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Newsletter

NEWSLETTER NOVEMBER 2018

2018-12-28
Newsletter

Official Letter No. 74289/CT-TTHT (OL 74289): Personal income tax (PIT) treatment of charity activities The OL 74289 issued by Hanoi Department of Taxation on 7th November 2018 answers an inquiry on a case where employees of a company did charity activities, such as donating gifts and money to poor people, disabled individuals and hospitals, and donation was made from employees in the form of salary deduction. This OL states that salary deduction made for charity activities should not be deducted from taxable income of employees for PIT purpose since charitable works are not performed through a charity fund which is...

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NEWSLETTER OCTOBER 2018

2018-11-30
Newsletter

Official Letter No. 18044/CT-TT&HT (OL 18044): VAT requirement for disposed materials On 3rd October 2018, Binh Duong Department of Taxation issued OL 18044, which handles the case that a company no longer uses materials in stock and intends to dispose these materials. If the materials are imported materials and were not subject to VAT according to Clause 4, Circular No. 219/2013/TT-BTC issued by the Ministry of Finance dated 31st December 2013, when changing the purpose of using these materials, the company should declare and pay VAT for imported goods to the customs office where the company registered the customs declaration...

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NEWSLETTER SEPTEMBER 2018

2018-10-31
Newsletter

Official Letter No. 14848/CT-TT&HT (OL 14848): VAT treatment of additional tax paid On 04th September 2018, Binh Duong Department of Taxation issued OL 14848, which regulates that the VAT paid according to the tax assessment decision made by the customs office due to mistakes in customs declaration dossier shall be declared and be deducted in VAT declaration if such payment is conformable with VAT deduction requirements per Article 15 of Circular No. 219/2013/TT-BTC and Clause 10, Article 1 of Circular No. 26/2015/TT-BTC. Official Letter No. 16144/CT-TT&HT (OL 16144): flat-rate travel allowance paid to employees On 13th September 2018, Binh Duong...

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NEWSLETTER AUGUST 2018

2018-09-28
Newsletter

Official Letter No. 14284/CT-TT&HT (OL 14284): requirements to treat oversea business expenses as deductible expenses for CIT On 23rd August 2018, Binh Duong Department of Taxation issued OL 14284, which handles the case that the company assigned employees to go on a business trip oversea. This OL states the expenses incurred for the trip are considered as deductible expenses for CIT purpose if the company prepares a decision assigning employees to travel oversea, which states clearly the purpose of business trip. The Company should keep invoices and other documents for expenses incurred oversea that are conformable with regulations of the...

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NEWSLETTER JULY 2018

2018-08-31
Newsletter

Decree No. 72/2018/NĐ-CP on statutory pay rate for public officials, public employees and armed forces’ personnel On 15th May 2018, the Government issued Decree No. 72/2018/NĐ-CP on statutory pay rate for public officials, public employees and armed forces’ personnel, with the following contents: From 01st July 2018, the statutory pay rate is adjusted to increase from VND 1,300,000 to VND 1,390,000 per month, which leads to the increase in salary and allowance for public officials, public employees and armed forces’ personnel. Moreover, pension, social insurance allowance, and monthly allowance which are calculated based on the statutory pay rate also increase....

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NEWSLETTER JUNE 2018

2018-07-31
Newsletter

Decree No. 82/2018/NĐ-CP (Decree 82): incentive policy on Industrial Park and Economic Zone On 22th May 2018, the Government issued Decree 82 with some main points about investment incentives policy applied to Industrial Parks (IP) and Economic Zones (EZ) as follows: IP is eligible for incentives applicable to geographical areas listed on the list of geographical areas with difficult social and economic conditions under the investment law. IP located in geographical areas with extremely difficult social and economic conditions is eligible for incentives applicable to geographical areas listed on the list of geographical areas with extremely difficult social and economic...

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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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