LABOR UPDATE

• Decree No. 135/2020/ND-CP dated November 18th, 2020 of the Government on the retirement age
• Official Letter No. 4237/LDTBXH-BHXH dated October 27th, 2020 of Ministry of Labor, War Invalid and Social Affairs guiding on suspension of contribution to the pension and death benefit fund

TAX UPDATE

• Official Letter No. 4818/TCT-PC dated November 12th, 2020 of the General Department of Taxation on some new points in the sanctioning of administrative violations of tax, invoices and implementation of Decree No. 125/2020/ND-CP
• Official Letter No. 7374/TCHQ-TXNK dated November 19th, 2020 of General Department of Vietnam Customs on the duty policy applicable to goods temporarily exported, re-imported under a lease contract
• Official Letter No. 96163/CT-TTHT dated November 3rd, 2020 of Hanoi Department of Taxation on PIT on income from transfer of capital contributions

English version: Newsletter - December 2020 (PDF)

Vietnamese version: Newsletter - December 2020 (PDF)...

UPDATE LAW ON TAX AND BUSINESS

• Decree No. 125/2020/ND-CP dated October 19th, 2020 of the Government on penalties for administrative violations relating to taxation and invoices
• Decree No. 126/2020/ND-CP dated October 19th, 2020 of the Government guiding on Law on Tax Administration 2019
• Decree No. 132/2020/ND-CP dated November 5th, 2020 of the Government guiding on tax administration for the enterprise which has transactions
• Official Letter No. 94371/CT-TTHT dated October 28th, 2020 of Hanoi Tax Department on adding the signing date content on electronic invoices
• Official Letter No. 94763/CT-TTHT dated October 29th, 2020 of Hanoi Tax Department on the exemption of electronic signatures of buyers on E-invoices

English version: Newsletter - November 2020 (PDF)

Vietnamese version: Newsletter - November 2020 (PDF)...

UPDATE LAW ON TAX AND BUSINESS

• Decree No. 114 / ND-CP dated September 25th, 2020 on guiding the reduction of 30% corporate income tax (“CIT”)
• Official Letter No. 80747/CT-TTHT dated September 03rd, 2020 of Hanoi Tax Department on Value Added Tax (“VAT”) for goods donated abroad
• Official Letter No. 80130/CT-TTHT dated August 31st, 2020 of Hanoi Tax Department on Personal Income Tax (“PIT”) policy on capital transfer(ing) activities
• Decree No. 123/2020 / ND-CP Guidance on Invoice, documents
• Decree No. 122/2020/ND-CP dated October 15th, 2020 of the Government regulating the coordination and connection of procedures for registering enterprises, branches or representative offices; declaring the use of labor; issuing the code for units participating in social insurance and registering to use invoices
• Official Letter No. 3475/TCT-CS dated August 24th, 2020 of the General Department of Taxation on the assignment of assets attached to leased land with annual rental payment

English version: Newsletter - October 2020 (PDF)

Vietnamese version: Newsletter - October 2020 (PDF)...

UPDATE LAW ON TAX AND INVESTMENT

• Guidance on the tax period to apply the reduction of 30% Corporate Income Tax
• Application for extend the payment of Personal Income Tax because of Covid-19 on income from business
• Guidance on deferral of tax payment with regard to foreign contractors under Decree No. 41/2020/ND-CP
• Value Added Tax for a project in construction progress registered under the branches
• Guidance on tax policy applicable to profits from investment funds
• Enterprises generate late payment interest due to a lack of understanding of tax policy that does not belong to the case of excluding late payment interest and exemption of late payment interest
• Electronic invoice will not be valid if attached a manifest
• Business lines and conditions for market access about foreign investors

English version: Newsletter - September 2020 (PDF)

Vietnamese version: Newsletter - September 2020 (PDF)...

Tax Update

• Guidance on tax incentives for inheritance of property, location and line of business
• Guidance on the contractor tax declaration and payment for projects which performed at the place different with the head office’s place
• Enterprises with revenues in 2020 not exceeding 200 billion VND are entitled to a 30% reduction of corporate income tax in 2020
• Guidance on the implementation of Decree 68/2020/NĐ-CP
• Labor Federation of Ho Chi Minh City provides guidance on the Trade Union fund (“TU fund”) of expatriate employees who are entitled to compulsory Social Insurance (“SI”)

English version: Newsletter - August 2020 (PDF)

Vietnamese version: Newsletter - August 2020 (PDF)

Tax Update

• Guideline about the time to adjust deduction level of PIT calculation
• Guidance on contractor tax for lounge service at International Airport
• Guidance on VAT refund for investment projects which are delayed in schedule
• Guidance on determining individual residence in case of regular housing in Vietnam

English version: Newsletter - July 2020 (PDF)

Vietnamese version: Newsletter - July 2020 (PDF)...

Tax Update

• In case of expenses for visa and extension of temporary residence card for foreign experts are exempted from personal income tax ("PIT")
• Foreign contractor tax on Hedging operation for foreign contractors
• Guidance on determining economic sectors eligible for extension of tax payment and land rent
• Adjustment of family deduction for PIT
• Guidance on taxable income subject to PIT for hotel stay during COVID-19 paid by the Company
• Points to note in the Tax Administration Law 2019 effective from July 1st, 2020

English version: Newsletter - June 2020 (PDF)
Vietnamese version: Newsletter - June 2020 (PDF)...

Tax Update

• Electronic invoice instructions
• Refund of VAT on investment projects
• PIT for wages paid for working days off
• Guidance on application of CIT incentives under the new investment project
• Handling problems after tax refund for businesses
• Corporate income tax policy related to support services from related parties
• Input VAT on exported goods

English version: Newsletter - May 2020 (PDF)
Vietnamese version: Newsletter - May 2020 (PDF)...

Tax Update

• Decree on extensions of deadlines for tax and land rental fee payment
• Suspension of social insurance contribution during COVID-19 pandemic
• Suspension of trade union fee contribution during COVID-19 pandemic

English version: Newsletter - April 2020 (PDF)
Vietnamese version: Newsletter - April 2020 (PDF)...

Tax Update

• Guidance on implementing corporate income tax finalization (“CIT”) in 2019;
• Guidance on implementing personal income tax (“PIT”) and issuing tax code for dependents in 2019;
• Measures to mitigate COVID-19’s impacts from competent authorities.

English version: Newsletter - March 2020 (PDF)
Vietnamese version: Newsletter - March 2020 (PDF)...

Tax Update

• The European Parliament approved EU-Vietnam Free Trade Agreement - EVFTA;
• Amendments to the regulations on the refund of Value-Added Tax ("VAT") for foreigners leaving Vietnam;
• Identification objects of dependent deductions registration;
• Tax payment and invoice declaration when the business household returns the goods purchased.

English version: Newsletter - February 2020 (PDF)
Vietnamese version: Newsletter - February 2020 (PDF)

Tax Update

• Transitional guidelines from externally printed or internally printed invoices or invoices purchased from the tax authorities to electronic invoices;
• Draft Decree proposing amendments to Clause 3, Article 8 of Decree 20/2017/ND-CP on tax administration for enterprises engaged in transfer pricing;
• Tax declaration of exported goods returned by customers after valued added tax (“VAT”) refund;
• Accountants no longer have to submit reports on maintenance of their professional conditions;
• Increasing regional minimum wage from January 1, 2020.

English version: Newsletter - January 2020 (PDF)
Vietnamese version: Newsletter - January 2020 (PDF)...