Vietnam to raise personal income tax deductibles: Finance Minister
The Ministry of Finance is drafting rules to increase the deductible amount for personal income tax (PIT) to better reflect inflation, Finance Minister Ho Duc Phoc said Thursday.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam collects less corporate income tax in 2022 from top 1,000 firms
Corporate income tax (CIT) paid by the 1,000 biggest taxpayers in Vietnam in 2022 fell 14.9% from that in 2021, the General Department of Taxation has said.
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
Honda, Unilever, Heineken top foreign taypayers in Vietnam
Automaker Honda remained the biggest foreign taxpayer in Vietnam in 2022, according to the General Department of Taxation’s latest list of the top 1,000 contributors of corporate income tax (CIT).
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
What you can and can’t do: KPMG answers tax queries
“Importation” of uniforms from a domestic supplier for use in an export processing zone will incur import duties and VAT, say KPMG consultants.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
KPMG experts answer customer VAT queries
VAT regulations in Vietnam can be a difficult road to navigate, so let the accountants do their jobs to allow peace of mind for you and your company.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Flexible tax policies give businesses room to move
KPMG experts answer businesses' queries regarding the complicated navigation of the tax landscape.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Leasing income not qualified for CIT incentive entitlement
As the leasing activity was not included into the original IRC, it is likely that leasing income is not qualified for CIT incentive entitlement.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
New circular guides tax obligations for science, technology development fund
The Ministry of Finance issued Circular 67/2022/TT-BTC on November 7 providing detailed guidance on corporate income tax obligations among enterprises that create and use a science and technology development fund (STD fund).
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
How to declare, pay CIT for dependent-accounting branch
In case a company adopts a central accounting regime and the dependent branch is not involved in production activities, all CIT declarations and payments should be centrally reported to the tax department of the province where its headquarters is located.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Destroyed goods not deductible for CIT calculation purposes
Defective goods are not listed as force majeure event, so the destroyed goods value due to defective status is not deductible for corporate income tax (CIT) purposes, says KPMG.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Banks can issue invoices on monthly basis to corporate customers
Commercial banks can issue invoices on monthly basis to corporate customers if such invoicing arrangement is contractually agreed by the parties.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
E-invoices to serve on-site goods export, import
For on-the-spot import declaration, a copy of an e-VAT invoice must be attached to the customs declaration dossier to be submitted via the electronic customs system.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Without benchmark, 2021 CIT tax reduction not feasible: taxmen
If taxpayers saw no revenue generated in 2019, a 30% CIT reduction for tax year 2021 will not be granted as there is no benchmark to determine the revenue decrease for 2021, according to the General Department of Taxation.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
No 30% CIT reduction this year without 2019 revenue
Companies that generated no revenue in 2019 will not be eligible for a 30% reduction in corporate income tax for 2021 since there is no benchmark to determine revenue decline in the year, according to tax authorities.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Separate goods invoices no longer required for reduced 8% VAT
Taxpayers are no longer required to issue separate invoices for goods and services in order to enjoy the reduced 8% VAT rate.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Personal income tax for extra hour salary
If a company is not qualified to implement overtime at work, extra-hour salaries should not be eligible for personal income tax exemption.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Tax update May 2022
Investment securities for which provision for devaluation can be made will not include government bonds, government-guaranteed bonds, and municipal bonds, according to a new circular.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Tax Q&A
Our company incurs some damaged material during the transportation from port to factory. Could we claim CIT deduction for the relevant cost of such damaged material?
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
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