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Monthly newsletter in October 2023
VINA BOOKKEEPING would like to send readers the MONTHLY NEWSLETTER IN OCTOBER 2023 (VIETNAMESE AND ENGLISH) Details of attachments here
Monthly newsletter in September 2023
VINA BOOKKEEPING would like to send readers the MONTHLY NEWSLETTER IN SEPTEMBER 2023 (VIETNAMESE AND ENGLISH) Including regulations and guiding documents from the Government, social insurance, provincial/city Tax Departments on issues related to: Details of attachments here
Monthly newsletter in August 2023
VINA BOOKKEEPING would like to send readers the MONTHLY NEWSLETTER IN AUGUST 2023 (VIETNAMESE AND ENGLISH) Including regulations and guiding documents from the Government, social insurance, provincial/city Tax Departments on issues related to: Details of attachments here
Vietnam Company Incorporation Service
The process of Vietnam Company Incorporation has gained significant attention due to the country’s thriving business landscape and diverse economic prospects. Whether you are a local entrepreneur or an international investor looking to establish a business in Vietnam, understanding the intricacies of this process is essential. Setting up a company in Vietnam holds promising benefits,
Official Dispatch No. 22555/CTBDU-TTHT dated September 20, 2023 of Binh Duong Tax Department guiding the issuance of VAT invoices for borrowings and catalogs
Accordingly, in case the Company lends machinery and equipment to suppliers to produce products as well as use goods and services (including purchased from outside or self-produced by business establishments) to give, donate, donate or exchange, the Company must make invoices, declare and calculate VAT payment as goods sales invoices to customers.
Official Dispatch No. 67047/CTHN-TTHT dated September 15, 2023 of Hanoi Tax Department guiding VAT declaration for adjusted invoices and tax rates for construction activities
Accordingly, in case the e-invoice has been made according to the provisions of Decree No. 123/2020/ND-CP but this invoice has errors , it shall be invoiced according to the instructions at Point e, Clause 1, Article 7 of Circular No. 78/2021/TT-BTC of the Ministry of Finance. The Company shall declare adjustments in the tax period with errors as prescribed in Article 47 of the Law on Tax Administration No. 38/2019/QH14 dated June 13, 2019 of the National Assembly and Clause 4, Article 7 of Decree 126/2020/ND-CP dated October 19, 2020 of the Government.
Official Dispatch No. 3782/TCT-CS dated August 25, 2023 of the General Department of Taxation guiding tax policy on income from interest on loans subject to tax assessment
In case an enterprise other than an organization operating under the Law on Credit Institutions has irregular lending activities if it lends to another organization (including a branch of an enterprise to which this branch pays separate corporate income tax) without interest or at an interest rate lower than the normal interest rate of the same term and size in the market, it shall fall into the case of tax assessment in accordance with the law on tax administration.
Official Dispatch No. 4350/CTHPH-TTHT dated August 17, 2023 of the Tax Department of Hai Phong City guiding the VAT reduction policy for logistic services
In case the Company meets the conditions for providing containerized logistics services as prescribed in Decree No. 163/2017/ND-CP dated December 30,2017 of the Government, the service is subject to VAT reduction as prescribed in Decree No. 44/2023/ND-CP dated June 30, 2023 of the Government.
Official Dispatch No. 62652/CTHN-TTHT dated August 25, 2023 of Hanoi Tax Department Tax policy when paying by personal credit card
In case the Company authorizes an individual who is an employee of the Company to pay for the purchase of fixed assets used for the Company’s production and business activities with a value of twenty (20) million VND or more (price includes VAT ) to the seller by paying that individual’s credit card to the seller’s account, The Company pays the individual through a transfer from the Tax Authority’s registered Company account to the individual’s account. The company can declare and deduct input VAT and have it included in deductible expenses when calculating corporate income tax, if it simultaneously satisfies:
Draft Decree of the Ministry of Finance submitted to the Government amending and supplementing a number of articles of Decree 123/2020/ND-CP dated October 19, 2020 of the Government
To improve problems arising from the practices of businesses and tax authorities in the process of using electronic invoices, the Ministry of Finance submitted to the Government a draft Decree amending and supplementing Decree 123/2020/ND -CP regulates invoices and documents.
Accordingly, some notable contents of the Draft are as follows:
Official Dispatch No. 62665/CTHN-TTHT dated August 25, 2023 of Hanoi Tax Department Guiding for declaring VAT on input invoices with incorrect tax rates
Accordingly, the General Department of Taxation guides:
In case Company A (in Vietnam) signs a contract with Company B (in Hong Kong) to provide sample testing services for goods before being imported to Vietnam, this testing service is subject to subject to contractor tax in Vietnam.
Circular 10/2023/TT-NHNN dated August 23, 2023 of the State Bank Suspension of some content on “capital needs that cannot be loaned”
Accordingly, suspend the implementation of Clause 8, Clause 9 and Clause 10, Article 8 of Circular No. 39/2016/TT-NHNN dated December 30, 2016 (added according to Clause 2, Article 1 of Circular No. 06/2023/TT-NHNN dated June 28, 2023 on amending and supplementing a number of articles of Circular No. 39/2016/TT-NHNN) from September 1, 2023 until the effective date of the new legal documents regulating these issues.
The content whose effect is suspended is specifically as follows: