Vietnam Tax Newsletter & Tax Calendar for 2014

We are pleased to attach our Vietnam Tax and Legal Update for January 2014. In this edition, we highlight the following breaking news.

  • GUIDANCE ON PERSONAL INCOME TAX FINALIZATION 2013

The General Tax Department  released Official Letter No. 336/TCT-TNCN on 24 January 2014 to provide specific guidance for 2013 Personal Income Tax (PIT) Finalization. 

  • AMENDMENTS AND SUPLEMENTS TO REGULATIONS ON INVOICES

The Government has just issued Decree 04/2014/ND-CP on 17 January 2014 to amend and supplement a number of articles of Decree 51/2010/ND-CP in respect to invoices. 

  • NEW REGULATIONS ON ADMINISTRATIVE VIOLATIONS ON INVOICES

Circular 10/2014/TT-BTC was released by the Ministry of Finance on 17 January 2014 and will be effective from 02 March 2014. This  has replaced the previous regulations. 

  • GUIDANCE ON APPLICATION OF DOUBLE TAX AGREEMENTS.

The Ministry of Finance issued Circular 205/2013/TT-BTC on  24 December 2013  providing guidance  on  the implementation of  Double Tax Agreements (DTA) signed between Vietnam and territories. This Circular  takes effect from 6 February 2014, and replaces Circular 133/2004/TT-BTC dated 31 December 2004.

  • REGULATION ON APPLYING OF ADVANCE PRICING AGREEMENT (APA).

Circular 201/2013/TT-BTC was issued by the Ministry of Finance on 21 December 2013 to provide guidance on the application of advance pricing agreements (APA) to tax administration. This Circular takes effect from 5 February 2014.

  • NEW CIRCULAR ON TAX APPLIED TO ODA PROJECTS

The Ministry of Finance  issued Circular 181/2013/TT-BTC on 3 December 2013 to provide guidance on the implementation of tax policies and tax incentives to programs, projects funded by Official Development Assistance (ODA) sources and concessional loans of donors. This Circular takes effect from 17 February 2014, replacing Circular 123/2007/TT-BTC dated 23 October 2007.

  • RE-REGISTRATION AND RENEWAL OF INVESTMENT LICENCE

Decree 194/2013/ND-CP was issued on 21 November 2013 providing guidelines for the re-registration of foreign-direct invested (FDI) enterprises and renewal of investment license of investment projects in the form of Business Cooperation Contract (BCC). 

  • REGION-BASED MINIMUM WAGE FOR 2014

Decree 182/20013/ND-CP issued on 14 November 2013 has provided new region-based minimum wage levels for laborers working for enterprises, cooperation groups, farms, households, individual and agencies employing laborers.  

  • REGULATION ON CASH PAYMENTS

On 31 December 2013, the Government issued Decree 222/2013/ND-CP regulating cash payments and state administration of cash payments in a number of scenarios. 

  • REGULATIONS ON FOREIGN INVESTORS PURCHASING SHARES IN VIETNAMESE CREDIT INSTITUTIONS

On 3rd January 2014, the Government issued Decree No. 01/2014/ND-CP regulating the purchase of shares by foreign investors in joint-stock credit institutions and credit institutions when they convert  their legal form to joint-stock credit institutions. 

  • TEMPORARY GUIDELINES ON PROCEDURES TO APPLY FOR ISSUANCE OF WORK PERMITS FOR FOREIGNERS.

The Official Letter (“OL”) No. 16116/SLDTBXH-LD issued by the Department of Labor, Invalids and Social Affairs (“DOLISA”) of Ho Chi Minh City dated 9 December 2013 provides temporary guidance on procedures for applying and issuing work permits for foreign employees until such time as a Circular is published to provide guidance for implementing Decree No. 102/2013/ND-CP issued by the Government dated 5 September 2013.

  • OFFICIAL LETTER GUIDING THE TIME OF ISSUANCE OF INVOICES FOR CERTAIN KINDS OF SERVICES

On 14/10/2013, the Ministry of Finance issued Official Letter 13675/BTC-CST providing guidance on the time of issuance of invoices for certain kinds of services.

  • OFFICIAL LETTER GUIDING THE ABBREVIATION OF NAME AND ADDRESS ON INVOICES.

On 10th December 2013, MOF has co-ordinated with the General Tax Department to issue Official Letter 4291/TCT-CS providing guidance on the abbreviation of name, address on invoices.

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