Legal News January, 2018

Legal News January, 2018


Decree No. 146/2017/ND-CP amending the regulations on VAT and CIT

The content of this Decree includes:

  1. Amending and supplying regulations on objects not liable to VAT on export products such as natural resources and minerals not yet processed into other products.
  2. Amending, supplementing the regulations on VAT refund as follows:
  • Business establishments have imported goods then export to the non-tariff area or exported to outside of Vietnam, which have input VAT is equal or more than 300 million VND within month or quarter, VAT shall be reimbursed on a monthly or quarterly basis.
  • Business establishments will not reimburse VAT in cases good imported for exported after do not export in the geographical areas of customs operation in accordance with the customs legislation.
  1. Amending and supplementing the regulations on non-deductible expenses upon determination of taxable incomes to calculate CIT, as follows:
  • Expenditures in excess of 3 million VND/month/person for deduction of voluntary retirement, voluntary retirement insurance, and life insurance for employees are non-deductible expenses when determining taxable income to calculate CIT.

This Decree takes effect on February 1, 2018.