Tax Administration Notice on use of electronic invoices (e-invoices) in Hanoi On 29 October 2021, Hanoi Tax Office issued a Notice on implementation of E-invoice in Hanoi (following Decision No. 1830/QD-BTC issued by the Ministry of Finance on 20 September 2021). Accordingly, Hanoi Tax Office shall issue a notice to each business regarding the specific date it must switch to using the new E-invoice after the the necessary technology infrastructure has been established. Hanoi Tax Department notes the following guidelines regarding the process of switching from the old model e-invoices (stipulated in Decree No. 51/2010/ND-CP) to the new model (stipulated...



Circular guiding the implementation of a number of articles of the Law on Tax Administration and Decree No. 126/2020/ND-CP issued on 19 October 2020 by the Government On 29 September 2021, the Ministry of Finance issued Circular No. 80/2021/TT-BTC (Circular 80). The tax returns and other forms specified in this Circular shall be applicable to tax period starting from 1 January 2022. Tax finalization declaration for the tax period 2021 shall also use the returns/forms specified in this Circular. This Circular takes effect from 1 January 2022. This Circular annuls Circular No. 156/2013/TT-BTC, Circular No. 99/2016/TT-BTC, Circular No. 31/2017/TT-BTC, Circular...



Value-added Tax (“VAT”) Enterprises must prepare an adjusting memo when issuing adjusted e-invoices On 30 August 2021, Hanoi Tax Department issued Official Letter No. 33105/CTHN-TTHT regarding issued e-invoices, details are as follows: In case an enterprise still uses old model e-invoices, the handling of e-invoices that contain incorrect information shall follow the provisions of Clause 2, Article 9, Circular No. 32/2011/TT-BTC. If an incorrect e-invoice has been sent to the buyer and both the seller and the buyer have declared the invoice, an adjusting memo (electronically-signed by both parties) must be prepared and issued together with the adjusted e-invoice.  ...



Tax Administration Identification of related parties On 20 July 2021, the General Department of Taxation issued Official Letter No. 2687/TCT-TTKT on verifying related parties. Details are as follows: In case an enterprise borrows loans that account for at least 25% of its owner’s equity and more than 50% of its total medium and long-term loan balance, the enterprise shall be subject to Decree No. 20/2017/ND-CP and Decree No. 132/2020/ND-CP.   Late submission of tax returns due to social distancing On 29 July 2021, the Tax Department of Hanoi City issued Official Letter No. 29592/CTHN-KK on submission of tax returns during...



Tax administration Application of Advance Pricing Arrangement (APA) in tax management of enterprises with related party transactions On 18 June 2021, the Ministry of Finance issued Circular No. 45/2021/TT-BTC guiding the application of APA in tax management of enterprises with related party transactions. Details are as follows: – Subject of application: Organizations producing, trading goods/services that pay corporate income tax under declaration method, have transactions with related party, and have been requested to apply APA. – Transactions to which a taxpayer can request application of APA must be: + Actually occurred transactions that will continue to arise during the APA...



General Tax Administration CIT incentives for projects manufacturing supporting industry products On 4 June 2021, the Government issued Decree No. 57/2021/ND-CP supplementing Point g, Clause 2, Article 20 of Decree No. 218/2013/ND-CP on CIT incentives for investment projects manufacturing supporting industry products. According to Decree No. 57/2021/ND-CP, enterprises with new or expanded investment projects implemented before 1 January 2015, which manufacture products specified in the list of supporting industry products preferred for development, satisfy all requirements for investment projects manufacturing supporting industry products prescribed in Law No. 71/2014/QH13, and have been granted a certificate of incentives for production of supporting...



Corporate Income Tax (“CIT”) Entertainment expenses without sufficient evidence documents are non-deductible when calculating CIT and are deemed income when calculating personal income tax (PIT) On 6 April 2021, Hai Duong Tax Office issued Official Letter No. 2138/CTHHU-TTHT regarding entertainment expenses as follows: Entertainment expenses are not salaries or salary-in-kinds, thus in case an employee is given a fixed payment by the Company to pay entertainment expenses that are without invoices and evidence documents, the expenses shall not be deductible when calculating CIT. In case the employee who receives the fixed payment cannot prove that he/she uses the payment to...



Tax management Decree 31/2021/ND-CP defines preferential invesment categories, conditions and investment incentive policies On 26 March 2021, the Government issued Decree No. 31/2021/ND-CP guiding some articles of the Law on Investment. According to the Decree, new categories have been released, such as: List of prohibited industries and conditional investments applied to foreign investors (Appendix I) List of industries with investment incentives and special investment incentives (Appendix II) List of geographical areas eligible for investment incentives and special investment incentives (Appendix III) The Decree comes into force since the signing date and replaces Decree No. 118/2015/ND-CP dated 12 November 2015, Decree No....



Tax finalization for the year 2020 On 1st March 2021, Ha Nam Tax Department issued Official Letter No. 546/CT-TTHT providing some information about tax finalization for the year 2020 as follows: Deadlines for submitting CIT (Corporate Income Tax) finalization dossier: For companies having the same fiscal year with calendar year: the deadline for submitting the dossier is 31 March 2021. For companies having a different fiscal year with calendar year: Deadline is the last day of the 3rd month since the fiscal year-end. Some notes for CIT finalization Companies should determine and declare sufficiently the information in finalization form No....

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