Specifically: Taxpayers that want to appeal a decision are required to pay the full tax amount as well as any penalties and late payment interest. The law on CIT stipulates that any organization conducting activities of production, business in goods and services that earns taxable income must pay corporate income tax to the Vietnamese State. All residents and non-residents … Sectors that are included in … Individuals are responsible for self-declaration and payment of tax. 14/2019/ND-CP providing guidelines for the law on special sales tax The details of taxation law in Vietnam can change from year to year. The firm assists foreign investors throughout Asia from offices across the world, including in Hanoi and Ho Chi Minh City. Individuals will be able to use their citizenship code to file once it has been implemented. Vietnam’s new Law on Tax Administration 38/2019/QH14 will take effect on July 1, 2020. Q&A on the Circular No 72/2014/TT-BTC dated 30 May 2014 on regulating Value Added Tax (VAT) refund for goods purchased by foreigners and Vietnamese residents overseas departing Vietnam (04/08/2014) ANNOUNCEMENT OF CHANGING HOTLINE NUMBER TO RECEIVE AND SETTLE INFORMATION … Among the various amendments related to tax administration matters, the law introduces a new taxation regime for foreign service providers including ecommerce business. Value added tax (goods and services tax) A wide range of goods and services are subject to a consumption tax, or value added tax, of up to 10 per cent. As a smart business owner, you absolutely do not want the Vietnamese tax authority to knock on your door later telling you that you have committed tax infringements.. Tax, Accounting, and Audit in Vietnam 2020 – New Publication from Dezan Shira & Associates, Vietnam Approves Corporate Income Tax Reduction for 2020, Dezan Shira & Associates' Service Brochure, Tax, Accounting, and Audit in Vietnam 2020, Vietnam’s Tax Administration Law Takes Effect in July 2020, Tax refund dossiers which are eligible for a refund before examination – six working days upon the receipt of the tax refund application; and. At the same time, the new law has made it a little bit easier for both individuals and entities to file taxes. Vietnam issued Decree 123 delaying the implementation of the use of electronic invoices (e-invoices) to July 1, 2022. Payment of the annual business license tax. Vietnam Income & Tax Social Security Vietnam’s tax year runs from 01 January to 31 December, while its tax system operates using a graduated scale. Taxpayers are categorised as ‘residents’ - who pay tax on income from Vietnam and overseas, and ‘nonresidents’ - who pay tax only on income originating from … FCWT includes a value-added tax (’VAT’) element and a CIT element and generally applies to payments derived from Vietnam. ... Institutional Setup for Tax Administration and Revenue Body Authority, 2015 24 10. Investors are advised to follow our updates on any forthcoming circulars to help guide the implementation of the new tax administration law. However, different accounting year-ends can be used if approval is obtained from the authorities. Feel free to download the copy of our e-book covering other subjects relating to living as an expat in Vietnam. Notify me of follow-up comments by email. businesses establish, maintain, Revenue Body’s Role in the Collection of Social Security Contributions, 2015 … Business organizations will be allowed to submit additional tax declaration documents after the tax authorities have announced an audit or inspection decision. Regulations on e-commerce activities still require clarification in the present state; however, some notable highlights include: The new law will also affect non-resident businesses that sell goods and services into Vietnam via online platforms. Nonemployment income is taxed … Click to share on Facebook (Opens in new window), Click to share on LinkedIn (Opens in new window), Click to share on Twitter (Opens in new window), Click to share on Reddit (Opens in new window), Click to email this to a friend (Opens in new window). At present, individuals are required to have a tax code and an identity card number for filing taxes. Tax issues in Vietnam may be difficult to handle alone especially if you are living in Vietnam for a few months only. VAT rates are either 0%, 5% or 10%. In this instance, the Vietnamese party is responsible for sending the necessary notifications to the relevant tax authority in the city where the foreign contractor’s office is located within 20 working days of signing a contract. The draft law has also introduced two types of audit: tax inspection and tax examination. The Corporate Tax Rate in Vietnam stands at 20 percent. Currently, the value-added tax is under discussion in Vietnam … Dezan Shira & Associates´ brochure offers a comprehensive overview of the services provided by the firm. This page provides - Vietnam Corporate Tax Rate - actual values, historical data, forecast, chart, … Deadlines for processing tax refunds are applied by the tax authorities. Legal representatives of an entity in Vietnam will need to ensure their companies are tax compliant. This process currently takes 10 days. Tax refund dossiers which are subject to examination before refund – 40 days upon the receipt of the tax refund application. ©Bản quyền 2005-2013 Tổng cục Hải quan (General Department of Vietnam Customs) Địa chỉ: Số 9 - Đường Dương Đình Nghệ, Phường Yên Hòa, Quận Cầu Giấy, TP. The reason is that the RO is not allowed to perform business activities in Vietnam, and in the event it carries out supporting services, which are not included in its function as stipulated by the law, the tax authority may assess the RO’s supporting roles and deem it as its parent company’s PE in Vietnam. 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