Mazars in Vietnam Newsletter - Tax & legal updates - April 2021

Operational Updates

1. Official letter 153/TCT-CS providing guidance on Corporate Income Tax ("CIT") on the payment for life insurance that the company provides to its clients as promotional gifts
2. Official letter 599/TCT-KK providing guidance on Value Added Tax ("VAT") declaration, notification of invoice issuance and invoice use report for business locations located outside the headquarters’ province/city
3. Official letter 1938/BTC-TCT guiding the effectiveness of Circular 156/2013/TT-BTC and other Circulars providing guidelines on the old Law on Tax administration
4. Official letter 13/TCT-CS providing guidance on invoice issuance for asphalt businesses
5. Official letter 71/TCT-CS providing guidance on Foreign Contractor Tax (“FCT”) in case a foreign company transfer goods assigned for processing and contract signed with a Vietnam company to another foreign company

Payroll Updates

1. Official letter 317/CTBNI-TTHT and Official letter 352/CTBNI-TTHT providing guidance on Personal Income Tax ("PIT") on quarantine expenses paid by the company on behalf of expatriates

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Disclaimer:

We do trust the above points are notable and sufficient, but should you have any questions or need a deeper discussion on this issue, please do not hesitate to contact us.

OUR SUPPORT

For regulation changes and tax matters, we can provide you with assistance on:

• Registration, declaration of Personal Income Tax, Corporate Tax, VAT and Foreign Contractor Tax.
• Tax refunds assistance and representation.
• Consultancy on utilizing opportunities provided by transfer pricing.
• Customs advisory: Compliance & reporting; FTA and C/O; Harmonised System code classification and valuation; Inventory control; International trade arrangement; and Others.