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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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NEWSLETTER DECEMBER 2022

2023-01-19
Newsletter

Tax management Revision of misstated VAT returns when declaring adjustment/replacement VAT invoice On 16 December 2022, Hanoi Tax Office issued Official Letter No. 62542/CTHN-TTHT on declaration for adjustment/replacement invoice as follows: In case an enterprise issued adjustment/replacement invoice as prescribed in Clause 2, Article 19 of Decree No. 123/2020/ND-CP dated 19 October 2020, that results in the necessary revision of VAT returns which had been submitted to the tax authority, the enterprise shall revise each misstated VAT returns as prescribed in Article 47 of the Law on Tax Administration No. 38/2019/QH14 dated 13 June 2019 by the National Assembly and...

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NEWSLETTER NOVEMBER 2022

2022-12-29
Newsletter

Corporate Income Tax (“CIT”) Exemption from Master File preparation in case the related parties do not belong to one’s multinational Group On 30 November 2022, Hanoi Tax Office issued Official Letter No. 59003/CTHN-TTHT regarding preparation of Master file. Details are as follows: According to Clause 4, Article 18 of Decree No. 132/2020/ND-CP, the arm’s length price (of related transactions) determination dossier includes a global profile detailing information on the business activities of the multinational group, policies/methods of profit distribution, determination of transaction prices within the Group (the “Master file”). However, in case the related parties do not belong to one’s...

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NEWSLETTER OCTOBER 2022

2022-11-28
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Tax administration Tax declaration and tax payment-on-behalf on promotional giveaways and commercial discounts to business households/individuals On 19 October 2022, the General Department of Taxation issued Official Letter No. 3870/TCT-DNNCN on tax declaration and tax payment-on-behalf on promotional giveaways and commercial discounts to business households/individuals. Details are as follows: – Regarding promotional giveaways: In case an enterprise gives an asset which is subject to ownership/use rights registration to a customer, without the sale of goods, such giveaway received by the customer is subject to Personal Income Tax (PIT). In case the enterprise pays cash or benefit-in-kinds to reselling business households...

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NEWSLETTER SEPTEMBER 2022

2022-10-27
Newsletter

Value-added Tax (“VAT”) Declaration of E-invoice of which date of issuance is different from date of digital signing On 27 September 2022, Hanoi Tax Office issued Official Letter No. 47147/CTHN-TTHT regarding the declaration of VAT e-invoices of which date of issuance is different from date of digital signing. Details are as follows: In case a company issues VAT e-invoices according to Decree No. 123/2020/ND-CP, the invoice issuance date shall observe Article 9 of Decree No. 123/2020/ND-CP. The e-invoices must include all required contents (including the seller’s digital signature) as prescribed in Article 10 of Decree No. 123/2020/ND-CP. In case an...

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NEWSLETTER AUGUST 2022

2022-09-27
Newsletter

Foreign Contractor Tax (“FCT”) Foreign contractor tax rate applied to purchase of applications on overseas platforms On 30 August 2022, Hanoi Tax Office issued Official Letter No. 42786/CTHN-TTHT regarding foreign contractor tax rates applied to purchase of eSIM on technology platforms. Details are as follows: – Corporate income tax (CIT) rate: Income received by a foreign contractor from providing the right to use an application on an available technology platform is deemed royalty income, as defined in Clause 3, Article 7, Circular No. 103/2014/TT- BTC dated 6 August 2014 by the Ministry of Finance; CIT rate on taxable income is...

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