New decree implementing the Law on tax administration 2019
PwC Legal Vietnam
25th October 2020
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.
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PwC Legal Vietnam
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