Articles
Vietnam: stricter e-commerce regulations to be issued
- Allens Vietnam
In an effort to enhance the legal framework governing e-commerce activities in Vietnam, the Government has recently released for public opinion a draft of a new decree (Draft Decree) amending the current Decree No. 52/2013/ND-CP on e-commerce. The Draft Decree provides for stricter control over operations of e-commerce companies and foreign investment in the e-commerce sector in Vietnam.
EY Vietnam Tax Alert - Transfer Pricing - November 2020
- EY Vietnam
November 2020 Tax Alert – Transfer Pricing discusses the following key points: 1) Decree 132/2020/ND-CP on tax administration for companies having transactions with related parties, 2) Important provisions on tax administration relating to transfer pricing contained in the Law on Tax Administration No. 38/2019/QH14 and Decree 126/2020/ND-CP.
Update On New Regulations And Important Tax Policies - November 2020
- Grant Thornton Vietnam
In this newsletter: 1) Resolution No.149/NQ-CP issued by the Government in regular meeting in September 2020, 2) Decree No.123/2020/ND-CP regulating invoices, documents and the compulsory deadline for applying E-invoices, 3) Decree No.125/2020/ND-CP on the administrative penalty for violations of taxes and invoices, 4) Decree 126/2020/ND-CP regulating on a number of articles of the Law on Tax Administration 5) Decision 1215/QD-TCT on the amendment and supplementation of tax inspection procedures, 6) Official Letter No. 12452 / BTC-TCT response on deductible expenses when calculating CIT, 7) Official Letter 4590/TCT-DNNCN on family relief
Tax alert - Draft Decree on CIT incentives for projects manufacturing prioritised supporting industry products
- Mazars Vietnam
Law No. 71/2014/QH13 amends and supplements some articles of tax laws (effective from 01 January 2015 supplementing articles on Corporate Income Tax incentives for projects manufacturing prioritised supporting industry products or SI Projects. Law of Investment No. 67/2014/QH13 also provides assurance for business investment in the case of any legal changes, however, such assurance is only applicable to investors who have already enjoyed CIT incentives. Accordingly, SI projects licensed and operating before 01 January 2015 shall not be eligible to apply CIT incentives. This article discusses the changes effected with the new draft decree.
New transfer pricing regulations released
- PwC Legal Vietnam
On 5 November, the Government issued Decree 132/2020/ND-CP, setting out new rules on transfer pricing in Vietnam. Decree 132 takes effect from 20 December 2020, but applies for the financial year 2020. Decree 132 replaces the existing TP Decree 20 issued in 2017, and we outline some of the key changes below.
New penalties for breaches of tax and invoicing regulations
- PwC Legal Vietnam
On 19 October, the Government released Decree 125/2020/ND-CP setting out new rules on penalties for breaches of tax and invoicing regulations, which will come into force on 5 December 2020. The decree consolidates guidance from various decrees and circulars on tax and invoicing penalties, while taking into account changes in the new law on tax administration.
EY Vietnam Tax Update - November 2020
- EY Vietnam
November 2020 Tax Update highlights the following key points: 1) Decree providing guidance on the Law on Tax Administration, 2) New Decree on e-invoice and e-document, 3) The tax treatment of depreciation for fixed assets which were temporarily unused due to the impact of the COVID-19 pandemic.
Transfer Pricing - Issuance of Decree 132/2020/ND-CP replacing Decree 20/2017/ND-CP and Decree 68/2020/ND-CP
- Grant Thornton Vietnam
After more than three years of implementing Decree No. 20/2017/ND-CP ("Decree 20") and other amending and guiding documents such as Decree No. 68/2020/ND-CP ("Decree 68") and Circular No. 41/2017/TT-BTC ("Circular 41"), on 5 November 2020, the Government has officially issued Decree No.132/2020/ND-CP ("Decree 132") to replace Decree 20 and Decree 68 prescribing tax administration for enterprises engaged in related party transactions. This Decree is inclusive of a number of changes that have material effects on taxpayers’ compliance status with Transfer Pricing regulations in Vietnam.
Vietnam LNG Sector Update
- Allens Vietnam
Vietnam's need for LNG projects is greater than ever due to instability of the power system, power shortages caused by delayed investment of other power projects and energy security requirements. This report provides an overview of the liquefied natural gas (LNG) market in Vietnam, as well as a discussion of the opportunities, main investment steps and key challenges for foreign investment in LNG.
Updates And Key Considerations - November 2020
- RHTLaw Vietnam
In this newsletter: 1) New Regulation and Forms for Enterprise Establishment Registration promulgated in conjunction with Decree No. 122/2020/ND-CP dated 15 October 2020 (effective from 15 October 2020), 2) New Regulation on Electricity Operation under Circular No. 21/2020/TT-BCT dated 9 September 2020 effective from 26 October 2020); and 3) New Criteria for Issuance of High-tech Application Certificate under Circular No. 04/2020/TT-BKHCN dated 15 November 2020 (effective from 15 November 2020).
Tax Alert - Decree 126 guiding Law on Tax administration 2019
- Mazars Vietnam
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.
Finance & Loan Security Rights in Real Estate in the COVID-19 Era: 10 Key Q&As – Focus on Vietnam
- DFDL Vietnam
This is the third in our Q&A series on Finance and Loan Security Rights in Real Estate in the COVID-19 Era, this edition focusing on Vietnam.
New decree implementing the Law on tax administration 2019
- PwC Legal Vietnam
Following the introduction of the new law on tax administration in June last year, the Government has just released Decree 126/2020/ND-CP guiding its implementation. The decree includes some key provisions on the taxation of e-commerce. More stringent sanction measures are also introduced, together with a wide range of changes in tax admin procedures. As presaged in the law, the decree sets out the new powers which the tax authorities will have to disregard the legal form of transactions and deem tax – Vietnam’s first, if rudimentary, general anti avoidance provision.Regarding e- invoices, e- documents, and penalty regimes, separate decrees have also concurrently been issued. We summarise some of the key points of this new decree in this article. There is a lack of detail on some of these important new rules, which will hopefully be forthcoming in implementing circulars in due course.
Vietnam Pocket Tax Book 2020
- PwC Legal Vietnam
2020 Vietnam Pocket Tax Book. The information in this booklet is based on current taxation regulations and practice including certain legislative proposals under review at 31 December 2019. It is intended as a general guide. Where specific transactions are being contemplated, definitive advice should be sought. If you'd like to discuss further, please don't hesitate to contact us.
Update On New Regulations And Important Tax Policies - October 2020
- Grant Thornton Vietnam
In this tax newsletter, Grant Thornton Vietnam covers: 1) Resolution No.124/NQ-CP issued by Government on Government’s action plan on implementation of national industries development plan, 2) Decree 114/2020/ND-CP regulating the implementation of the Resolution No. 116/2020/QH14 of the National Assembly on 30% reduction of CIT payable of the year 2020, 3) Decree No.109/2020/ND-CP on Extension Special Consumption Tax payment duration for domestically manufactured automobiles, 4) VAT for processing service provided by EPEs to domestic enterprises, and 5) Some Office Letters on Guidance on new standard for dependent registration and family deduction.
EY Vietnam Tax Alert on Customs - October 2020
- EY Vietnam
This Tax alert - Customs provides the following key points: Decree 111/2020/ND-CP dated 18 September 2020 on the special preferential import tariffs and export tariffs, and the required conditions for entitlement to these special preferential tariffs, to implement Vietnam's commitments under the Free Trade Agreement between the Socialist Republic of Vietnam and the European Union for the period 2020 to 2022.
Law on Securities - Updates and Key Considerations - October 2020
- RHTLaw Vietnam
On 26 November 2019, the National Assembly promulgated Law No. 54/2019/QH14 on Securities (the "New Securities Law") with the aim at improving the current legal framework governing securities trading activities in Vietnam. The New Securities Law officially replaces the current Law No. 70/2006/QH11 on Securities (the “Current Securities Law”) and its guiding instruments as from 1 January 2020.
KPMG Technical Update September 2020
- KPMG Vietnam
This technical update covers the following issues: 1) Resolution 116 on 30% reduction of CIT liability for 2020, 2) Revenue of exported goods must be recorded upon the completion of customs procedures for CIT purpose, 3) Software production definition and processes, 4) Land rental payments due to violating regulations on land management are nondeductible for CIT purposes, in addition to several VAT, Foreign Contractor Tax and Personal Income Tax issues.
EY Vietnam Tax Update - Customs - September 2020
- EY Vietnam
This Tax update on Customs which provide key points: 1) Circular 19/2020/TT-BCT on the implementation of the rules of origin under the ASEAN Trade In Goods Agreement (ATIGA); 2) Some official guidelines from the General Department of Customs (GDC): 3) Certificate of Origin under the EU – Vietnam Free Trade Agreement (EVFTA); 4) Duty and tax treatment of processing activities of Export Processing Enterprises (EPEs); 5) Import duty and customs procedures to be applied for an EPE which is converted into a Non-EPE; 6) Duty and tax treatment for solar power projects; 7) Value Added Tax (VAT) applicable to imported medical equipment; 8) Duty and tax treatment for goods being temporarily exported and then re-imported under a lease agreement for construction purposes, and others.
EY Vietnam Tax Update - September 2020
- EY Vietnam
September Tax Update highlighting the following key points: 1) Reduction of land rental payable for 2020 for COVID-19 affected persons, 2) New development on the corporate income tax (CIT) incentives offered to social entities, 3) Amended guidance on the tax treatment of COVID-19 related payments made for employees, 4) Suspension of the Social Insurance contributions (retirement and death) by companies affected by COVID-19 extended to December 2020, and 5) Employees are accountable for a wrong declaration of dependents or a wrong authorization for personal income tax (PIT) finalization.
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