorized transactions, regularly informing about developments and proposing new ideas (note: if there are adjustments or supplements to the content of the authorization, rights must be made in a new document);
• Handing over the work results after successfully performing the authorized work.

If you need more detailed advice and answers as well as how to access this service, please contact directly our Lawyer Nhat Nam via hotline: 0912.35.65.75, 0912.35.53.53 or call the toll free legal consultation hotline 1900.6575 or send a service request via email: lienheluathongbang@gmail.com

Wishing you and your family good health, peace and success!

Best regards!