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Tax Alerts

Tax Alerts

Summaries of the latest tax developments being reported by KPMG Vietnam.

Summaries of the latest tax developments being reported by KPMG Vietnam.

We hope that you will find KPMG’s Tax Alerts useful and we welcome the opportunity to further discuss the issues presented and their impacts on your business.

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2017

  • Tax Alert Sep2017: The Ministry of Finance has recently submitted a proposal for a Draft Law amending and supplementing five tax laws, including the Laws on Value Added Tax (“VAT”), Corporate Income Tax (“CIT”), Special Consumption Tax (“SCT”), Personal Income Tax (“PIT”) and Natural Resources Tax (“NRT”).
  • Tax Alert Aug2017: On 24 July 2017, the Ministry of Finance issued Decision No. 1381/QD-BTC (“Decision 1381”) promulgating regulations on coordinating audit of performance of corporate finance mechanisms and policies at foreign-invested enterprises (“FIEs”). Decision 1381 took effect on 24 July 2017.
  • Tax Alert Jul2017/Issue 4: On 19 June 2017, the National Assembly ratified the Law on Technology Transfer No. 07/2017/QH14 (“LTT 2017”). The LTT 2017 shall take effect on 1 July 2018 and supersedes the Law on Technology Transfer No. 80/2006/QH11 dated 29 November 2006 (“LTT 2006”).
  • Tax Alert Jul2017/Issue 3: From 1 October 2014, when Circular 103/2014/TT-BTC took effect, foreign contractor tax (“FCT”) has not applied to the supply of goods where goods are delivered at a foreign or Vietnamese bordergate.
  • Tax Alert Jun2017/Issue 2: On 12 June 2017, the National Assembly (“NA”) passed the Law on Supporting SME (“SME Law”). The Law takes effect on 1 January 2018.
  • Tax Alert Feb2017/Issue 1: No VAT refund is available for the input vat accumulated prior to 1 July 2016, yet has been declared as a vat refund item in the VAT declaration for June 2016 or quarter ii 2016.

2016

  • Tax Alert Nov2016/Issue 12: Following Official Letter No. 10453/BTC-CST dated 27 July 2016 (“Official Letter 10453”), the Ministry of Finance has issued Official Letter No. 15888/BTC-CST dated 07 November 2016 (“Official Letter 15888”), which is addressed to all provincial tax departments, on the subject of Foreign Contractor Tax (“FCT”) policy with regards to the transfer of right to use trademark.
  • Tax Alert Sep2016/Issue 11: On 12 August 2016, the Ministry of Finance issued the Circular 130/2016/TT-BTC (“Circular 130”) to provide guidance to Decree 100/2016/ND-CP, which stipulates in details the implementation of the Amendment Tax Law No. 106/2016/QH13. The Circular 130 mainly affirms the provisions of Law 106, Decree 100 and recent official letters.
  • Tax Alert Sep2016/Issue 10: Assume Company A incorporated in the United Kingdom invests in Company B in Hong Kong, and then the Hong Kong Company establishes Company C in Vietnam. If Company A assigns its capital in Company B to Company D in the United Kingdom, will Company A be subject to CAT in Vietnam?
  • Tax Alert Sep2016/Issue 9: According to recent guidance under Official Letter No. 10453/BTC-CST dated 27 July 2016 (“Official Letter 10453”), after consulting with the Ministry of Science and Technology, the Ministry of Finance opines that where a foreign party allows a Vietnamese party to use their goods’ trademark for selling purpose, such activity shall be considered as the transfer of right to use trademark, but distinguishes itself from the transfer of intellectual property in accordance with the Law on Intellectual Property.
  • Tax Alert Aug2016/Issue 8: The common goal of the FTAs is to reduce or eliminate tariffs in accordance with the roadmap agreed in each FTA for a majority of the 9,578 tariff lines in the Import Tariff Table to reach a common tariff between 0% and 5%.
  • Tax Alert Jul2016/Issue 7: The Government issued Decree No. 100 amending a number of tax laws. Decree 100 takes effect on 1 July 2016.
  • Tax Alert Jul2016/Issue 6: Intergovermental Agreement Model 1 between Vienam and the U.S. Governments officially entered into force, accordingly, Financial Institutions in Vietnam officially became Reporting Vietnamese Financial Insititutions Model 1.
  • Tax Alert May2016/Issue 5: On 26 May 2016, the Government passed Resolution 41/NQ-CP providing measures on tax incentives to develop the information technology industry of Vietnam.
  • Tax Alert Apr2016/Issue 4: Vietnam State Budget and Tax actions in 2016. Although the significant decrease in crude oil prices in 2015 adversely impacted the Vietnam State Budget, the total State Budget revenue in 2015 still exceeded the budgeted revenue by nearly 8%.
  • Tax Alert Feb2016/Issue 3: New regulations on representative offices and branches of foreign business entities in Vietnam.
  • Tax Alert Feb2016/Issue 2: Key changes in qualifications and work permit - exempt categories of incoming foreign workers.
  • Tax Alert Jan2016/Issue 1: Key changes in labour and compulsory insurance regulations from 2016 - Impact on employment costs.

 

2015

  • Tax Alert 2015/Issue 9: The National Assembly issued the Law on Enterprise No. 68/2014/QH13 providing join-stock companies with an option of One-tier Board structure.
  • Tax Alert 2015/Issue 8: Circular 195/2015/TT-BTC provides guidance on the implementation of Special Consumption Tax regulations.
  • Tax Alert 2015/Issue 7: Following Decree No. 12/2015/ND-CP dated 12 February 2015 by the Government, the Ministry of Finance issued Circular No. 92/2015/TT-BTC on 15 June 2015 providing guidance on Personal Income Tax.
  • Tax Alert 2015/Issue 6: Further to Decree 12/2015/ND-CP dated 12 February 2015 issued by the Government, the Ministry of Finance issued Circular 96/2015/TT-BTC dated 22 June 2015 providing guidance on Corporate Income Tax.
  • Tax Alert 2015/Issue 5: The State Bank of Vietnam issued Official Letter 1882/ TTGSNH11 providing further guidance to financial institutions and branches of foreign banks.
  • Tax Alert 2015/Issue 4: Applying Double Tax Avoidance Agreements is a measure which helps companies to reduce the tax expenses in transactions with parties being residents of a country who entered into a DTA with Vietnam.
  • Tax Alert 2015/Issue 3: Further to Decree 12/2015/ND-CP dated 12 February 2015 of the Government, the Ministry of Finance issued Circular 26/2015/TT-BTC providing guidance on Value Added Tax, tax administration, and invoices.
  • Tax Alert 2015/Issue 2: Vietnam’s National Assembly passed Resolution No. 78/2014/QH13 passing the State budget targets for 2015.
  • Tax Alert 2015/Issue 1: The Government issued Decree 12/2015/ND-CP guiding on the implementation of the Law No. 71/2014/QH13 dated 26 November 2014.

 

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