Monthly newsletter in January 2025
VINA BOOKKEEPING would like to send readers the MONTHLY NEWSLETTER IN JANUARY 2025 (VIETNAMESE AND ENGLISH) Details of attachments are here
Decree No. 49/2025/NĐ-CP dated February 28, 2025, of the Government stipulating the threshold for the application of exit suspension
Accordingly, Article 3 of this Decree stipulates the “Application of overdue tax debt thresholds and debt duration in cases of exit suspension,” specifically 04 cases:
Official Letter No. 585/TCT-CS dated 13/02/2025 from the General Department of Taxation regarding the issuance of invoices at the incorrect time
In cases where a company issues an invoice at the incorrect time as stipulated in Clause 2, Article 9 of Decree No. 123/2020/NĐ-CP but does not fall under the cases specified in Clause 9, Article 3 of Decree No. 123/2020/NĐ-CP (regarding the use of illegal invoices and documents, and the unlawful use of invoices and documents), and the invoice fully complies with the form and content requirements of Decree No. 123/2020/NĐ-CP, it will be considered a valid invoice.
Official Letter No. 655/TCT-CS dated February 14, 2025, of the General Department of Taxation regarding deductible depreciation expenses of fixed assets in determining corporate income tax obligations
The General Department of Taxation agrees with the proposal of the Hanoi Tax Department: In cases where fixed assets lack documentation proving the enterprise’s ownership (i.e., the enterprise has not been issued a Land Use Rights Certificate or a Certificate of Ownership for assets attached to the land) as required by law, such assets do not meet the conditions for depreciation deduction as an expense when determining taxable corporate income.
Official Dispatch No. 1872/BTC-TCT dated February 17, 2025, of the Ministry of Finance on VAT policy for goods transferred from the domestic to bonded warehouses
In cases where a domestic enterprise sells goods to a foreign trader with a presence in Vietnam and is designated to deliver the goods to a third party, which is a Vietnamese enterprise, through a bonded warehouse, such transactions do not meet the conditions for export sales to organizations and individuals abroad or for consumption outside Vietnam. Additionally, goods sold to organizations and individuals in non-tariff zones and consumed within these zones do not qualify as exported goods eligible for the 0% VAT rate under Clause 1, Article 9 of Circular No. 219/2013/TT-BTC.
Official Letter No. 471/TCT-KK dated February 5, 2025, from the General Department of Taxation regarding the Supplementary Declaration of VAT Returns
In the case where a taxpayer submits a supplementary declaration for the VAT return for the tax period of June 2023 on August 10, 2023, and the supplementary declaration only results in an increase in the deductible VAT amount for the tax period of June 2023, the taxpayer shall report this adjustment under item [38] “Adjustment to Increase Deductible Value-Added Tax from Previous Periods” on the initial VAT return for the tax period of July 2023. This is in compliance with the regulations, as it falls within the filing deadline for the VAT return of the July 2023 tax period.
Official Letter No. 302/TCT-CS dated January 17, 2025, issued by the General Department of Taxation, providing guidance on foreign contractor tax (FCT) policy for DDU and DAP delivery terms
In cases where a goods supply contract is signed between a Vietnamese entity and a foreign contractor under DDU or DAP delivery terms, where the seller is responsible for transporting the goods to the delivery location designated by the buyer, and the contract does not include any services provided in Vietnam (such as installation, trial run, warranty, maintenance, etc., including cases where these services are provided free of charge), the contract is subject only to value-added tax (VAT) on goods at the importation stage and a corporate income tax (CIT) rate of 1% on taxable revenue.
Official Letter No. 329/TCT-DNNCN dated January 21, 2025, from the General Department of Taxation providing guidance to tax authorities on confirming individuals’ tax obligations
The General Department of Taxation requests the Tax Department to confirm individuals’ tax obligations in accordance with the guidelines set forth in Circular No. 80/2021/TT-BTC dated September 29, 2021, issued by the Ministry of Finance.
Official Letter No. 6368/TCT-DNNCN dated December 31, 2024, of the General Department of Taxation providing guidance on the place for submitting PIT refund applications
The General Department of Taxation has provided specific guidance on determining the place for submitting personal income tax refund applications in Official Letter No. 4172/TCT-DNNCN dated September 20, 2023, concerning the enhancement of personal income tax refund application processing.
Monthly newsletter in December 2024
VINA BOOKKEEPING would like to send readers the MONTHLY NEWSLETTER IN DECEMBER 2024 (VIETNAMESE AND ENGLISH) Details of attachments are here
Official Dispatch No. 188/CTLAN-TTHT dated January 13, 2025, from the Long An Provincial Tax Department providing guidance on tax reports to be implemented at the beginning of 2025
The Long An Provincial Tax Department has issued guidance on preparing tax reports and key notes for enterprises to implement at the beginning of 2025.
Decree No. 128/2024/ND-CP dated October 10, 2024, issued by the Government amending and supplementing several articles of Decree No. 81/2018/ND-CP dated May 22, 2018, detailing the Commercial Law regarding trade promotion activities
One notable update in this Decree is the expansion of cases exempt from administrative notification procedures for implementing promotions, with no value limit, including:
