In August, the Ministry of Finance (“MoF”) released Circular 48/2019/TT-BTC, providing guidance on
several types of provisions. Circular 48 will take effect from 10 October and will apply for fiscal year
2019 onwards. Circular 48 replaces Circular 228/2009/TT-BTC and its amendments.
On 23 April 2019, a draft Economic Substance Code (the draft Code) was issued by the British Virgin Islands International Tax Authority (ITA) as a supplementary to the Act but not deemed legally binding. It details the guidance on how to meet the economic substance requirements, the legislation interpretation and the scope that ITA will carry out its functions.
n April 2019, the Ministry of Finance released Circular 18/2019/TT-BTC (“Circular 18”) to repeal the contents of Circular 134/2014/TT-BTC dated 12 September 2014 (“Circular 134”) guiding the procedures for extending the deadline for VAT payment at import stage and VAT refund related to machinery and equipment imported to create fixed assets of investment projects. The new circular will take effect from 20 May 2019.
Important Vietnamese legal terms can be looked up, with the corresponding term in the other language presented (Vietnamese <-> English). Very helpful resource for those professionals working in both languages
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