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Tax Update

We regularly update legal documents on accounting, tax, labor and other related fields for our clients.

Circular 12/2022/TT-NHNN dated September 30th 2022 of the State Bank of Vietnam (SBV) guiding the management of foreign exchange for the borrowing and repayment of foreign debt of

Accordingly, one of the notable changes of this Circular is that the borrower must report foreign loans monthly instead of quarterly as before, specifically:

Reporting regulations applied to the borrower: On the monthly basis, no later than the 5th day of the month immediately after the reporting period, the borrower must prepare an online review report on short-term, mid-term and long-term loans on websites. Where any technical failure in websites arises that makes the reporting unfeasible, the borrower shall send a written report using the form in Appendix 05 hereto.

Circular 12/2022/TT-NHNN takes effect from 15/11/2022, from this date, the following documents expire: Circular 03/2016/TT-NHNN, Circular 05/2016/TT-NHNN, Circular 05/2017/TT-NHNN.

Please kindly check attachment file for further reference

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In case the Company hires foreign workers to perform jobs in Vietnam, in cases where a work permit is required but has not been granted a work permit by a competent authority in Vietnam in accordance with the Labor Code, the expenses paid by the Company to the employee before the time the work permit is issued and before the time the two parties sign the labor contract will not be included in the deductible expenses when determining CIT income.

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Official Dispatch No. 27712/SLĐTBXH-VL-ATLĐ dated December 4, 2023 of the Department of Labor, War Invalids and Social Affairs of Ho Chi Minh City on the implementation of reports on the use of foreign workers before January 5, 2024

The Department of Labor, War Invalids and Social Affairs requests the units to make reports on the employment of foreign workers in accordance with the provisions of Article 6 of the Government’s Decree No. 152/2020/ND-CP dated December 30, 2020 and Point a, Clause 12, Article 1 of the Government’s Decree No. 70/2023/ND-CP dated September 18, 2023, specifically as follows:

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Resolution No. 110/2023/QH15 dated November 29, 2023 of the National Assembly promulgated in the 6th session of the 15th National Assembly

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Official Dispatch No. 86321/CTHN-TTHT dated December 7, 2023 of the Hanoi Tax Department guiding the additional declaration of VAT declaration documents for omitted input invoices

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.

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Official Dispatch No. 5250/TCT-DNNCN dated November 24, 2023 of the General Department of Taxation Guiding for converting income from NET salary to calculate personal income tax

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Official Dispatch No. 25985/SLDTBXH-VLATLD dated November 17, 2023 of the Department of Labor, War Invalids and Social Affairs of the HCM City Implement employer reports before December 5, 2023

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