Events
On 31 March 2021, the Government released Decree 44/2021/ND-CP ("Decree 44") providing guidance on the conditions for being deductible expense of the donation and sponsorship in cash or in kind for prevention of COVID-19 pandemic.
We would like to bring you notable customs updates for March 2021 with the following highlights influencing the corporate operations activities:
On 11/03/2021, the Prime Minister approved the promulgation of Decree no. 18/2021/ND-CP amending and supplementing a number of articles of Decree no. 134/2016/ND-CP guiding the implementation of the Law on Import & Export taxes.
Following the Government's Resolution No. 178/NQ-CP dated 12/12/2020, on 23/02/2021 the General Department of Customs (“GDC)” issued Official Letter No. 879/TCHQ-TXNK guiding the tax treatment for imports being materials used for export-production in which part of the production process is being outsourced to 3rd party vendor.
On 30 December 2020, The Government promulgated Decree No. 152/2020/ND-CP regarding foreign employees working in Vietnam (“Decree 152”). Decree 152 is effective from 15 February 2021 and replaces Decree No. 11/2016/ND-CP (as amended by Decree No. 140/2018/ND-CP).
On 25/01/2021, the Ministry of Finance issued Circular no. 07/2021/TT-BTC ("Circular 07") providing guidance on the deadline to submit Certificate of Origin (“C/O”)(1) for goods imported into Vietnam under EU-Vietnam Free Trade Agreement (“EVFTA”).
“Doing business in Vietnam 2020” is an annual publication published by Mazars in Vietnam – aims to provide the relevant and updated information that all investors and businesses need to know
2021 opens with a relatively stable IFRS framework in which to prepare the consolidated financial statements for this financial year, given the limited number and scope of the standards coming into force on 1 January.
A major development this month is the publication of a proposed amendment to IFRS 16 in the light of the ongoing public health crisis: the practical expedient that was rushed through by the IASB last spring may now be applied to rent concessions granted up to 30 June 2022, rather than 30 June 2021.
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