Vietnam Technical Update 2016/Issue 5 | KPMG | VN

Vietnam Technical Update 2016/Issue 5

Vietnam Technical Update 2016/Issue 5

The new guidance provides provisions concerning: CIT, VAT and invoices, Tax administration on August 2016

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1. Corporate Income Tax ("CIT")

  • Expenses relating to late issued invoices are deductible
  • Circular 83/2016/TT-BTC providing guidance on investment incentives under the provisions of the Law on Investment and of Decree 118/2015/ND-CP

2. Value Added Tax ("VAT") and invoices

  • Where the taxable price for Special Consumption Tax (“SCT”) is adjusted, no VAT adjustment should be required.
  • Circular 99/2016/TT-BTC providing guidance on VAT refund management.
  • Determining permanent establishment eligible for 0% VAT rate.

3. Tax administration

  • Circular 95/2015/TT-BTC on tax registration.
  • Cut-off of the tax declaration period eligible for VAT refund prior to the effect of Law 106 and interest rate for tax under-declaration

Technical Updates

KPMG's Tax Technical Update is most up to date the amended law and tax administration in Vietnam and the implications thereof.

 
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