Tax & Legal Newsletter - Mazars

Mazars in Vietnam Newsletter - Tax & Legal Update - Issue July 2021

We would like to bring you tax and legal updates for July 2021 with the following highlights influencing the corporate operations and payroll activities.

Circular 45 guiding the application for the Advance Pricing Agreement on tax administration

On 18 June 2021, the Ministry of Finance issued Circular 45/2021/TT-BTC (“Circular 45”) providing guidance on the implementation of Article 41 of Decree 126/2020/ND-CP (“Decree 126”) dated 19 October 2020 of the Government on the application of the Advance Pricing Agreement (“APA”) on tax administration for companies having transactions with their related parties.

Resolution 68 introducing some policies to support employees and employers in difficulty due to the COVID-19 pandemic

On 01 July 2021, the Government released Resolution 68/NQ-CP (“Resolution 68”) introducing some policies to support employees and employers in difficulty due to the COVID-19 pandemic.

Tax & legal alert - Circular 43 amending and supplementing Value Added Tax regulations

On 11 June 2021, Ministry of Finance released Circular 43/2021/TT-BTC (“Circular 43”) amending and supplementing Clause 11, Article 10 of Circular 219/2013/TT-BTC on implementation of Value Added Tax (“VAT”) laws (previously amended and supplemented by Circular 26/2015/TT-BTC).

Tax & legal alert - Circular 40 guiding VAT, PIT and Tax administration for business households and individuals

On 01 June 2021, the Ministry of Finance (“MoF”) issued Circular 40/2021/TT-BTC (“Circular 40”) guiding Value Added Tax (“VAT”), Personal Income Tax (“PIT”) and Tax administration for business households and individuals. This Circular officially replaces and abolishes Chapter I and II of Circular 92/2015/TT-BTC (“Circular 92”) guiding the implementation of VAT and PIT applicable to residents doing business.

Tax & legal alert - Decree 57 on CIT incentives for projects manufacturing prioritised supporting industry products

On 04 June 2021, the Government released Decree 57/2021/ND-CP (“Decree 57”), amending Decree 12/2015/ND-CP (“Decree 12”) regarding Corporate Income Tax (“CIT”) incentives for projects manufacturing prioritised supporting industry products (hereinafter referred to as "SI projects").

Customs alert - New guidance on rules of origin under UKVFTA

The newly enacted UKVFTA includes several new rules and measures regarding tariff-rate quotas, rules of origin, preferential tariffs, and service promotions. In this alert, Mazars Vietnam would like to highlight new updates on the rules of origin under this agreement.