On November 29, 2023, the National Assembly passed a resolution on applying a supplementary corporate income tax (CIT) under the global anti-base erosion (GloBE) framework. The resolution takes effect from January 1, 2024 and will be applied from the 2024 fiscal year onward.
The resolution specifies the formula for calculating the qualified domestic minimum top-up tax:
Qualified Domestic Minimum Top-Up Tax = (Top-Up Tax Rate × Additional Taxable Profit) + Adjusted Top-Up Tax for the Current Year (if any)
A 15% tax rate will apply to multinational enterprises (MNEs) with consolidated revenue of at least EUR 750 million (approximately USD 800 million) in at least two of the four most recent fiscal years.
Source: Vietnam National Assembly Portal.
