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Newsletter

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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NEWSLETTER SEPTEMBER 2017

2017-11-01
Newsletter

  Circular No. 93/2017/TT-BTC (“Circular No. 93”): registration requirement of value added tax (VAT) calculation method is modified On 19th September 2017, the Ministry of Finance issued Circular No.93 which amends and supplements several articles relating to VAT as follows; Cancel the requirement to submit Form No. 06/GTGT for registration of VAT deductible method of newly established business entities and business entities which have VAT taxable revenues less than 1 billion VND. Cancel the requirement to submit Form 06/GTGT for registration of change in VAT calculation method. Add a regulation on VAT calculation method for business entities which is guided...

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NEWSLETTER AUGUST 2017

2017-09-29
Newsletter

Circular No. 23/2017/TT-BLDTBXH (“Circular 23”): online procedures to issue work permit for foreigners working in Vietnam. On 15th August 2017, the Ministry of Labor – Invalids and Social Affairs issued Circular 23 with the following contents: – At least 07 working days before the day on which a foreign employee plans to start working for an employer, the employer must declare and summit application via web portal of the work permit issuing authority in order to obtain a work permit for the foreign employee as guided in Article 10 of Decree No.11/2016/ND-CP – Within 05 working days from the day...

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NEWSLETTER JULY 2017

2017-09-01
Newsletter

Official Letter No. 2943/TCT-TNCN (“OL 2943”): treatment of compulsory insurance payment in gross-up formula On 4th July 2017, the General Department of Taxation issued Official Letter 2943 with the following contents: When an individual receives salary on a net basis, the gross-up is performed as follows: – For the period before 1st July 2013, compulsory insurance payment is not deducted from net income to gross up in accordance with Circular No. 84/2008/TT-BTC dated 30th September 2008 issued by the Ministry of Finance and guiding Official Letters of the General Department of Taxation; OL No.1578/TCT-TNCN dated 28th April 2009; OL No.3565/TCT-TNCN...

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NEWSLETTER JUNE 2017

2017-08-01
Newsletter

Circular No. 41/2017/TT-BTC (“Circular 41”) guiding some articles of Decree No. 20/2017/NĐ-CP (“Decree 20”) dated 24th February 2017 about tax management on transfer pricing (TP) On 28th April 2017, the Ministry of Finance released Circular 41 to provide further guidance on some articles of Decree 20. This circular provides guidance on comparability analysis, related transaction pricing method, TP declaration, TP documentation and exemptions which were introduced by Decree 20. Circular 41 comes into force from 1st May 2017, replacing existing TP regulation in Circular No.66/2010/TT-BTC dated 22nd April 2010 and Form No.03-7/TNDN appended to Circular No. 156/2013/TT-BTC dated 6th November...

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NEWSLETTER MAY 2017

2017-06-30
Newsletter

Circular No. 31/2017/TT-BTC dated 18th April 2017 amending some articles of Circular No. 99/2016/TT-BTC guiding on VAT refund management According to this Circular, VAT refund to taxpayers shall be completed within 1 working day after the state treasury of province receiving a tax refund order from the tax office. In the past, maximum processing time for VAT refund to taxpayers was 3 working days. Circular No. 31 comes into force from 2nd June 2017. Official Letter No. 1873/TCT-TNCN (“OL 1873”) on compensation for breach of contract The General Department of Taxation issued OL 1873 on 10th May 2017, answering an...

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NEWSLETTER APRIL 2017

2017-05-31
Newsletter

Decree No. 20/2017/ND-CP (“Decree 20”) guiding tax management on transfer pricing (TP) As we mentioned in our Newsletter of February 2017, on 24th February 2017, the Government issued Decree 20 providing guidelines on tax management applied to TP, effective from 1st May 2017. In this newsletter, we would like to further clarify the cases in which a taxpayer is exempted from preparation and declaration of TP documentation. A taxpayer will be exempted from preparation of declaration on Section III and IV under Form No. 01 in case: –           The taxpayer has transactions only with related parties subject to Corporate Income...

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NEWSLETTER MARCH 2017

2017-04-28
Newsletter

Official Letter No. 1091/TCT-TNCN about PIT policy for foreigners On 27th March 2017, the General Department of Taxation issued Official Letter No. 1091/TCT-TNCN regarding personal income tax (PIT) policy applied to foreign expatriates in case a general director of a Vietnamese company is non-resident of Vietnam: – For remuneration paid by the Vietnamese company which he/she receives while working in Vietnam, PIT is calculated at 20% on taxable income. – For salaries paid by a parent company in Japan, salaries received for the portion of work done for the parent company is non-taxable income in Vietnam, while salaries received for...

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NEWSLETTER FEBRUARY 2017

2017-04-02
Newsletter

Decree No. 20/2017/ND-CP (“Decree 20”) guiding tax management on transfer pricing (TP) On 24th February 2017, the Government issued Decree No. 20/2017/ND-CP guiding tax management for enterprises which have related party transactions. There are some changes in Decree 20 compared with Circular No. 66/2010/TT-BTC issued by the Ministry of Finance. Principles The tax authority shall manage, check, and inspect prices of related party transactions performed by taxpayers based on arm’s-length transaction and substance-over-form principles. Related parties The threshold of investment capital of the owner increases from 20% to 25%. In the past, two parties are considered to be related parties...

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