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NEWSLETTER DECEMBER 2022

2023-01-19
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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
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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
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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
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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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NEWSLETTER JULY 2022

2022-08-30
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Tax administration Decree No. 49/2022/ND-CP amending and supplementing a number of articles of Decree No. 209/2013/ND-CP detailing and guiding the implementation of a number of articles of the Law on Value Added Tax (VAT) On 29 July 2022, the Government issued Decree No. 49/2022/ND-CP amending and supplementing a number of articles of Decree No. 209/2013/ND-CP detailing and guiding the implementation of a number of articles of the Law on Value Added Tax (VAT) that have been amended and supplemented by Decree No. 12/2015/ND-CP, Decree No. 100/2016/ND-CP and Decree 146/2017 /ND-CP. Below we present some of the noteworthy contents of the...

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NEWSLETTER JUNE 2022

2022-07-28
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Invoice Issuance of e-invoice for logistic service On 27 May 2022, Hai Duong Tax Department issued Official Letter No. 45083/CTHDU-TTHT on issuance of invoice for logistics services. Details are as follows: For an enterprise who is a transportation (logistics) service provider issuing e-invoices according to Decree No. 123/2020/ND-CP, the time of invoicing is when the parties complete reconciling all data, but no later than the 7th of the month following a month in which the service is provided, or 7 days from the end of the agreed period defined in Clause 4, Article 9, Decree No. 123/2020/ND- CP.   Corporate...

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NEWSLETTER MAY 2022

2022-06-28
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Tax administration Cancelation of 13-digit tax code for a business location On 25 April 2022, the General Department of Taxation issued Official Letter No. 1269/TCT-KK regarding tax codes granted to the business locations of an enterprise. Details are as follows: In case a business location does not declare its taxes directly, or declares its taxes through the Head Office, then the local Tax Office will decide on the cancelation of the business location’s tax code, ensuring that the business location complete all tax obligations before closing its tax code according to Article 15 of Circular No. 105/2020/TT-BTC. The 13-digit tax...

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NEWSLETTER APRIL 2022

2022-05-23
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Tax Administration Criteria of the related party regarding loans On 25 March 2022, the General Department of Taxation issued Official Letter No. 915/TCT-TTKT guiding issues related to the related party transactions. Details are as follows: In case an enterprise does not have medium- and long-term loans according to the criteria specified in Point d, Clause 2, Article 5 of Decree No. 132/2020/ND-CP, the following regulations are not applicable: “An enterprise guarantees loans or lends capital to another enterprise in any form (including loans from third parties secured from the related party’s financial resources, and other authorized financial transactions) if the...

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