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Newsletter

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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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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