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NEWSLETTER NOVEMBER 2020

2020-12-22
Newsletter

Tax administration Official Letter guiding Decree No. 125/2020/ND-CP (Decree 125) on administrative penalties applied for taxes and invoices On 12th November 2020, the General Department of Taxation issued Official Letter No. 4818/TCT-PC (OL 4818) which clarifies some new regulations in Decree 125, such as: Scope, subjects of the administrative penalties for violation in taxes and invoices; interpretation for some phrases using in the administrative penalties for violation in taxes and invoices; sanctioning principles for organizations or individuals commits multiple administrative violations; mitigating factors, aggravating factors; time limits for imposition of tax and invoice-related administrative violations; principles of determination of penalties...

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NEWSLETTER OCTOBER 2020

2020-11-25
Newsletter

Tax administration Regulation on invoices On 19th October 2020, the Government issued Decree No. 123/2020/ND-CP which details some important points about e-invoices as follows: – The regulation of compulsory use of e-invoices according to Clause 2 and Clause 4, Article 35, Decree No. 119/2018/ND-CP dated 12th September 2018 shall be revoked. – Decree No. 51/2010/NĐ-CP (Decree 51) remains in force until 30th June 2022. Therefore, companies shall continue to use paper invoices according to regulations of Circular No. 39/2014/TT-BTC or e-invoices as per the guidance of Circular No. 32/2011/TT-BTC. – For companies established from 19th October 2020 to 30th June...

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NEWSLETTER SEPTEMBER 2020

2020-10-28
Newsletter

Corporate Income Tax (CIT) Regulations in details about 30% CIT reduction for fiscal year 2020 On 25th September 2020, the Government issued Decree No. 114/2020/ND-CP which gives details for the Resolution No. 116/2020/QH14 by the National Assembly about CIT payable of year 2020, with the following contents: – CIT payable in the fiscal year 2020 by companies whose total revenue in 2020 does not exceed VND 200 billion shall be reduced by 30%. – The total revenue which is the basis for determination of eligibility for CIT reduction is the total revenue in the fiscal year 2020, including revenue from...

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NEWSLETTER AUGUST 2020

2020-09-28
Newsletter

Tax administration Deadline for using e-invoices On 19th August 2020, Bac Ninh Department of Taxation issued Official Letter No. 2543/CT-TTHT about the deadline for using e-invoices with the following contents: According to Circular No. 68/2019/TT-BTC dated 30th September 2019 of the Ministry of Finance, “From 01st November 2020, enterprises, business organizations, other organizations, household businesses and individual businesses must apply to use e-invoices.” According to the Law on Tax Administration No. 38/2019/QH14 dated 01st July 2020, “Regulations on electronic documents and invoices of this Law come into force from 01st July 2022; organizations and individuals are recommended to apply these...

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NEWSLETTER JULY 2020

2020-08-24
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Tax administration Draft Decree on 30% reduction of corporate income tax for 2020 This draft was isssued by the Government in order to detail the Resolution of the National Assembly about reducing corporate income tax (CIT). We highlighted some important points as follows: – In case companies have the total revenue from selling goods and services in year 2020 not over VND 200 billion, the total CIT payable for 2020 shall be reduced by 30%. – In case companies were established in October, November or December of 2019 and registered the first taxable year 2020 including months of 2019, the...

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NEWSLETTER (Official Letter guiding Decree No. 68/2020/ND-CP)

2020-07-31
Newsletter

On 24th July 2020, the General Department of Taxation issued Official Letter No. 2835/TCT-TTKT (OL 2835), containing the instruction for Decree No. 68/2020/ND-CP (Decree 68), which adjusts and supplements for Clause 3, Article 8, Decree No. 20/2017/ND-CP about tax administration for companies having related party transactions. OL 2835 shows the guidelines for the implementation and effects of Decree 68 for CIT finalization of year 2019 and the retrospective treatment for years 2017 and 2018 as follows: 1. For CIT finalization of year 2019: – In case companies have the deadline for CIT finalization of 2019 on 31st March 2020 and...

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NEWSLETTER JUNE 2020

2020-07-23
Newsletter

Tax administration Law on tax administration No. 38/2019/QH14 On 13th June 2019, the National Assembly issued the Law on Tax Administration No. 38/2019/QH14 with some highlighted adjustments as follows: a) Tax registration: Taxpayers must apply for tax registration and receive the tax code by tax office before starting their business activities or incurring tax payables to the state budget. b) Time for issuing tax registration certificate: Tax office shall issue tax registration certificates to the taxpayers within 03 working days from the date when they receive enough tax registration application from the taxpayers. c) Changes in deadline for submitting annual...

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NEWSLETTER (CHANGES IN DEDUCTIBLE INTEREST EXPENSES)

2020-07-02
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Change in deductible interest expenses (Decree 68) On 24 June 2020, the Government issued Decree No. 68/2020/ND-CP (Decree 68), which amends and supplements Clause 3, Article 8, Decree No. 20/2017/ND-CP, regulating tax treatments on related party transactions. The main contents are as follows: When calculating corporate income tax, the total deductible interest expense of a given year shall not exceed 30% of EBITDA (earnings before interest, tax, depreciation and amortization). Organizations and loans not subject to this Decree on deductible interest expenses include Credit instituions that follow the Law on credit institutions, Commercial insurance organizations that follow the Law on...

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NEWSLETTER MAY 2020

2020-06-29
Newsletter

Tax administration Instructions for some contents of Decree No. 41/2020/ND-CP about extension for tax payment On 20th May 2020, the Ministry of Finance issued Official Letter No. 5977/BTC-TCT about the implementation of Decree No. 41/2020/ND-CP. The highlighted point in the OL is that the extended corporate income tax (CIT) payable shall not exceed 20% of the total CIT payable of the whole year based on the CIT finalization 2019. In case taxpayers declare and submit the supplemented CIT finalization which increases the CIT payable to the tax office before the extended deadline of CIT payment; or the tax office conducts...

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