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Newsletter

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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NEWSLETTER March 2016

2016-05-03
Newsletter

Circular No. 53/2016/TT-BTC (“Circular No. 53”) dated 21 March 2016 amends and supplements some of the articles in Circular No. 200/2014/TT-BTC (“Circular No. 200”) dated 22 December 2014 on corporate accounting system. Highlights are as follows: Circular No. 53 amends and supplements the point 1.3 of Article 69 in Circular No. 200 on determination of foreign exchange rate When determining the actual exchange rate to record foreign currency transactions during the period where the contract does not specify the payment rate, the enterprise is given an option to use the rate which approximates the average of selling and buying rates...

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NEWSLETTER FEB. 2016

2016-03-31
Newsletter

Decree No. 11/2016/ND-CP providing detailed regulations on foreign workers in Vietnam On February 3, 2016, the Government issued Decree No.11/2016/ND-CP providing detailed guidance on a number of articles of Law No.10/2012/QH13 (“Labor Code”) regarding foreign workers in Vietnam. This Decree replaces Decree 102/2003/ND-CP dated September 5, 2013. Cases in which foreign workers are exempt from work permits are defined and extended as follows: Foreign workers who meet one of the criterias listed in Article 172 of Labor Code are exempted from work permits. Certain foreign workers who are not listed in above mentioned Article 172 of Labor Code are also...

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NEWSLETTER JAN 2016

2016-02-29
Newsletter

Official Letter No.231/TCT-CS dated January 19, 2016 providing guidelines on deductible expenses for Corporate income tax (CIT) Foreign contractor withholding tax (FCT) applies to payments Vietnamese entities make to foreign contractors (FC) on service fees in accordance with the law. Vietnamese entity is responsible to declare, withhold and pay FCT on behalf of FC. Service fees paid to FC are considered as deductible expenses for CIT, provided that: These expenses are related to production and business activities of the enterprise; These expenses have adequate lawful invoices and documents as required by the law; These expenses meet the condition of non...

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