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Legal updates

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

Official Dispatch No. 49303/CTHN-TTHT dated October 12th 2022 of the Hanoi Tax Department guiding the VAT and CIT policy for visa expenses for foreign employees

Regarding CIT: In case the Company pays for support services for foreign laborers to extend or renew their visas to qualify for working in Vietnam, and if this payment is of a welfare nature for employees, it shall be included in the deductible cost when determining the taxable income of the enterprise if the total welfare nature expenditure does not exceed 01 month of average salary in the tax year of the enterprise specified in Clause 4, Article 3 of Circular 25/2018/TT-BTC and meets the conditions specified in Article 4 of Circular 96/2015/TT-BTC dated June 22, 2015.

Regarding VAT: In case the Company incurs input VAT to serve the production and business of goods and services subject to VAT, it is entitled to deduct all if meeting the conditions for input VAT deduction specified in Clause 10, Article 1 of Circular No. 26/2015/TT-BTC dated February 27, 2015 and complying with the principle of input VAT deduction specified in Article 14 of Circular No. 219/2013/TT-BTC dated December 31, 2013 of the Ministry of Finance.

Please kindly check attachment file for further reference

Related News

23 Tháng 12, 2024
Official Dispatch No. 6019/TCT-CS dated December 17, 2024, of the General Department of Taxation, Guidance on the issuance of invoices and declaration of VAT for collection and payment on behalf of others

Principles: In cases where a business establishment incurs amounts collected and paid on behalf of others, which are not related to the sale of goods or provision of services by the business establishment, the establishment is not required to declare or pay tax as per applicable regulations.

 

According to the Company’s explanation: In cases where suppliers issue VAT invoices indicating the Company’s name and tax identification number, and the Company subsequently requests the Partner to reimburse these amounts, the Company must issue a VAT invoice to the Partner, applying the VAT rate as stipulated by law. The Company is responsible for declaring input and output VAT in accordance with the applicable laws on tax management.

20 Tháng 12, 2024
Law No. 56/2024/QH15 dated November 29, 2024, of the National Assembly, amending and supplementing the Law on Securities, the Law on Accounting, the Law on Independent Auditing, the Law on State Budget, the Law on Management and Use of Public Assets, the Law on Tax Administration, the Law on Personal Income Tax, the Law on National Reserves, and the Law on Handling Administrative Violations

Accountants have the right to independence in accounting expertise and operations; to retain professional opinions in writing when they differ from decision-makers; to report in writing to the chief accountant or the legal representative of the accounting entity upon detecting violations of financial or accounting laws. If required to execute such decisions, accountants may report to the direct superior of the decision-maker or the competent state authority and will not bear responsibility for the consequences of executing such decisions.

18 Tháng 12, 2024
Official Letter No. 5874/TCT-DNNCN dated December 12, 2024, issued by the General Department of Taxation, providing guidance on personal income tax (PIT) policies for foreign individuals visiting Vietnam for the first time

In principle, in cases where the taxpayer is a foreign worker (from countries or territories that have signed an Agreement with Vietnam to avoid double taxation and prevent tax evasion on income taxes) who arrived in Vietnam for the first time in February 2022 and meets the conditions to be considered a resident individual in Vietnam, when finalizing PIT for the year 2022, the individual is required to aggregate their global income from February 2022 to December 2022. Simultaneously, the deduction for family circumstances for the taxpayer will be calculated for the period from February 2022 to December 2022 (calculated on a monthly basis). The individual is responsible for completing their tax finalization with the relevant tax authorities.

17 Tháng 12, 2024
Official Letter No. 5725/TCT-QLN dated December 6, 2024, of the General Department of Taxation regarding the Management of Debts of Branches, Representative Offices, and Business Locations

Branches and representative offices are dependent units of enterprises, while business locations are specific places where enterprises carry out their business activities. In cases where taxpayers are enterprises under enforcement measures, individuals who are the legal representatives of these enterprises fall under the category for consideration of temporary suspension of exit, as prescribed in Article 66 of the Law on Tax Administration and Article 21 of Decree No. 126/2020/ND-CP.

17 Tháng 12, 2024
Official Letter No. 28950/SLĐTBXH-VL-ATLĐ dated November 18, 2024, issued by the Department of Labor, Invalids and Social Affairs of Ho Chi Minh City provides guidance on reporting the employment of foreign workers for the year 2024, to be submitted before January 5, 2025.

Pursuant to Decree No. 145/2020/NĐ-CP dated December 14, 2020, of the Government providing detailed regulations and guidance on the implementation of certain provisions of the Labor Code regarding labor conditions and labor relations (hereinafter referred to as Decree No. 145/2020/NĐ-CP):

16 Tháng 12, 2024
Law No. 50/2024/QH15 of the National Assembly dated November 27, 2024, on Trade Unions: Expanding Membership Eligibility to Foreign Workers

The new Law, consisting of 6 Chapters and 37 Articles, stipulates the functions, tasks, rights, and responsibilities of the Vietnam Trade Union; workers’ rights to establish, join, and participate in trade union activities; the admission of workers’ organizations at enterprises into the Vietnam Trade Union; the rights and responsibilities of trade union members; the responsibilities of the State, agencies, organizations, units, enterprises, and employers towards the Trade Union; ensuring the operation of the Trade Union; resolving disputes and addressing violations of the law on trade unions.

12 Tháng 12, 2024
Monthly newsletter in November 2024

VINA BOOKKEEPING would like to send readers the MONTHLY NEWSLETTER IN NOVEMBER 2024 (VIETNAMESE AND ENGLISH) Details of attachments are here

09 Tháng 12, 2024
Official Letter No. 8217/BHXH-TST, dated November 4, 2024, issued by the Ho Chi Minh City Social Insurance Agency, provides instructions on submitting documents, transferring payments for SI, HI, and extending the validity of HI cards for 2025.

Accordingly, to ensure the rights of participants in social insurance (SI) and health insurance (HI) and to maintain the validity of HI cards from January 1, 2025, the Ho Chi Minh City Social Insurance Agency requests that employers fully transfer payments for SI, HI, unemployment insurance (UI), and occupational accident and disease insurance (OADI) by December 25, 2024.

04 Tháng 12, 2024
Official Dispatch No. 5071/TCT-KK dated November 7, 2024, from the General Department of Taxation, guidance on the refundable VAT for investment projects

Accordingly, for the input VAT of the investment project directly managed by the company, which is non-refundable but meets the conditions for deduction, the company is allowed to carry forward the unreimbursed input VAT from goods and services incurred during the investment phase to deduct and offset against the VAT payable from production and business activities directly managed by the company, currently declared at the Hai Phong City Tax Department (if applicable).

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