Voluntary contributions, sponsorships and assistance received by Vietnam fund for vaccination prevention of coronavirus disease 2019 (“VFVC”) are deductible when calculating corporation income tax
On June 02nd, 2021, the Ministry of Finance issued Circular 41/2021/TT-BTC on guidelines for organization, operation, management, use and compliance with accounting, settlement and financial disclosure requirements of Vietnam fund for vaccination prevention of coronavirus disease 2019.
In which, in article 05, voluntary contributions, sponsorships and assistance sent to VFVC may be deducted from income subject to enterprise income tax according to regulations of the Government’s Decree No. 44/2021/ND-CP dated 31 March 2021.
In Clause 3, Article 16 of the Circular guiding that when an organization or an enterprise wishes to certify the sponsorship, support or voluntary contribution to VFVC, the Management Board of VFVC is responsible for certifying contributions in cash and in the form of other materials and The Ministry of Health is responsible for contributions in the form of vaccines. (Minute of certification according to the form specified in the Appendix issued with Decree No. 44/2021/ND-CP)