Mazars in Vietnam Newsletter - Tax & Legal Update - Issue March 2024

Operational updates

1. Official Letter No. 2133/CTBDU-TTHT guiding CIT incentives implications for pending projects
2. Official Letter No. 257/TCT-CS guiding the recollect of VAT refunds for export contracts whose payments are due but without bank payment documents
3. Official Letter No. 462/TCT-CS guiding the use of invoices for export processing enterprises (EPE) for goods sold, liquidating assets, processing for the domestic market
4. Official Letter No. 3007/CTHN-TTHT guiding the handling of erroneously canceled output invoices
5. Official Letter 7443/CTHN-TTHT guiding on PIT obligations for gifts to employees
6. Official Letter No. 84810/CTHN-TTHT guiding on PIT implications regarding welfare expense for employees
7. Official Letter 6033/TCT-CS guiding foreign contractors being allowed to deduct the revenue already withheld with Foreign Contractor Withholding Tax (“FCT”)
8. Official Letter 296/TCT-CS providing guidance on declaring input invoice for advertising activities on Google
9. Official Letter No. 23/TCT-PC guiding on calculating late payment interest and tax arrears for tax evasion but the statute of limitations for sanctioning administrative violations has passed

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OUR SUPPORT

For regulation changes and tax matters, we can provide you with assistance on:

• Registration, declaration of Personal Income Tax, Corporate Tax, VAT and Foreign Contractor Tax.
• Tax refunds assistance and representation.
• Consultancy on utilizing opportunities provided by transfer pricing.
• Customs advisory: Compliance & reporting; FTA and C/O; Harmonised System code classification and valuation; Inventory control; International trade arrangement; and Others.

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*Disclaimer:

This is a guide from Mazars in Vietnam to update the latest developments in tax, accounting and investment environment in Vietnam. The information and analysis or comments herein are of the generic nature and are quoted or interpreted from the regulations. We recommend that the clients contact Mazars Vietnam’s advisors for further clarification and professional advice for each particular circumstance.