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DECLARATION AND PAYMENT OF　PERSONAL INCOME TAX OF E-COMMERCE TRADING PLATFORMS

On June 1, 2021, the Ministry of Finance issued Circular No. 40/2021/TT-BTC. The provisions in the circular have supported business individuals to correctly, fully and promptly declare their personal income tax obligations, opening a new direction for business individuals to authorize or make agreements with E-commerce trading floor in making declarations on behalf of business individuals in performing obligations to the state.

http://www.gdt.gov.vn/

Documentary Editorial Board, DBRC,

Dong Du International Accounting & Legal Consulting Group Vietnam

Southeast Asia Business Consulting Network

(www.japanvietnam.com.vn)

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Businesses need to pay attention to the value-added tax refund regulations so as not to be penalized for late payment

Pursuant to Article 9 of Circular No. 219/2013/TT-BTC dated December 31, 2013 of the Ministry of Finance stipulating the conditions for applying the 0% tax rate to exported goods is that there must be proof of payment for goods exported through the bank and other documents as prescribed by law (this case of enterprises is fully entitled to input VAT).

For returned export goods, foreign customers do not make payments to business establishments in Vietnam. Therefore, business establishments do not have documents of payment for exported goods via banks. And no payment has been made to satisfy the conditions for applying the 0% tax rate to the returned exported goods (this case is not eligible for VAT refund).

Therefore, if exported goods are returned by foreign customers and imported back home, such goods are no longer exported goods and are not eligible for VAT refund for exported goods under the provisions of the current law.

According to http://www.gdt.gov.vn/wps.

Documentary Editorial Board, DBRC, Dong Du International Accounting & Legal Consulting Group Vietnam

#setting up company in Vietnam#accounting #tax #legalconsulting #coaching#humanresources

Corporate income tax incentives for projects producing supporting industry productsập doanh nghiệp đối với dự án sản xuất sản phẩm công nghiệp hỗ trợ

According to Decree No. 57/2021/ND-CP adds point g, Clause 2, Article 20 of Decree No. 218/2013/ND-CP, the enterprises which have projects to produce supporting industrial products on the list of products in supporting industries prioritized for development and implemented before January 1, 2015, may enjoy tax incentives.

In case the above project has not or has been fully enjoyed or is receiving CIT incentives, enterprises will continue to enjoy CIT incentives under the condition that the project produces supporting industrial products for the remaining time.

The tax exemption & reduction period according to the supporting industry product production project does not include the tax exemption or reduction period which already enjoyed incentives under other preferential conditions.

The taxpayer can make a written request to the tax authority directly managing the reduction of the payable CIT amount declared or inspected by the competent authority and the corresponding late payment interest. (If any).

Decree No. 57/2021/ND-CP takes effect from the date of signing and promulgation June 4, 2021.

According to http://www.gdt.gov.vn/wps.

Documentary Editorial Board, DBRC, Dong Du International Accounting & Legal Consulting Group Vietnam

#setting up company in Vietnam#accounting #tax #legalconsulting #coaching#humanresources

Note about quarterly registration & finalization of personal income tax report

In order to reduce administrative procedures for taxpayers, if the enterprise has no employees and does not generate income, it is not required to declare and submit a monthly (or quarterly) personal income tax return to the agency of tax office. Is this legal or not?

Based on the article 7, article 8 of Decree No. 126/2020/ND-CP dated October 19, 2020 of the Government, tax declaration dossiers are tax declarations and relevant legal documents where payable taxes are determined from taxpayer's tax liability with the State budget, shall be drawn up by the taxpayer and sent to the tax administration agency.

In case that organizations and individuals do not generate income, they are not required to make personal income tax finalization declarations. However, there is no regulation that in case organizations and individuals do not generate income, they are not required to declare and submit monthly (or quarterly) personal income tax declarations to the tax office.

According to https://nangluccanhtranh.chinhphu.vn/
Edited by DBRC, Dong Du International Accounting & Legal Consulting Group

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Distinguish prepaid, accrued & contingent expenses based on the circular 200/2014 (VAS)

Inputting Account data is a very important part of accounting, but many people still do not understand its importance. Accounting is like a piece of daily routine, which an accountant will have to perform. Therefore, if you encounter shortcomings in this stage, it will be very reprehensible to affect the company.

In case you have more detailed advices, please contact us at support.client01@japanvietnam.com.vn.

Dong Du International Consulting Group HCMC, Vietnam, Southeast Asia Business Consulting Network, we specialize in accounting services, corporate tax advice, legal advice, business training, human resource consulting, product & market surveys…over 15 years up to now in the Vietnam market. Currently, we have also built a team of foreign experts from Japan, Taiwan, Europe, Singapore, Thailand, Campodia … to help customers inside and outside Vietnam to expand appropriate business opportunities as well as possible.

Home page: www.japanvietnam.com.vn. ; https://ddbis.edu.vn.

Resolution No. 954/2020 / UBTVQH14 on adjusting the family circumstance-based reduction of income tax.

Talking with Tuoi Tre, Mr. Pham Dinh Thi – Head of Tax Policy Department, Ministry of Finance – said the family allowances are based on the provisions of the amended Personal Income Tax Law.

Accordingly, when the CPI fluctuates by 20% compared to the time when the law takes effect or when the latest GTGC is applied, the Government submits to the National Assembly Standing Committee to adjust the reduction based on family circumstances in accordance with price fluctuations to apply for the next tax period.

The proposal of the Ministry of Finance to increase the additional family allowances by VND 2 million / month for taxpayers and VND 800,000 / month for dependents is based on the increase corresponding to the fluctuation of the CPI.

In case you have more detailed advice, please contact us at support.client01@japanvietnam.com.vn.

Dong Du International Consulting Group HCMC, Vietnam, Southeast Asia Business Consulting Network, we specialize in accounting services, corporate tax advice, legal advice, business training, human resource consulting, product & market surveys…over 15 years up to now in the Vietnam market. Currently, we have also built a team of foreign experts from Japan, Taiwan, Europe, Singapore, Thailand … to help customers inside and outside Vietnam to expand appropriate business opportunities as well as possible.

Home page: www.japanvietnam.com.vn. ; https://ddbis.edu.vn.