Losses carried forward upon the termination of a branch

Vietnam: On 28 February 2024, the Hanoi Tax Department issued Official Letter No. 9579/CTHN-TTHT providing guidelines regarding losses carried forward upon the termination of an independent branch as follows: A branch is an independent accounting unit and files its own Corporate Income Tax (“CIT”), whose annual accumulated losses determined by tax authorities upon its termination can be carried forward to offset against the enterprise (head office)’s taxable income, subject to a 5-year limit rule for losses carried forward.

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