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NEWSLETTER AUGUST 2024

2024-09-26
Newsletter

Corporate Income Tax (“CIT”) On 22 August 2024, Binh Duong Tax Department issued Official Letter No. 23846/CTBDU-TTHT with following content: In case a company has a plan to change its Branch in Binh Duong to a subsidiary and continue to conduct business lines and operate at the registered business location of the Branch, the subsidiary will inherit the CIT incentives of the Branch for the remaining period as prescribed in Clause 3, Article 10 of Circular No. 96/2015/TT-BTC dated 22 June 2015 of the Ministry of Finance, amending and supplementing Clause 5, Article 18 of Circular No. 78/2014/TT-BTC (amended and...

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NEWSLETTER JULY 2024

2024-08-28
Newsletter

Personal income tax (“PIT”) policy on gift On 12 July 2024, Hanoi Tax Department issued Official Letter No. 40757/CTHN-TTHT as follows: In case employees are given gift by a company in the form of gift vouchers and tangible gift (these are paid according to the company’s welfare policy), these are considered as monetary or non-monetary benefit other than salary or wages paid by the employer according to the provision of Clause 2, Article 2 of Circular No. 111/2013/TT-BTC dated 15 August 2013 of the Ministry of Finance (Circular 111). The time to determine taxable income is when the company pays...

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NEWSLETTER JUNE 2024

2024-07-24
Newsletter

Insurance Adjustment of base salary and regional minimum salary from 1 July 2024 On 30 June 2024, the Government issued Decree No. 73/2024/ND-CP and Decree No. 74/2024/ND-CP. The contents are as follows: – Base salary The base salary increases by 30% from VND 1,800,000 to VND 2,340,000. Therefore, the maximum salary used as a basis for calculating payment of Social Insurance, Health Insurance, Labor accident & occupational disease insurance and Union fees (i.e. 20 times the base salary) will increase from VND 36,000,000/month to VND 46,800,000/month. – Regional minimum wage The regional minimum wage increases by 6% as follows: Unit:...

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NEWSLETTER MAY 2024

2024-07-01
Newsletter

Value Added Tax (“VAT”) Issuance of invoices for capital contribution activity On 16 May 2024, Da Nang Tax Department issued Official Letter No. 4371/CTDAN-TTHT with following content: In case a company contributes capital by assets (with all invoices and documents as prescribed) to establish a business enterprise, the company does not need to declare and pay VAT. Dossier for assets contributed as capital to the enterprise must include: Minutes of capital contribution, Joint venture contracts/Agreements; Minutes of asset valuation of the Council for capital contribution (or valuation document of an organization with valuation function as prescribed by law), accompanied by...

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NEWSLETTER APRIL 2024

2024-05-27
Newsletter

Value Added Tax (“VAT”) Transfer of the remaining deductible VAT amount after the branch terminates its operation On 15 April 2024, the General Department of Taxation issued Official Letter No. 1569/TCT-KK as following content: In case a Company’s branch located in Hanoi, which is a dependent unit of the Company’s headquarters in other province, terminates its operation and closes its tax code, but still has input VAT balance that has not been fully deducted at the time of termination, the branch is allowed to transfer the undeducted input VAT balance to the headquarters so that the headquarters can continue to...

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NEWSLETTER MARCH 2024

2024-05-02
Newsletter

Corporate income tax (“CIT”) Tax treatment for business activities eligible for CIT incentive On 20 March 2024, Binh Duong Tax Department issued Official Letter No. 6427/CTBDU-TTHT guiding on CIT tax treatment as follows: According to the instructions in Clause 9, Article 18 of Circular No. 78/2014/TT-BTC: In the same tax period, the Company incurs losses in business activities eligible for tax incentives, while having profit from business activities not eligible for tax incentives, or other profit from business activities (excluding income from real estate transfer activities, transfer of investment projects; income from transfer of rights to participate in investment projects,...

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NEWSLETTER FEBRUARY 2024

2024-03-21
Newsletter

Tax policy on capital transfer and capital donation activities of foreign companies not present in Vietnam On 23 February 2024, Hanoi Tax Department issued Official Letter No. 8983/CTHN-TTHT with the main content as follows: – In case a foreign company (without presence in Vietnam) transfers its capital contribution in a company in Vietnam to another shareholder that is a non-resident individual in Vietnam, the foreign company must declare and pay corporate income tax (CIT) on income from capital transfer activity. The declaration and tax payment shall follow the guidelines in Article 11 and Article 14 of Circular No. 78/2014/TT-BTC and Article 8...

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NEWSLETTER JANUARY 2024

2024-02-26
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Tax policy Interest on bank deposit and interest on loan during construction period On 23 January 2024, the Tax Department of Vinh Phuc Province issued Official Letter No. 169/CTVPH-TTHT guiding interest income on deposit during the investment period as follows: In case a company’s new investment project is in the construction period, has not yet been put into production and business activities, and if the company incurs interest income on bank deposit, it will be offset against loan interest payments (if any) as long as these deposit interest income and loan interest payments are eligible for capitalization according to the...

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NEWSLETTER DECEMBER 2023

2024-01-30
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Tax policy Enterprises with many investment projects in the same province must keep accounting record separately for each project; Exchange rate differences during the investment phase of forming fixed assets are allocated no more than 5 years after the fixed assets are completed and put into use. On 20 December 2023, Hai Duong Tax Department issued Official Letter No. 17075/CTHDU-TTHT on accounting and corporate income tax as follows: – In case the Company has many different investment projects in the same province and the Company only uses one accounting book system for one annual accounting period. The accounting of new...

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