The Government has issued a draft law to replace the current Law on Tax Administration

29 November, 2017

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The proposed changes primarily focus on simplifying tax administration and increasing tax inspections. Some changes are also proposed to achieve consistency with changes in other regulations.

Latest Tax NewsBriefs

Application of special preferential duty rates to goods imported under in country export/import procedures

Recently, there has been much debate on the use of special preferential Certificate of Origin (C/O) to access special preferential import duty rates for in country exported/imported goods. The Ministries of Finance, Justice, and Industry & Trade have requested guidance from the Government in this regard.

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Annual customs finalization for deadline approaching 2017

We would like to remind our readers about the annual customs finalization report for materials, supplies and finished goods. The deadline for submission is 90 days from the financial year end (Article 60, Circular 38/2015/TT-BTC). Late submission will result in administrative sanction and increase likelihood of customs audits.

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Vietnam: Update on transfer pricing filing due dates

On 24 February 2017 the Vietnamese government released transfer pricing decree No. 20/2017/ND-CP: “Providing the tax administration applicable to enterprises having controlled transactions” (Decree 20). Decree 20, which is effective from 1 May 2017, is understood to apply to taxpayers with a year end after this date.

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The Government has issued Decree No. 146/2017/ND-CP (“Decree 146”) amending and supplementing the current value added tax (“VAT”) and corporate income tax (“CIT”) decrees

According to Circular 156/2013 guiding tax administration, a copy of the financial statements must be submitted together with the final Corporate income tax (“CIT”) return.

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Other NewsBriefs

Global State of Information Security ®  Survey 2018

PwC recently launched the Global State of Information Security® Survey 2018, based on responses of more than 9,500 senior business and technology executives from 122 countries. Themed “Strengthening digital society against cyber shocks”, the survey is focused on why businesses are vulnerable to cyber disruptions and what they can do about it.

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New Circular providing guidance on capital adequacy ratio applicable to securities dealing institutions

On 15 August 2017, the Ministry of Finance (“the MOF”) issued Circular 87/2017/TT-BTC (“Circular 87”) providing guidance on capital adequacy ratio (“CAR”) applicable to securities dealing institutions superseding Circular 226/2010/TT-BTC dated 31 December 2010 (“Circular 226”).

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Get in touch

Richard J. Irwin
Chairman/Partner, Tax Services, PwC Vietnam
Tel: +84 28 3824 0117
Email

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