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On June 30, 2023, the Government issued Decree No. 44/2023/NĐ-CP, which regulates the policy of reducing value-added tax (VAT) in accordance with Resolution No. 101/2023/QH15 dated June 24, 2023, of the National Assembly. Accordingly, from July 1, 2023, until the end of the year, the VAT for certain groups of goods and services will be…
04
Jul
Jul
Vietnamese regulations on foreign contractor tax are primarily governed by the Tax Law and related implementing guidelines. Here are some important points regarding foreign contractor tax in Vietnam. Foreign contractor tax is imposed on individuals or foreign organizations when they earn income from providing services or supplying goods in Vietnam. Foreign contractors are classified as…
05
Jul
Jul
In Vietnam, there are two important concepts related to taxation: “taxable income” and “assessable income.” Here are the basic differences between these two concepts: Taxable income: • This is the amount on which an individual or business is required to pay taxes. It serves as the basis for determining assessable income. • Taxable income includes…
07
Jul
Jul
Currently, selling products on e-commerce platforms and social media in Vietnam has become popular. Among them, TikTok, originally a social entertainment platform similar to Facebook and Instagram, has recently introduced the TikTok Shop feature, officially functioning as an e-commerce platform. Consequently, individuals that sell products on TikTok must fulfill their tax payment obligation according to…
21
Jun
Jun
In recent months, the Vietnamese National Assembly, Government, and relevant ministries and agencies have held multiple discussions regarding the decision to issue a decree reducing VAT by 2%, bringing it down to 8% like Decree No. 15/2022/NĐ-CP issued by the Government earlier in 2022, reducing VAT until the end of 2022. The Vietnamese National Assembly…
19
Jun
Jun
According to information from Tiktok’s agents, the need to hire their services to avoid and evade taxes related to online advertising activities on the TikTok platform has increased sharply recently. This alarming situation has been going on for a long time, potentially causing the state budget to lose millions to billions of VND. According to…
27
May
May
Recently, the Vietnamese Government has submitted to the National Assembly to reduce the value-added tax of 2%, except for telecommunications, real estate, securities, insurance, and banking products. The report submitted to the National Assembly by the Government of Vietnam on May 24, 2023 stated that the reduction of 2% value-added tax will be implemented in…
21
Apr
Apr
Recently, the Government of Vietnam has agreed the proposal to reduce VAT in Vietnam from 10% to 8% for the rest of 2023. It is expected that the Ministry of Finance will submit a formal proposal to the National Assembly to issue an official Resolution for VAT reduction implemented according to simplified procedures. On April…
26
Apr
Apr
The Government of Vietnam has extended the deadline for payment of value-added tax, corporate income tax, personal income tax, and land rent in 2023 for 4 subjects pursuant to Decree 12/2023/ND-CP dated April 14, 2023. Specifically, the 4 subjects eligible for tax payment deadline extension include: Enterprises, organizations, households, business households, and individuals engaged in…
21
May
May
In the first half of 2023, the Ministry of Finance of Vietnam has consulted the people and those affected by the special consumption tax in the Draft Law on Special Consumption Tax (amended). As part of the Tax System Reform Strategy 2021-2030, the Draft Law on Special Consumption Tax of Vietnam includes four major policy…
