Guidance for implementing Vietnam’s “special consumption tax” will be effective beginning 1 January 2016.
The guidance—Circular 195/2015/TT-BTC, as issued by the Ministry of Finance—addresses certain factors such as how to determine the “taxable price” for purposes of the special consumption tax. There also are measures concerning imported automobiles.
Examples are included illustrating how the special consumption tax credit is applied at the import stage or paid at the procurement stage.
Read a December 2015 report [PDF 145 KB] prepared by the KPMG member firm in Vietnam: Circular 195/2015/TT-BTC provides guidance on the implementation of Special Consumption Tax (“SCT”) regulations
The KPMG logo and name are trademarks of KPMG International. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. KPMG International provides no audit or other client services. Such services are provided solely by member firms in their respective geographic areas. KPMG International and its member firms are legally distinct and separate entities. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006.