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NEWSLETTER APRIL 2022

2022-05-23
Newsletter

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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NEWSLETTER MARCH 2022

2022-04-28
Newsletter

Value-added Tax (“VAT”) Declaration of an electronic invoice (“E-invoice”) based on the date of the invoice, not based on the date of digital signing On 11 March 2022, Hanoi Tax Office issued Official Letter No. 8087/CTHN-TTHT guiding tax declaration of e-invoices of which date is different from their digital signing date. Details are as follows: In case a bank issues e-invoices according to Decree No. 123/2020/ND-CP, the date of issue (of invoices for service provision) shall observe Clause 2, Article 9, Decree No. 123/2020/ND-CP. In case the bank has service transactions in mass quantity, frequently, requires proper time to cross-check...

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NEWSLETTER FEBRUARY 2022

2022-03-30
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Tax administration Policies on Tax exemption/reduction, tax deadline extension in 2022 On 30 January 2022, the Government issued Resolution No. 11/NQ-CP on a Program on Socio-economic Recovery & Development, and implementation of Resolution No. 43/2022/QH15 on financial and monetary policies. Accordingly, in 2022, the Government will implement the following key policies to help businesses recover and improve after the Covid-19 pandemic: – Reduce VAT rate of goods and services currently subject to 10% VAT rate by 2% (according to Resolution No. 43/2022/QH15); – Allow donations and contributions to pandemic reliefs to be recorded as reasonable expenses (according to Resolution No....

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NEWSLETTER JANUARY 2022

2022-02-25
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Trial production costs with sufficient evidence On 27 January 2022, Bac Ninh Tax Office issued Official Letter No. 199/CTBNI-TTHT guiding the accounting of trial production costs and whether those are deductible when calculating CIT. Details are as follows: In case a company incurs production costs of trial products, if such expenses satisfy all conditions specified in Clause 1, Article 6 of Circular No. 78/2014/TT-BTC issued by the Ministry of Finance on 18 June 2014, they shall be deductible when calculating CIT. The company must have adequate evidence documents on the whole process of trial production (production plan, decision on trial...

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NEWSLETTER DECEMBER 2021

2022-01-27
Newsletter

Tax administration Focus on inspecting CIT incentive implementation in 2022 by tax authorities On 31 December 2021, the General Department of Taxation issued Decision No. 2032/QD-TCT on tax compliance monitoring plan for 2022. According to this plan, in 2022, the tax authorities shall carry out inspection and monitoring of the implementation of CIT incentives including regulations on CIT exemption and reduction specified in the following legal documents: – Decree No. 218/2013/ND-CP and Circular No. 78/2014/TT-BTC; – Decree No. 114/2020/ND-CP; – Decree No. 59/2012/ND-CP (amended by Decree No. 32/2020/ND-CP). The Decision takes effect from the date of signing.   Corporate Income...

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NEWSLETTER NOVEMBER 2021

2021-12-29
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Tax Administration Updates under Circular No. 80/2021/TT-BTC dated 29 September 2021 by the Ministry of Finance on the Law on Tax Administration On 12 November 2021, the General Department of Taxation issued Official Letter No. 4384/TCT-CS introducing new contents under Circular No. 80/2021/TT-BTC dated 29 September 2021 by the Ministry of Finance, guiding the Law on Tax management. The Official Letter has the following notable contents: Content Updates under Circular 80/2021/TT-BTC Current regulations Tax payment currency and exchange rates Actual exchange rate according to the Law on Accounting, amending regulations on tax declaration and payment of tax in foreign currencies....

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NEWSLETTER OCTOBER 2021

2021-11-29
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Tax Administration Notice on use of electronic invoices (e-invoices) in Hanoi On 29 October 2021, Hanoi Tax Office issued a Notice on implementation of E-invoice in Hanoi (following Decision No. 1830/QD-BTC issued by the Ministry of Finance on 20 September 2021). Accordingly, Hanoi Tax Office shall issue a notice to each business regarding the specific date it must switch to using the new E-invoice after the the necessary technology infrastructure has been established. Hanoi Tax Department notes the following guidelines regarding the process of switching from the old model e-invoices (stipulated in Decree No. 51/2010/ND-CP) to the new model (stipulated...

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NEWSLETTER SEPTEMBER 2021

2021-10-27
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Circular guiding the implementation of a number of articles of the Law on Tax Administration and Decree No. 126/2020/ND-CP issued on 19 October 2020 by the Government On 29 September 2021, the Ministry of Finance issued Circular No. 80/2021/TT-BTC (Circular 80). The tax returns and other forms specified in this Circular shall be applicable to tax period starting from 1 January 2022. Tax finalization declaration for the tax period 2021 shall also use the returns/forms specified in this Circular. This Circular takes effect from 1 January 2022. This Circular annuls Circular No. 156/2013/TT-BTC, Circular No. 99/2016/TT-BTC, Circular No. 31/2017/TT-BTC, Circular...

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NEWSLETTER AUGUST 2021

2021-09-30
Newsletter

Value-added Tax (“VAT”) Enterprises must prepare an adjusting memo when issuing adjusted e-invoices On 30 August 2021, Hanoi Tax Department issued Official Letter No. 33105/CTHN-TTHT regarding issued e-invoices, details are as follows: In case an enterprise still uses old model e-invoices, the handling of e-invoices that contain incorrect information shall follow the provisions of Clause 2, Article 9, Circular No. 32/2011/TT-BTC. If an incorrect e-invoice has been sent to the buyer and both the seller and the buyer have declared the invoice, an adjusting memo (electronically-signed by both parties) must be prepared and issued together with the adjusted e-invoice.  ...

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