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NEWSLETTER MARCH 2025

2025-04-24
Newsletter

TAX MANAGEMENT New organizational structure of Vietnam’s Tax Department The organizational structure of the Tax Department has been reorganized according to Decision No. 381/QD-BTC dated 26 February 2025 of the Ministry of Finance, Decision No. 904/QD-BTC dated 3 March 2025 of the Ministry of Finance and Decision No. 15/QD-CT dated 3 March 2025 of the Tax Department. Accordingly, the Tax agency system is organized vertically from central to local levels according to a 3-level model: a) Tax Department (formerly the General Tax Department); b) Regional Tax Departments (Establishing 20 Regional Tax Departments to replace 63 Provincial/Municipal Tax Departments); c) District-level...

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NEWSLETTER FEBRUARY 2025

2025-03-28
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Decree 70/2025/ND-CP dated 20 March 2025 amending Decree 123/2020/ND-CP dated 19 October 2020 regulating invoices and documents: Decree 70/2025/ND-CP of the Government (effective from 1 June 2025) amends and supplements Clause 1 and Clause 2, Article 9 of Decree 123/2020/ND-CP regarding the time of invoice issuance as follows: – The time of invoice issuance for the sale of goods (including the sale and transfer of public assets and the sale of national reserve goods) is the time of transfer of ownership or right to use the goods to the buyer, whether the payment of the invoiced amount is made or...

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NEWSLETTER JANUARY 2025

2025-03-28
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Tax management for enterprises with related-party transactions according to Decree No. 20/2025/ND-CP dated 10 February 2025, amending and supplementing a number of articles of Decree No. 132/2020/ND-CP dated 5 November 2020 Decree No. 20/2025/ND-CP amends and supplements regulations on related parties. Accordingly, for the corporate income tax period from 2020 to 2023, in case borrowing enterprises only have affiliated relationships with economic organizations operating under the provisions of the Law on Credit Institutions and borrowing enterprises with lenders or guarantors in cases amended and supplemented in Article 1 of Decree No. 20/2025/ND-CP, have related-party transactions within the scope of regulation...

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NEWSLETTER DECEMBER 2024

2025-01-22
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Decree 180/2024/ND-CP dated 31 December 2024 stipulates the policy of reducing value-added tax according to Resolution No. 174/2024/QH15 dated 30 November 2024 of the National Assembly, effective from 1 January 2025 to 30 June 2025 on goods and services subject to VAT reduction and implementation procedures 1. Reduce VAT for groups of goods and services currently applying a tax rate of 10%, except for the following groups of goods and services: a) Telecommunications, financial activities, banking, securities, insurance, real estate trading, metals and prefabricated metal products, mining products (excluding coal mining), coke, refined petroleum, chemical products. Details in Appendix I...

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NEWSLETTER NOVEMBER 2024

2024-12-27
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Law No. 56/2024/QH15 amending and supplementing the Law on Securities, Law on Accounting, Law on Independent Auditing, Law on State Bank, Law on Management and Use of Public Assets, Law on Tax Administration, Law on Personal Income Tax, Law on National Archives Reserves, Law on Handling of Administrative Violations On 29 November 2024, the National Assembly passed the Law amending 9 Laws: Securities Law, Accounting Law, Tax Administration Law, Personal Income Tax Law, etc., effective from 1 January 2025, with some notable points as follows: – Supplementing and specifying the concept of stock market manipulation; regulations on professional stock investors;...

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NEWSLETTER OCTOBER 2024

2024-11-25
Newsletter

Corporate Income Tax (“CIT”) Deductible expenses in the event of natural disasters On 16 October 2024, Hai Duong Tax Department issued Official Letter No. 8763/CTHDU-TTHT as follows: – In case a company incurs losses of materials due to the impact of natural disasters, the company must prepare complete, timely and accurate accounting documents in accordance with the provisions of Article 18 of the Accounting Law No. 88/2015/QH13. The expenses related to the value of losses due to natural disasters, which are not compensated, will be included as deductible expenses when determining taxable income for CIT if they meet the conditions specified...

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NEWSLETTER SEPTEMBER 2024

2024-10-28
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Tax incentive for business affected by natural disaster On 13 September 2024, the General Department of Taxation issued Official Letter No. 4062/TCT-CS as follows: Tax deferral – Article 62 of the Law on Tax Administration No. 38/2019/QH14 dated 13 June 2019 stipulates that tax may be deferred for up to 02 years from the day following the tax filing deadline in case of natural disasters. – Procedures and documents are implemented according to Article 24 of Circular No. 80/2021. Exemption from late payment interest – Clause 8, Article 59 of the Law on Tax Administration No. 38 stipulates that taxpayers...

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NEWSLETTER AUGUST 2024

2024-09-26
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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
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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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