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Newsletter

NEWSLETTER AUGUST 2023

2023-09-28
Newsletter

Tax policy Tax imposition of related-party transactions not following the market value According to the Official Letter No. 59259/CTHN-TTHT issued by Hanoi Tax Office on 15 August 2023, in case a taxpayer sells, buys, exchanges, and records goods and services not following the market value, or fails to comply with the regulations on declaration and determination of related-party transactions shall be imposed tax as regulated in Article 50 of the Law on tax administration No. 38/2019/QH14. The basis for tax imposition for taxpayers that are organizations is implemented according to Article 15 of Decree No. 126/2020/ND-CP which includes the tax...

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NEWSLETTER JULY 2023

2023-09-07
Newsletter

Tax Policy  Tax audit process On 14 July 2023, the General Department of Taxation issued Decision No. 970/QD-TCT on the tax audit process as follows: The decision to regulate the tax audit process including tax audit at the tax office and at the taxpayer’s (enterprise) headquarters will be effective from 14 July 2023. Accordingly, the selection of enterprises for audit at the tax office is prioritized in the order of high risk and combined with the consideration of selecting enterprises that have not been inspected for more than 5 years (refer to point 1.2 of Section II of this Decision)....

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NEWSLETTER JUNE 2023

2023-07-27
Newsletter

Value-added Tax (“VAT”) Receiving donations to perform advertising services for the donors On 14 June 2023, Hanoi Tax Office issued Official Letter No. 41474/CTHN-TTHT detailing tax policy when one receives donations as follows: In case a party receives donations to perform services for the donors, such as advertisement service, the donation recipient must declare and pay VAT and CIT according to Clause 1, Article 5 of Circular No. 219/2013/TT-BTC, and Article 5 of Circular No. 78/2014/TT-BTC.   No penalty for not submitting invoice usage report from 1 July 2022 for taxpayers who have registered to use E-invoices   On 9...

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Handling of personal information (Decree 13)

2023-07-13
Newsletter

We, HSK Vietnam Audit Company Limited (“HSKV”), would like to make an Announcement regarding our handling of personal data in light of Decree No. 13/2023/ND-CP (“Decree 13”) on personal data protection issued by the Government on 17 April 2023. For personal data registered for receiving our Newsletter, HSKV complies with Decree 13 and other related regulations. In case you do not want HSKV to keep your personal data to send Newsletter or you do not want to receive our Newsletter, please inform us at info@hskv.com.vn

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NEWSLETTER MAY 2023

2023-06-29
Newsletter

Tax Policy Value added tax (VAT) refund processing On 31 May 2023, the General Department of Taxation issued Decision No. 679/QD-TCT on VAT refund process; details are as follows: When a taxpayer submits an online tax refund application via the Portal of the General Department of Taxation (or other Portals), the application shall be processed as follows: Step 1: Application receipt The Portal of the General Department of Taxation automatically reviews the documents declared by the taxpayer on the Portal before receiving the application. Step 2: Issuance of Application receipt notice The Portal of the General Department of Taxation automatically...

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NEWSLETTER APRIL 2023

2023-05-29
Newsletter

Tax policy On 24 April 2023, the General Department of Taxation issued Official Letter No. 1482/TCT-KK and Official Letter No. 1483/TCT-KK on implementation of tax collection using tax payable identifier (ID). Details are as follows: Issuance and notification of payable ID code to taxpayers a) Issuing an ID for each amount payable of a taxpayer that has been recorded in the centralized Tax management systems (TMS), asset/real estate registration fee management applications, according to Section I of Appendix 1 of Official Letter No. 1483. b) Sending a notification of the IDs to the taxpayer. Sharing the tax payable IDs with...

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NEWSLETTER MARCH 2023

2023-04-26
Newsletter

Tax management Decree 12/2023/ND-CP extending the 2023 deadline for value added tax, corporate income tax, personal income tax and land-use rent payments On 14 April 2023, the Government issued Decree No. 12/2023/ND-CP on extending 2023 deadline for value added tax, corporate income tax, personal income tax and land-use rent payments; details are as follows: Value added tax (VAT) (excluding import VAT): Extending the tax payment deadline for VAT payable (including VAT allocated to provincial-level regions other than where the taxpayer is headquartered and occasional VAT) of tax period from March to August 2023 (in case of monthly VAT declaration), or...

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NEWSLETTER FEBRUARY 2023

2023-03-30
Newsletter

Tax management Value Added Tax (“VAT”) and Corporate Income Tax (“CIT”) incentives for computer programming activities On 1 March 2023, Hanoi Tax Office issued Official Letter No. 8441/CTHN-TTHT guiding VAT and CIT incentives for computer programming activities: Regarding VAT: In case a company manufactures software and provide software services in accordance with the law of Vietnam, revenues from such activities are not subject to VAT, according to Clause 21, Article 4, Circular No. 219/2013/TT-BTC of the Ministry of Finance. Regarding CIT: In case the company implements a new project that satisfies the conditions of new investment projects set forth in...

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NEWSLETTER JANUARY 2023

2023-02-27
Newsletter

Tax management Family dependent registration procedure from 1 January 2023 Decision No. 40/QD-BTC dated 13 January 2023 by the Ministry of Finance announces revised/supplemented administrative procedures, with instructions on two (02) procedures to be amended from 1 January 2023 according to Circular No. 79/2022/TT-BTC, of which, notably, is the procedure for dependent registration: For individuals paying Personal Income Tax (PIT) through an income-paying organization: Submit two (02) sets of dependent registration dossiers to the income-paying organization before a tax period’s declaration deadline (or before the organization submits its yearly finalization PIT returns). The income- paying organization shall retain 01 set...

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