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NEWSLETTER JANUARY 2022

2022-02-25
Newsletter

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
Newsletter

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
Newsletter

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
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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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NEWSLETTER JULY 2021

2021-08-30
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Tax Administration Identification of related parties On 20 July 2021, the General Department of Taxation issued Official Letter No. 2687/TCT-TTKT on verifying related parties. Details are as follows: In case an enterprise borrows loans that account for at least 25% of its owner’s equity and more than 50% of its total medium and long-term loan balance, the enterprise shall be subject to Decree No. 20/2017/ND-CP and Decree No. 132/2020/ND-CP.   Late submission of tax returns due to social distancing On 29 July 2021, the Tax Department of Hanoi City issued Official Letter No. 29592/CTHN-KK on submission of tax returns during...

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NEWSLETTER JUNE 2021

2021-07-23
Newsletter

Tax administration Application of Advance Pricing Arrangement (APA) in tax management of enterprises with related party transactions On 18 June 2021, the Ministry of Finance issued Circular No. 45/2021/TT-BTC guiding the application of APA in tax management of enterprises with related party transactions. Details are as follows: – Subject of application: Organizations producing, trading goods/services that pay corporate income tax under declaration method, have transactions with related party, and have been requested to apply APA. – Transactions to which a taxpayer can request application of APA must be: + Actually occurred transactions that will continue to arise during the APA...

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NEWSLETTER MAY 2021

2021-06-28
Newsletter

General Tax Administration CIT incentives for projects manufacturing supporting industry products On 4 June 2021, the Government issued Decree No. 57/2021/ND-CP supplementing Point g, Clause 2, Article 20 of Decree No. 218/2013/ND-CP on CIT incentives for investment projects manufacturing supporting industry products. According to Decree No. 57/2021/ND-CP, enterprises with new or expanded investment projects implemented before 1 January 2015, which manufacture products specified in the list of supporting industry products preferred for development, satisfy all requirements for investment projects manufacturing supporting industry products prescribed in Law No. 71/2014/QH13, and have been granted a certificate of incentives for production of supporting...

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