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NEWSLETTER JANUARY 2020

2020-02-29
Newsletter

Corporate income tax (“CIT”) Investment project located at sub-division Tan Hong – Hoan Son and the expanded area of Que Vo Industrial Zone, Bac Ninh Province is not subject to CIT incentives According to Official Letter No.3143/CT-TTHT dated 24th December 2019 and Official Letter No. 3154 dated 26th December 2019 and Official Letter No. 146 dated 31st January 2020 issued by Bac Ninh Department of Taxation, the company which has investment project located in the subdivision Tan Hong – Hoan Son and the expanded area of Que Vo Industrial Zone, Bac Ninh Province is not subject to CIT incentives according...

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NEWSLETTER DECEMBER 2019

2020-01-31
Newsletter

Labor Code No. 45/2019/QH14 On 20th November 2019, the National Assembly issued the Labor Code No.45/2019/QH14. We highlighted several prominent regulations as follows: Public holidays On Independence Day (2nd of September): employees shall be entitled to full 2-day off, can be on the previous or the next day of the 02nd of September. Labor contracts There will be only 2 types of labor contracts: indefinite-term labor contract and definite-term labor contract. The seasonal labor contract will have been revoked since the new Labor Code comes into force. Moreover, the new format of labor contract has been added: the labor contract...

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NEWSLETTER NOVEMBER 2019

2019-12-26
Newsletter

Official Letter No. 88336/CT-TTHT (OL 88336) on welfare expense paid to employees by cash According to the OL 88336 issued on 25th November 2019 by Hanoi Department of Taxation, in case the company has the regulation to pay allowance for company trip directly to its employees by cash and such expenses meet the requirement of welfare expenses for employees as stated in Article 4 Circular No. 96/2015/TT-BTC dated 22nd June 2015 by the Ministry of Finance, and the total welfare expenses including this allowance of the company does not exceed average one-month salary in the tax year, the allowance shall...

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NEWSLETTER OCTOBER 2019

2019-11-25
Newsletter

Official Letter No. 20527/CT-TTHT (OL 20527) about VAT policy   OL 20527 issued by Binh Duong Department of Taxation about VAT on 14th October 2019 handles the case that the company has income from acting as an agency to seek and introduce Vietnamese clients to foreign organizations or individuals. According to regulations stated in Circular No. 219/2013/TT-BTC dated 31st December 2013 by the Ministry of Finance: – In case the agency service is consumed abroad, and meets the requirement regulated in Clause 2, Article 9 of Circular 219, it is subject to VAT rate of 0%. – In case the...

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NEWSLETTER SEPTEMBER 2019

2019-10-26
Newsletter

Circular No. 68/2019/TT-BTC (Circular 68): guidelines on some regulations of Decree No. 119/2018/NĐ-CP (Decree 119) about e-invoice On 30th September 2019, the Ministry of Finance issued Circular 68, which gives guidelines on some articles of Decree 119 about e-invoice. We highlighted some prominent contents from this Circular as follows: From 1st November 2020, all business entities as well as individual businesspeople must apply e-invoice, instead of using paper invoice. The Circular states the list of information which are included in the e-invoice. Also, in some specific cases, one or several information of the e-invoice can be omitted. Time for issuing...

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NEWSLETTER AUGUST 2019

2019-09-25
Newsletter

Circular No. 60/2019/TT-BTC (Circular 60) amending, supplementing several articles in Circular No. 39/2015/TT-BTC (Circular 39) about customs value of imported and exported goods On 30th August 2019, the Ministry of Finance issued Circular 60, which amends and supplements several articles of Circular 39 about customs value of imported and exported goods. In Circular 60, several new regulations about criteria to build up the list of risky companies in customs value are added. It also amends the regulations about principles and methods in determining the custom value for imported goods, methods in determining the transaction value for imported goods and custom...

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NEWSLETTER JULY 2019

2019-08-28
Newsletter

Official Letter No. 1155/CT-TTHT (OL 1155): tax policies on maintenance fee of apartment According to OL 1155 issued by Bac Ninh Department of Taxation on 08th July 2019, a company purchased an apartment and uses it as a place of residence for its employees. As stated in the apartment purchase contract, the company has to pay a maintenance fee for the public area at 2% of the apartment price (according to the regulation of the Law on Housing). In this case, the maintenance fee is considered as deductible expense for CIT purpose. When receiving the maintenance fee, the apartment owner...

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NEWSLETTER JUNE 2019

2019-07-29
Newsletter

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 contents as follows: – Deadline for submitting PIT finalization dossiers is extended: Currently, the deadline for submitting the annual PIT finalization dossiers is the 90th day from the end of calendar year. However, as regulated at Clause 2, Article 44 of the Law on Tax Administration in 2019, this deadline for individuals who directly submit the PIT finalization dossiers to tax office is the last day of the 4th month from the end of the calendar year....

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NEWSLETTER MAY 2019

2019-06-25
Newsletter

Official Letter No. 38359/CT-TTHT (OL 38359): VAT, CIT (FCT) rates for advertisement on Facebook, Google, CloudFlare OL 38359 dated 27th May 2019 by Hanoi Department of Taxation handles the following case: A company uses advertisement service on Facebook, Google, CloudFlare from oversea network to promote its business. Service fee is paid each time the company uses this service (many times per month) when the service suppliers send them the payment requests. In this case, the company has the responsibility to withhold, declare and pay foreign contractor tax (FCT) on behalf of the service suppliers (foreign contractors) before making payments with...

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