VIETNAM TAX & LEGAL UPDATES AND ALERTS
Tax & Legal Newsletter
Tax alert - Draft Decree on CIT incentives for projects manufacturing prioritised supporting industry products
Draft Decree on CIT incentives for projects manufacturing prioritised supporting industry products.
Tax Alert - Decree 126 guiding Law on Tax administration 2019
On 19 October 2020, the Government issued Decree 126/2020/ND-CP ("Decree 126") providing further guidance on the implementation of Law on Tax administration 2019. This Decree takes effect from 05 December 2020 and will abolish the previous guidances on tax administration, as well as the previous forms used for tax declaration.
Mazars in Vietnam Newsletter - Customs Update - Issue November 2020
We would like to bring you notable customs updates for November 2020 with the following highlights influencing the corporate operations activities:
Tax Alert - Decree 123/2020/ND-CP on invoices and documents
On 19 October 2020, The Government issued Decree 123/2020/ND-CP (“Decree 123") on invoices and documents, accordingly, E-invoices is encouraged to be adopted before 01 July 2022 and shall be compulsory from 01 July 2022, i.e. the effective date of the Decree. Decree 123 has the following noteworthy points.
Tax Alert - Decree 114 on the reduction of CIT payable for fiscal year 2020
On 25 September 2020, the Government issued Decree 114/2020/ND-CP providing further guidance for Resolution 116/2020/QH14 ("Resolution 116") on reduction of Corporate Income Tax ("CIT") for fiscal year 2020 which is applicable for enterprises, co-operatives, public non-business units, and other organizations whose revenues do not exceed VND 200 billion.
Mazars in Vietnam Newsletter - Issue September 2020
We would like to bring you tax and legal updates for September 2020 with the following highlights influencing the corporate operations and payroll activities:
Customs Alert - Decree on promulgating Import & Export tariff schedule for EVFTA
On September 18th 2020, Prime Minister Nguyen Xuan Phuc approved the promulgation of Decree no. 111/2020/ND-CP (Decree) relating to Vietnam’s import & export tariffs schedule in accordance to the European Union Vietnam Free Trade Agreement (EVFTA), for the period of 2020 – 2022.
Covid-19 Update – Short business trips allowed without 14-day quarantine
On 31 August 2020, Prof. Dr. Nguyen Thanh Long - Acting Minister of Health signed to issue the Official Letter No. 4674 / BYT-MT guiding the medical actions towards COVID-19 epidemic prevention and control for foreigners entering Vietnam to work in short period of less than 14 days.
Mazars in Vietnam Newsletter - Issue August 2020
We would like to bring you tax and legal updates for August 2020 with the following highlights influencing the corporate operations and payroll activities:
Tax Alert - Decree 68 on the deductibility of interest expenses
On 24 June 2020, the Government issued Decree No. 68/2020/NĐ-CP ("Decree 68") amending Clause 3, Article 8 of Decree No. 20/2017/ND-CP (“Decree 20”) with regard to the deductibility of interest expenses incurred by companies having related-party transactions. Following up, on 14 July 2020, the Ministry of Finance issued Official Letter No. 2835/TCT-TTKT ("OL 2835") providing further guidance on the application of Decree 68.