VINA BOOKKEEPING would like to send readers the MONTHLY NEWSLETTER IN NOVEMBER 2024 (VIETNAMESE AND ENGLISH)
Details of attachments are here
Legal updates
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New Value Added Tax Law No. 48/2024/QH15 dated November 26, 2024, issued by the National Assembly, effective from July 1, 2025
The new law comprises 4 Chapters and 18 Articles, regulating subjects of taxation, non-taxable subjects, taxpayers, tax bases and calculation methods, as well as VAT deduction and refund mechanisms.
Law No. 50/2024/QH15 of the National Assembly dated November 27, 2024, on Trade Unions: Expanding Membership Eligibility to Foreign Workers
The new Law, consisting of 6 Chapters and 37 Articles, stipulates the functions, tasks, rights, and responsibilities of the Vietnam Trade Union; workers’ rights to establish, join, and participate in trade union activities; the admission of workers’ organizations at enterprises into the Vietnam Trade Union; the rights and responsibilities of trade union members; the responsibilities of the State, agencies, organizations, units, enterprises, and employers towards the Trade Union; ensuring the operation of the Trade Union; resolving disputes and addressing violations of the law on trade unions.
Official Letter No. 8217/BHXH-TST, dated November 4, 2024, issued by the Ho Chi Minh City Social Insurance Agency, provides instructions on submitting documents, transferring payments for SI, HI, and extending the validity of HI cards for 2025.
Accordingly, to ensure the rights of participants in social insurance (SI) and health insurance (HI) and to maintain the validity of HI cards from January 1, 2025, the Ho Chi Minh City Social Insurance Agency requests that employers fully transfer payments for SI, HI, unemployment insurance (UI), and occupational accident and disease insurance (OADI) by December 25, 2024.
Official Dispatch No. 5071/TCT-KK dated November 7, 2024, from the General Department of Taxation, guidance on the refundable VAT for investment projects
Accordingly, for the input VAT of the investment project directly managed by the company, which is non-refundable but meets the conditions for deduction, the company is allowed to carry forward the unreimbursed input VAT from goods and services incurred during the investment phase to deduct and offset against the VAT payable from production and business activities directly managed by the company, currently declared at the Hai Phong City Tax Department (if applicable).
Official Letter No. 5449/TCT-QLN dated November 25, 2024, from the General Department of Taxation guiding the determination of late payment obligations
The Company is responsible for declaring and paying taxes on behalf of individual investor A regarding the capital transfer activity. The Company is also obligated to fully comply with tax declaration and payment requirements as stipulated for taxpayers.
Official Letter No. 5309/TCT-KK dated November 19, 2024, from the General Department of Taxation providing guidance on determining input VAT shared between export activities and domestic sales
In cases where a company engages in both exporting goods and services and selling goods and services domestically, the company is required to separately account for the input VAT used for the production and business of exported goods and services.
Official Dispatch No. 28690/SLĐTBXH-VLATLĐ dated November 14, 2024, issued by the Department of Labor, War Invalids, and Social Affairs of Ho Chi Minh City
Pursuant to Decree No. 145/2020/NĐ-CP dated December 14, 2020, of the Government providing detailed regulations and guidance on the implementation of certain provisions of the Labor Code regarding labor conditions and labor relations (hereinafter referred to as Decree No. 145/2020/NĐ-CP):
Official Letter No. 27613/CTBDU-TTHT dated October 21, 2024, from Binh Duong Tax Department
In case the Company detects that the input invoice is omitted, leading to the tax declaration dossier submitted to the tax authority with errors and omissions, the Company shall supplement the tax declaration dossier of the period with errors as prescribed in Article 47 of the Law on Tax Administration No. 38/2019/QH14.
Official Dispatch No. 4761/TCT-DNNCN dated October 23, 2024, from the General Department of Taxation
In case the Company detects that the input invoice is omitted, leading to the tax declaration dossier submitted to the tax authority with errors and omissions, the Company shall supplement the tax declaration dossier of the period with errors as prescribed in Article 47 of the Law on Tax Administration No. 38/2019/QH14.
Monthly newsletter in October 2024
VINA BOOKKEEPING would like to send readers the MONTHLY NEWSLETTER IN OCTOBER 2024 (VIETNAMESE AND ENGLISH) Details of attachments are here
Official Letter No. 4991/TCT-CS dated November 5, 2024, issued by the General Department of Taxation
In principle, trade discounts based on the quantity or sales volume of goods and services are adjusted on the invoice for the last purchase or the following period. If the discount amount is determined at the end of the sales discount program (period), an adjustment invoice is issued along with a statement listing the invoice numbers that need adjustment, the amount, and the adjusted tax. Based on the adjustment invoice, the seller and buyer declare the corresponding adjustments in revenue and tax.
Official Letter No. 4917/TCT-DNNCN dated October 30, 2024, by the General Department of Taxation
In cases where the taxpayer has authorized the Company to perform tax finalization on their behalf, if it is determined that the taxpayer is required to directly finalize taxes with the tax authorities,
