Guidance on declaring FCT for foreign business individuals.
Official Letter No. 79916/CT-THTT dated August 31st, 2020 issued by Hanoi City Tax Department about Guidance on declaring FCT for foreign business individuals.
Policy of incentives of corporate income tax and depreciation cost of fixed assets
Official Letter No. 2717/CT-THTT dated September 11th, 2020 issued by Bac Ninh Tax Department about Guidance on incentives of corporate income tax and depreciation cost of fixed assets.
Official Letter No. 80747/CT-TTHT dated September 3rd 2020 of Hanoi Tax Department about Guidance on issuing VAT invoices for goods used for donation to oversea.
In case the company dismantles the server system that is being used to transfer to Thailand for an another company in the same group. The company makes a non-commercial export declaration for customs clearance and does not receive payment from overseas.
Official Letter No. 3711/TCT-CS dated September 08th, 2020 issued by General Department of Taxation about Guidance on issuing invoices for providing services.
According to the regulations, issuing date for providing service is the date of completion of the service regardless whether the money has been collected or not. In case goods are delivered several times or a completed item or stage is transferred at a time, an invoice shall be issued for each time.
Official Letter No. 78002/CT-THTT dated August 24th, 2020 issued by Hanoi City Tax Department about Guidance on policy for advertising activities on Facebook, Google
In case the Company incurs expenses of online advertising on Facebook or Google, the expenses could be considered as deductible expenses for CIT purpose if it meeting the following conditions:
Official Letter No. 5051/NHNN-QLNH dated July 10th 2020 of the State Bank of Vietnam about Using of foreign currency when selling goods and providing services to export processing enterprises
According to current regulations, in case of an export processing enterprise (EPE) buys goods from the domestic market, the current regulation just allowed using foreign currencies for the transaction of buying input raw materials, input supplies, input accessories, etc. serving directly in the producing, processing, recycling or assembling of exporting goods or exporting.
Official Letter No. 2576/TCT-CS dated June 23rd 2020 of the General Department of Taxation about Guidance on duration for applying electronic invoice.
From November 01st 2018 to October 31st 2020, while the tax authority has not announced on converting to use e-invoices according to Decree No. 119/2018/ND-CP and Circular No. 68/2019/TT-BTC, the enterprise still complies with Decree No. 51/2010/ND-CP, Decree No. 04/2014/ND-CP, Circular No. 39/2014/TT-BTC and Circular No. 32/2011/TT-BTC.
Official Letter No. 3138/CT-TTHT dated July 29th 2020 issued by Da Nang City Tax Departmentn about The CIT policy on reduction of CIT payable in 2020 under Resolution No. 116/2020/QH14.
According to this Official letter, the Company has total revenue less than VND 200 billion in 2020 (including revenue from financial activities and other revenues) is eligible for reduction of CIT payable in 2020 according to Resolution No.116/2020/QH14.
Official letter No. 70284/CT-TTHT dated July 29th 2020 issued by Hanoi City Tax Department about Guidance on applying CIT incentive period.
According to this Official letter, in case investment project X is granted the first investment registration certificated by the Management Board of Hanoi Industrial and Export Processing Zones on November 12, 2019 with the project implementation period is 5 years from the granting dated of the certificate, the investment project is located in the industrial park, and not located in a socio-economic locality with favorable conditions
Official Letter No. 885 / BTC-QLKT dated Jan 22th 2020 of the Ministry of Finance about Accounting guidance regarding to goodwill.
This Official Letter guidelines on the accounting for “goodwill” in case the Company acquires a business segment of another enterprise.
Official Letter No. 40839/CT-TTHT dated May 25th 2020 issued by Hanoi City Tax Department about The CIT policy for PIT expenses arising from worldwide income of foreigners.
According to guidance from Ha Noi City Tax Department, the expatriate who is assigned from the parents company (Japan) to the Company (subsidiary in Vietnam) to work as labor of the Company, the Company bears PIT obligation arising from worldwide income of the foreigner which will be considered as deductible expense when determine CIT taxable income if following conditions are satisfied:
Official Letter No. 1930/CT-TTHT dated July 2nd 2020 issued by Hai Phong Tax Department about The Corporate income tax policy on depreciation expense of fixed assets during a period of suspended operation due to Covid-19 epidemic.
Due to the effects of the Covid-19 epidemic, the number of sales orders of the Company has been reduced significantly, the Company was forced to suspense a production line of an product within 03 months from June 1st 2020
