Vietnam: New related-party transaction disclosure form released

Tax Insights ()
The Ministry of Finance (MoF) recently released a revised form, Form 03-7/TNDN (Form 3), which replaces the current Form GCN/01/QLT, and will be required to be filed with the corporate income tax return for all taxpayers with related-party transactions. Form 3 will be applicable for taxpayers from the 2014 tax year onwards (those tax years commencing on or after 1 January 2014), and is required to be lodged within 90 days from the financial year end.

Form 3 has enhanced disclosure requirements, specifically requesting taxpayers to self-assess whether the pricing of their related-party transactions are arm’s length, and requiring a declaration to this effect in the form.