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Newsletter

NEWSLETTER DECEMBER 2016

2017-01-25
Newsletter

Official Letter No. 5568/TCT-CS about Value Added Tax (VAT) On 2nd December 2016, the General Department of Taxation issued Official Letter No. 5568/TCT-CS on issuing invoices for transferred assets. The main point of the letter is as follows: Entity A contributes capital to entity B in forms of assets, tools, goods or cash, entity A must prepare following dossiers (i) Capital contribution agreement (ii) Asset valuation report issued by the Capital Transfer Council or an organization who is licensed for asset valuation (iii) original documents of the assets. In case the asset is land use right, entity A must do procedure...

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NEWSLETTER NOVEMBER 2016

2016-12-30
Newsletter

Decree No. 153/2016/ND-CP guiding regional minimum wage applied to employees working under employment contract On 14th November 2016, the Government issued Decree No. 153/2016/ND-CP guiding regional minimum wage applied to employees who are working under employment contract. – The regional minimum wage applied to employees working for an enterprise that operates within: + Region I: VND 3,750,000/month + Region II: VND 3,320,000 /month + Region III: VND 2,900,000/month + Region IV: VND 2,580,000/month – Region I, II, III and IV are defined in the Appendix of the Decree. –  Previously, the regional minimum wages applied to region I, II, III...

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NEWSLETTER OCTOBER 2016

2016-11-28
Newsletter

Decree No. 139/2016/ND-CP on license fee On 4th October 2016, the Government issued Decree No. 139/2016/ND-CP, guiding license fee. The level of license fee is regulated as follows: – For organizations which do manufacturing, trading, or services: + VND 3,000,000/year for an organization that has charter capital or investment capital over VND 10 billion; + VND 2,000,000/year for an organization that has charter capital or investment capital equal to or less than VND 10 billion; + VND 1,000,000/year for a branch, representative offices, location of business, and other economic organizations. – For individuals, group of individuals and households having production and...

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NEWSLETTER SEPTEMBER 2016

2016-10-28
Newsletter

Decree No. 134/2016/ND-CP detailing some articles on the Law of import and export tax On 1st September 2016, the Government issued Decree No. 134/2016/ND-CP detailing some articles on the Law on import and export tax. According to the Decree, there are some notable points as follows: Subjects for import and export tax Supplement some subjects of import and export tax including: Indirect imported and exported goods in accordance with Clause 3, Article 2 of Law on import and export tax will follow the guidance in Decree No.08/2015/ND-CP dated 21st January 2015 guiding details and enforcement of Law on Imported/exported goods...

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NEWSLETTER AUGUST 2016

2016-09-30
Newsletter

Circular No. 130/2016/TT-BTC provides guidance on the amendment of Law on value added tax (VAT), corporate income tax (CIT), and Law on tax administration On 12th August 2016, the Ministry of Finance issued Circular No. 130/2016/TT-BTC guiding the Decree No. 100/2016/NĐ-CP detailing on implementing the amendment of the Law on value added tax, Law on special consumption tax, and Law on tax administration and the amendments of some Circulars on taxation. As stated in Circular No. 130, there are some notable points as follows: Value-added Tax (VAT) Amend and supplement on the subject and project, which are eligible for VAT refund:...

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NEWSLETTER JULY 2016

2016-08-31
Newsletter

Decree No. 84/2016/NĐ-CP on conditions to provide audit service for public interest entity On 1st July 2016, the Government issued Decree No. 84/2016/NĐ-CP on standards and conditions for auditors and audit organizations to provide audit service for public interest entities. According to the Decree, audit organization performing the audit for public interest entities must statisfy the following conditions: Having the valid Certificate of eligibility for providing audit service; Having the charter capital or contributed capital from 6 billion VND or more and must constantly maintain the equity not less than 6 billion VND; Having at least 10 qualified auditors, including...

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NEWSLETTER JUNE 2016

2016-07-31
Newsletter

Law No.106/2016/QH13 providing supplements for daily interest rate of 0.03% on late payment penalty On 06 April 2016, the National Assembly approved Law No.106/2016/QH13 providing amendments and supplements to a number of articles of Law on VAT, Law on Special Excise Duty and Law on Tax Administration, as mentioned in Newsletter of April 2016, we draw your attention to the following notable point: The late payment interest is adjusted to 0.03%/day which calculated on late tax payable. Regarding tax payables incurred before 01 July 2016 that taxpayers have not paid to the State Budget, including those discovered after inspections by...

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NEWSLETTER MAY 2016

2016-06-30
Newsletter

New Decree on penalty for administrative violations against regulation on management of prices, fees, charges and invoices. On 27 May 2016, the Government promulgates Decree No. 49/2016/NĐ-CP providing some amendment and supplementary articles to Decree No. 109/2013/NĐ-CP on penalty for administrative violations against regulation on management of prices, fees, charges and invoices. Important points are as follows: The fine for the case of lost, burnt, or damaged invoice is reduced to VND 4 million to 8 million (existing regulation: from VND 10 million to 20 million). No fine is imposed if the event is caused by natural disasters, fire or...

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NEWSLETTER APRIL 2016

2016-05-26
Newsletter

Official Letter providing guidance on deadline of Form 06/GTGT On 07 April 2016, General Department of Taxation issued Official Letter No. 1434/TCT-KK in order to answer inquiries of some local tax authorities on the deadline for receiving form 06/GTGT. This form is used in the procedure to register voluntary application of credit method for VAT deduction for the period of 2016 – 2017. According to this Official Letter, the taxpayer who submits form 06/GTGT after the original deadline of 30 January 2016 will be penalized for administrative violations as instructed in Circular No. 166/2013/TT-BTC issued by Ministry of Finance on...

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