On January 6, 2023, Ministry of Economy and Finance issued Prakas No. 002 MoEF.Brk on extension to suspension of prepayment of income tax (PTOI) for enterprises in the textile and garment industry.

The Prakas applies to enterprises in the textile and garment industry that qualify as Qualified Investment Project (QIP) whose exemption period of income tax expires, including textile enterprises and enterprises producing garment and enterprises producing garment, footwear, bag and handbag and hat for export.

The temporary suspension of monthly PTOI shall be extended until the end of 2025.

To receive the suspension of monthly PTOI, enterprises shall comply with law and regulations of taxations as followed:

1. Have a proper accounting registration in accordance with the provisions of the Law on Taxation and the provisions of the Law on Accounting
2. Declare other taxes as required and
3. Provide an annual independent audit report to the tax authority

Read more here about 2016 Law Accounting and Auditing.

In the event that the enterprise fails to comply with above 3 conditions, the above suspension of monthly PTOI shall be revoked and the enterprise shall be punished in accordance with the law.