Mazars in Vietnam Newsletter - Tax & Legal Update - Issue December 2023

Operational updates

1. Official Letter 4905/TCT-QLN instructs enterprises to use invoices on incurrence basis for cases where invoice suspension is being enforced
2. Official Letter 24670/CTBDU-TTHT guiding the case of invoicing for return goods
3. Official Letter 4962/TCT-TS guiding the VAT treatment for transactions of export processing enterprises before being confirmed as an export processing enterprise ("EPE")
4. Official Letter 4758/TCT-DNNCN provides guidance regarding the obligation to dependent’s custody
5. Official Letter 4666/TCT-CS providing guidance related to the determination of taxable rates for foreign contractors ("FC")
6. Official Letter 4602/TCT-TS guiding the obligation to declare and submit CIT for intra-group restructuring activities
7. Official Letter 27077/CTBDU-TTHT guiding the use of foreign currency for an export processing enterprise ("EPE")
8. Official Letter 1196/TCT-PC guiding the determination of late payment passing the statute of limitations

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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.