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Newsletter

NEWSLETTER MAY 2018

2018-06-28
Newsletter

Official Letter No. 8811/CT-TTHT (OL 8811): treatment of rent deposits as capital contribution OL 8811 issued by Binh Duong Department of Taxation on 15th May 2018 handles the case that a company intends to treat rental deposits as capital contribution from the parent company. In this case, before establishment, the parent company paid the deposit of land lease to the lessor on behalf of the company via bank transfer in accordance with the land lease contract. This OL states that recording deposit payment as capital contribution from the owner is not conformable with Circular No. 19/2014/TT-NHNN issued by the State...

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HSKV joined SFAI (SANTA FE ASSOCIATES)

2018-05-31
Newsletter

Dear valued customers, We would like to announce that, in May 2018, HSK Vietnam Audit Company Limited (HSKV) became a member firm of SANTA FE ASSOCIATES (SFAI). SFAI is a transnational network of accountants and consultants throughout the world. SFAI has 200 offices in 70 countries, headquartered in Santa Fe, New Mexico, USA and now has a presence in Vietnam. You can see more about SFAI at www.sfai.eu. As a member of SFAI, we commit to continuously improving our service quality. Thank you very much. Best regards, HSK Vietnam Audit Company Limited

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NEWSLETTER APRIL 2018

2018-05-31
Newsletter

Official Letter No. 14676/CT-TTHT (OL 14676): VAT policy on cash receipts from parent company This OL issued by Hanoi Department of Taxation handles the case a company receives money from the parent company for its business activities. + If the company receives the money without providing service (repair/guarantee/promotion/advertising services etc.) for the parent company, the company shall not declare and pay VAT according to the regulation at Clause 1, Article 5, Circular No. 219/2013/TT-BTC dated 31st December 2013 by the Ministry of Finance. The company records the receipts to other income upon receipt, following the regulation at Clause 15, Article...

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NEWSLETTER MARCH 2018

2018-04-27
Newsletter

Decree No. 41/2018/NĐ-CP (Decree 41): administrative penalty on financial statements preparation According to Decree 41, a company can be imposed a penalty ranging from VND 10 million to VND 20 million when it does not prepare sufficient financial statements as required. Moreover, the penalty amount will be adjusted when it violates the regulations relating to financial reporting as follows: –  Failing to prepare statutory financial statements: from VND 20 million to VND 30 million – Information presented in the financial statements is not true and fair in presentation: from VND 20 million to VND 30 million –  Falsifying the financial...

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NEWSLETTER FEBRUARY 2018

2018-03-30
Newsletter

Official Letter No. 536/TCT-CS (OL 536): VAT policy on export service On 09th February 2018, the General Department of Taxation issued OL 536 on its VAT policy. According to OL 536, in the case where a company provides service for clients located oversea via its website, the Company can apply 0% VAT as guided in Clause 1, Article 9, Circular 219/2013/TT-BTC dated 31st December 2013 for such service if it meets the following conditions: The service contract complies with Decree No. 52/2013/ND-CP dated 16th May 2013 on E-Commerce. The Company has evidence for payment (non-cash method). The Company can prove...

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NEWSLETTER JANUARY 2018

2018-02-28
Newsletter

New Law on export/import management On 12th June 2017, the National Assembly approved Foreign Trade Management Law No. 05/2017/QH14, which gives some new guidance on the management of foreign trade via import and export licenses (license-based management) and via conditions for import/export (condition-based management). The Law comes into force from 1st January 2018.   Decree No. 09/2018/ND-CP (Decree 09): change of licensing requirements for trading activities conducted by foreign investors and foreign invested enterprises The government issued Decree 09, replacing Decree No. 23/2007/ND- CP (Decree 23) dated 12th February 2009, which came into force from 15th January 2018, with following main...

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NEWSLETTER DECEMBER 2017

2018-01-31
Newsletter

Decree No. 146/2017/ND-CP (Decree 146) amending some articles on Decree No. 100/2016/ND-CP dated 1st July 2016 and Decree No. 12/2015/ND-CP dated 12th February 2015 On 15th December 2017, the Government issued Decree 146 with the following contents; Goods and services that are not subjects for VAT Exported goods that are natural resources/minerals which have not been processed to other products Exported goods which are directly and mainly processed from natural resources/ minerals where the total value of natural resources/ mineral plus energy cost accounts for at least 51%, except for: Exported goods processed from natural resources/ minerals which are either directly...

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NEWSLETTER NOVEMBER 2017

2017-12-28
Newsletter

Official Letter No. 5483/TCT-DNL (OL 5483): VAT invoice requirements for gifts given to customers On 28th November 2017, the General Department of Taxation issued OL 5483 answering Ho Chi Minh Tax Department. OL 5483 states that when a company gives gifts to its clients to facilitate its business, the company must issue VAT invoices, declare and pay VAT output for these gifts. In case the clients do not require VAT invoices, at the end of each day, the Company must issue one invoice for total amount of gifts given to all clients during the day, sign and keep all 3...

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NEWSLETTER OCTOBER 2017

2017-11-30
Newsletter

Official Letter No. 4657/TCT-KK (OL 4657): VAT refund for exported goods without documents of cash receipts prepared by the bank On 11th October 2017, the General Department of Taxation issued OL 4657, answering Soc Trang Department of Taxation on a case where a company claims VAT refund for exported goods without credit note (cash receipt notice) issued by the bank. In this case, a company exported frozen shrimp to a customer using L/C payment method in September 2016. The payment became over-due, but the company has not collected the payment from the customer yet. Therefore, the company does not have...

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