Tax inspection - Tax audit results in 2014 Updates on Tax, Social insurance and Labour policy

In 2014, tax authorities have increasingly conducted inspection and examination on tax and transfer pricing issues in order to avoid losses for the State Budget. According to the announcement from the Ministry of Finance,the data of enterprises being audited and subject to tax adjustment

On 5 May 2015, General Department of Taxation has issued Official Letter No.2093/TCT-KK providing guidance for taxpayers using bank accounts, which have not been registered with tax authorities in accordance with regulations, to settle payment for the goods, services procured from and provided by local suppliers.

On 22 June 2015, the Ministry of Finance has promulgated Circular No. 96/2015/TT-BTC dated 22 June 2015 providing guidance on the
implementation of the law on Corporate Income Tax (“CIT”). This circular amends and supplements a number of tax guidance aiming to provide more support for enterprises. Grant Thornton (Vietnam) would like to summarise the noteworthy points of Circular No. 96