Conversion of Corporate Income Tax ("CIT") incentives

From 1 January 2012, companies were no longer entitled to enjoy incentives based on the export criteria, as a result of Vietnam's WTO commitments. Thus, the Ministry of Finance ("MoF") has issued Circular No. 199/2012/TT-BTC ("Circular 199") on 15 November 2012, on the alternative CIT incentives available to these affected companies. Circular No. 199 supplements the earlier issued Decree 122/2011 and applies from the 2012 tax year. It also supersedes previous guidelines issued by the MoF.…