Monthly newsletter in Septemper 2020
Updating legal documents on accounting, tax, labor, and other related fields for customers.
Decree No. 114/2020 / ND-CP dated September 25th 2020 issued by the Government about Guidance on application to the policy for reducing 30% CIT in 2020.
Decree No. 114/2020 / ND-CP dated September 25th 2020 issued by the Government detailing the implementation of Resolution No. 116/2020/QH14 of the National Assembly about Guidance on application to the policy for reducing 30% CIT in 2020.
Guidance on PIT finalization for current income
Official Letter No. 82635 / CT-TTHT dated 11/9/2020 of Hanoi Tax Department about Guidance on PIT finalization for current income. The regulation only accept to be exempted annual PIT return for an person who has average monthly current income in a year not exceeded 10 millions VND and was withheld 10%
Guidance on issuing invoices for providing services.
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.
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.
