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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…
22
Feb
Feb
E-commerce platforms such as Shopee, Lazada, Sendo, Tiki, etc. have long been popular in Vietnam, becoming an e-commerce platform connecting sellers and buyers. However, individuals and organizations earning high profits on these platforms have not paid taxes in full according to regulations, which is suspected to constitute acts of tax evasion. In the following article,…
11
Jan
Jan
Tax evasion in Vietnam is one of the serious violations of the law. Individuals and organizations that commit acts of tax evasion will be punished according to Vietnam Tax laws and related documents. According to the provisions of Article 17 of Decree 125/2020/ND-CP sanctioning administrative violations of invoice tax (“Decree 125”), the act of tax…
10
Jan
Jan
The wrong declaration of taxes in Vietnam has many serious consequences for society, whether unintentionally or intentionally. This behavior is a violation of the law and will be sanctioned according to the provisions of Vietnam’s tax law and relevant documents. However, in case the person declares false tax unintentionally and has taken measures to remedy…
15
Jan
Jan
In order to restore and rapidly develop production and business activities, promote growth, prioritize a number of important industries and fields, and strive to achieve the goals of the 2021-2025 period, the National Assembly of Vietnam passed Resolution 43/2022/QH15 on fiscal and monetary policies to support the program of socio-economic recovery and development on January…
15
Nov
Nov
The Petroleum Law (amended) was ratified by the National Assembly of Vietnam on November 14 by 472/475 votes in favor, with a number of new policies being considered with groundbreaking significance. The Petroleum Law including 11 chapters and 69 articles will take effect from July 1, 2023. The amended Petroleum Law now includes regulation on the…
25
Oct
Oct
The Prime Minister of Vietnam issued Directive No. 889/CD-TTg on October 1st, 2022, on improving the efficiency of tax administration for e-commerce and digital business. The popularity of digital businesses has expanded as the digital economy has flourished. According to predictions, Vietnam’s e-commerce would generate USD 13,7 billion in revenue in 2021, up 16% from…
14
Oct
Oct
One of the most significant taxes in any country and a major source of funding for the state budget is the import and export tax. Therefore, businesses must understand what import and export tax is and who is obligated to pay it. The legal system of Vietnam is governed by a number of fundamental legal…
16
Sep
Sep
The accountant must determine the taxable income before they may evaluate the payable enterprise income tax. According to Article 2 of Circular No. 96/2015/TT-BTC, revenue from the production, sale, and provision of goods and services, as well as other revenues, is included in taxable income for a tax period. The following formula is used to…
01
Aug
Aug
Client’s inquiry: Could you advise us on taxes on cross-border service in Vietnam? Dear Ms. Ji, Regarding your inquiries on tax issues on cross-border services provided by ___ LLC (hereafter refer as Client) to a Vietnamese company, we would like to give you our advice on this issue as follows: The foreign contractor who has…
