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Tax knowledge for directors

  • Tax authorities and the fight against profiteering from value added tax (VAT)
  • Do not leave when being subject to tax enforcement
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  • Tax administration for enterprises with associated transactions from 2020
  • Tax obligation when the business is suspended
  • Sanctions for administrative violations on taxes and invoices (from December 05, 12)
  • Knowledge of Tax Administration should know for businesses
  • How businesses make tax planning (Tax Planning)
  • Tax policy: a constant worry of foreign investors
  • Schedule for submitting tax returns 2020
  • Tax administration assignment in Ho Chi Minh City

Knowledge of tax examination - tax settlement

  • Tax authorities and the fight against profiteering from value added tax (VAT)
  • Provision for devaluation of inventory
  • Correct understanding of the time to issue invoices
  • Provisions on tax assessment from 2020
  • Are royalties subject to contractor tax
  • Tax examination procedures are issued by the General Department of Taxation
  • Reasonable and valid expenses are deductible when the enterprise makes tax finalization

Knowledge of related transactions

  • Tax strictly controls associated transactions against transfer pricing: What should Vietnamese enterprises do?
  • Declare associated transactions for businesses in Vietnam
  • Transfer pricing: Vietnamese enterprises are careful to collect tax arrears
  • Guide on Affiliate Transactions for Enterprises in Vietnam
  • Affiliate transactions (transfer pricing) – Part 4: guidance on declarations and records
  • Affiliate transactions (transfer pricing) – Part 3: Classification of associated transactions and the principle that the substance determines the form
  • Affiliate transactions (transfer pricing) – Part 2: Transfer pricing methods of multinational companies in Vietnam
  • Affiliate transactions (transfer pricing) – Part 1: Tax basis and profit transfer
  • Tax administration for enterprises with associated transactions from 2020
Legal regulations on affiliate transactions (Transfer pricing)
  • Circular 45/2021/TT-BTC guiding the application of APA in tax administration for enterprises with associated transactions
  • Official Dispatch 271/TCT-TTKT introducing new contents of Decree 132/2020/ND-CP on tax administration for enterprises with associated transactions
  • Appendices of Decree 132/2020/ND-CP on related-party transactions
  • Decree 132/2020 / ND-CP on tax administration applicable to enterprises with associated transactions
  • Official Letter 2835/TCT-TTKT guiding the implementation of Decree 68/2020/ND-CP issued by the General Department of Taxation
  • Decree 68/2020/ND-CP amending and supplementing Decree 20/2017/ND-CP on tax administration for enterprises with associated transactions
  • Circular 41/2017/TT-BTC guiding the implementation of Decree 20/2017/ND-CP stipulating tax administration for enterprises with associated transactions
  • Decree 20/2017 / ND-CP on tax administration applicable to enterprises with associated transactions

Tax law provisions

  • Decree No. 15/2022/ND-CP stipulating tax exemption and reduction under Resolution 43/2022/QH15
  • Identify tax incentives for software
  • Circular 19/2021/TT-BTC guiding electronic transactions in the tax field
  • Regulations on Consolidation of legal documents and how to use Consolidated documents
Tax Administration
  • Circular 80/2021/TT-BTC guiding tax administration from January 01, 01
  • Circular 78/2021/TT-BTC on invoices and documents
  • Official Letter 6770/CTTPHCM-KK on filing tax returns during the implementation of Directive 16/CT-TTg
  • Circular 31/2021/TT-BTC on risk management in tax administration
  • Circular 105/2020/TT-BTC dated December 03, 12 guiding tax registration
  • Decree 126/2020 / ND-CP guiding the Law on Tax Administration 2019
  • Law on Tax Administration 2019 (Law No. 38/2019/QH14)
  • Circular 119/2014/TT-BTC amending the application of tax declaration by deduction method
V.a.t tax
  • Decree No. 15/2022/ND-CP stipulating tax exemption and reduction under Resolution 43/2022/QH15
  • Reducing VAT from 10% to 8% in 2022 (From February 01 – Detailed application instructions)
  • Circular 43/2021/TT-BTC supplementing medical instruments and equipment subject to VAT rate of 5%
Corporate income tax
  • Circular 71/2021/TT-BTC providing guidance on corporate income tax for establishments carrying out socialization that have not yet been collected according to Resolution 63/NQ-CP dated May 25, 5
  • Costs related to Covid are included in business expenses and not included in personal income taxable income
  • Decision 29/2021/QD-TTg on special investment incentives
  • Decree 57/2021/ND-CP on corporate income tax incentives for projects producing supporting industry products
  • Circular 03/2021/TT-BTC guiding the CIT exemption and reduction for science and technology enterprises
personal income tax
  • Changes in the way to calculate PIT in 2022
  • Legal regulation system of personal income tax
Receipts
  • Official Dispatch 5113/TCT-CS guiding some contents about e-invoices
  • Official Letter 4144/TCT-CS General Department of Taxation introduces new contents in Circular 78/2021/TT-BTC guiding invoices and documents
  • The process of managing electronic invoices issued by the General Department of Taxation
  • Decree No. 123/2020 / ND-CP on invoices and documents
  • Circular 88/2020/TT-BTC amending and supplementing Article 26 of Circular 68/2019/TT-BTC
  • Circular 68/2019/TT-BTC guiding Decree 119/2018/ND-CP on e-invoices when selling goods and providing services
  • Consolidated document 11/VBHN-BTC in 2018 guiding the implementation of Decree 51/2010/ND-CP and 04/2014/ND-CP on invoices for selling goods and providing services
  • Circular 39/2014/TT-BTC guiding the implementation of Decree 51/2010/ND-CP and Decree 04/2014/ND-CP stipulating invoices for selling goods and providing services
  • Decree 04/2014/ND-CP amending and supplementing a number of articles of Decree No. 51/2010/ND-CP dated May 14, 05 regulating invoices for selling goods and providing services
  • Decree 51/2010 / ND-CP on invoices for selling goods and providing services
Penalties for administrative violations of tax and invoices
  • Decree 102/2021/ND-CP on penalties for administrative violations in the fields of taxation, invoices, accounting and auditing
  • Decree 125/2020/ND-CP stipulating penalties for administrative violations on taxes and invoices
Extension, tax exemption and reduction due to Covid-19
  • Resolution 11/NQ-CP on tax payment extension 2022
  • Resolution 43/2022/QH15 on fiscal and monetary policies to support the socio-economic recovery and development program
  • Decree 92/2021/ND-CP guiding Resolution 406/NQ-UBTVQH15 on tax exemption and reduction
  • Official Letter 3887/TCT-CS on business support and sponsorship for COVID-19 prevention and control activities
  • Decree 52/2021/ND-CP extending the deadline for payment of VAT, CIT, PIT and land rent in 2021 (Due to Covid-19)
  • Decree 41/2020/ND-CP Extension of deadlines for payment of VAT, CIT, PIT and land rent (Due to Covid-19)

Updating tax events news

  • Notes for individuals and businesses when finalizing taxes in 2021
  • Necessary documents and deadline for personal income tax finalization in 2022
  • Is it necessary to declare tax when there is no personal income tax?
  • Will there be a penalty for not finalizing personal income tax in 2022?
  • Decree No. 15/2022/ND-CP stipulating tax exemption and reduction under Resolution 43/2022/QH15
  • Reducing VAT from 10% to 8% in 2022 (From February 01 – Detailed application instructions)
  • Manage input and output information of businesses and individuals through electronic invoices
  • Transfer pricing: Vietnamese enterprises are careful to collect tax arrears
  • If I do not generate income, do I have to declare PIT?
  • Tax risk assessment and key monitoring of taxpayers from July 02, 07
  • Guide to PIT finalization in 2020
  • Exemption or reduction of corporate income tax for science and technology enterprises
  • Schedule for filing all kinds of tax returns for 2021
  • New regulations on tax declaration for businesses from December 12
  • New point of Decree 126 / ND-CP on tax administration is applicable from December 05, 12
  • Carefully get penalized with Provisional Corporate Income Tax
  • Banks must provide personal banking data to the tax authorities
  • Increased penalties for administrative violations of taxes and invoices from December 05, 12
  • Tax administration for enterprises with associated transactions from 2020
  • Not required to use e-invoices from 01/11/20
  • Cases of wrong electronic invoicing need to be handled
  • Decree 114/2020 / ND-CP guiding the implementation of tax reduction of 30% of CIT payable by 2020
  • Official Letter 3867 / TCT-KK in 2020 regarding refund of overpaid value-added tax due to incorrect payment
  • 3867 / TCT-KK on overpaid VAT refund
  • Guide to properly implement tax policies for advertising activities on Facebook, Google
  • Official Letter 2578 / TCT-CS dated 23/6/2020 on the time required to use e-invoices
  • Official Letter 3529 / TCT-KK on refunded VAT policy for investment projects that are terminated
  • Official Letter 3185 / TCT-HTQT 2020 on withholding tax paid abroad from tax payable in Vietnam
  • Official Letter 2668 / TCT-CS in 2020 on value added tax policy for enterprises when transformed into export processing enterprises issued by the General Department of Taxation
  • 9 new points to know about the Tax Administration Law 2019 (effective from July 01, 07)
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  • Correct understanding of the time to issue invoices

Correct understanding of the time to issue invoices

Category
  • Invoice time
  • Effects of not issuing invoices on time
  • Regulations on penalties for exporting at the wrong time

Many businesses buy goods/services to sell/provide services back to their customers, but when they haven't received an invoice from the input supplier, the business has already exported the output to its customer. This is a very common problem that many business owners and accountants often do not pay attention to, will this have any impact on the business?

Invoice time #

Pursuant to the provisions of current law as follows:

– Circular No. 39/2014/TT-BTC, guiding the implementation of Decree No. 51/2010/ND-CP dated May 14, 5 and Decree No. 2010/04/ND-CP dated January 2014, 17 01 of the Government regulations on invoices for selling goods and providing services;

– Circular No. 10/2014/TT-BTC, guiding the sanctioning of administrative violations on invoices;
Accordingly, at Point a, Clause 2, Article 16, Circular No. 39/2014/TT-BTC, the Ministry of Finance stipulates the time to issue invoices for sale of goods and provision of services as follows:

  •  The time of making and issuing invoices for the sale of goods must be the time of transferring the ownership or the right to use the goods to the buyer, regardless of whether the money has been received or not.
  • The time of making and issuing invoices for service provision must be the date of completion of service provision, regardless of whether money has been collected or not. If a service-providing organization collects money before or during service provision, the time of making or issuing invoices must be the date of payment.
  • In case of multiple deliveries, each delivery must make and issue an invoice for the volume and value of goods corresponding to each delivery.

Accordingly, in general, an invoice must be issued at the time of transfer of ownership or right to use the goods or completion of services to the buyer, except in some special cases prescribed by law.

Effects of not issuing invoices on time #

Based on the above regulations of the Ministry of Finance, the fact that the enterprise has not received an invoice from the seller when it has received goods and services from the partner or the partner has transferred the ownership, use and Completing the provision of services to the enterprise without issuing an invoice is a violation of regulations on the time of issuing invoices. In this case, the counterparty will be sanctioned by the tax authority for this violation as well as the corresponding administrative handling measures.

However, the business side will also be jointly liable for the wrong time. Specifically, the enterprise cannot explain to the tax authority that the output invoice is issued before the date of the input invoice of the goods and services provided. It is not possible to sell goods without having imported goods into the warehouse, so these input invoices are considered by the tax authority to be inconsistent and inconsistent with the output revenue, leading to an increase in the value added tax payable. fines for late payment, fines for administrative violations, even excludes the cost of the cost of goods and services provided, increases the payable corporate income tax.

Regulations on penalties for exporting at the wrong time #

In Article 4, Circular No. 68/2019/TT-BTC, issued on September 30, 09, the Ministry of Finance has issued detailed regulations on the time of making and issuing legal invoices to businesses.

In case the units do not comply with the regulations at the time of making and exporting, they will be classified as violations and have to take full responsibility before the law.

Pursuant to Decree No. 125/2020/ND-CP, which was newly issued on October 20, 10 and took effect on December 2020, 05, the Government has clearly stipulated how to sanction Invoices are made and issued at the wrong time.

Specifically, in Article 24, Decree No. 125/2020/ND-CP stipulates the level of sanction for cases of making or issuing invoices at the wrong time as follows:
- A warning will be imposed in case of making or issuing invoices at the wrong time but not leading to late performance of tax obligations and there are extenuating circumstances;
– A fine of between 3 and 5 million dong for the act of issuing invoices at the wrong time but not leading to late performance of tax obligations (except for the case specified at Point a, Clause 1, Article 24, Decree No. 125/ 2020/ND-CP);
– A fine of from 4 to 8 million VND for the case of making sales invoices or providing services at the wrong time as prescribed by law.

From realizing the importance of complying with timely invoicing, businesses need to understand that any transaction from the other side can affect their business activities. Any noncompliance should not be underestimated until its risks are clearly defined. For example, the issue of invoices, the fact that both the supplier and the user of the product/service are well monitored will help reduce the unnecessary tax risk for both parties.

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Updated on September 12, 2021

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Category
  • Invoice time
  • Effects of not issuing invoices on time
  • Regulations on penalties for exporting at the wrong time
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