Tax Alert - Policy changes updating

(1)  Circular No.128/2014/TT-BTC dated 5 September 2014 of the Ministry of Finance (“MoF”) providing guidance on Personal Income Tax (“PIT”) reduction for individuals working in Economic Zones (“EZs”) and Border-Gate EZs;

(2)  Circular No. 19/2014/TT-NHNN dated 11 August 2014 of the State Bank of Vietnam (“SBV”) providing guidance on foreign currency controls applicable to foreign direct investments into Vietnam;

(3)  Official Letter No. 12495/BTC-TCT dated 6 September 2014 of the MoF guiding the PIT treatment of Hypothetical Tax, Hypothetical Housing Allowance;

(4)  Official Letter No. 3819/TCT-CS dated 6 September 2014 of the General Department
of Taxation (“GDT”) providing guidance on expense deductibility for payments amounting to VND20 million or more made via credit cards of individuals dispatched for overseas business trips;

(5)  Official Letter No. 3430/TCT-KK dated 21 August 2014 of the GDT, providing guidance on the declaration of sales invoices and decremental-adjusting invoices;

(6)  Official Letter No. 5732/CT-TTHT dated 21 July 2014 of Ho Chi Minh Tax Department (“HCMTD”) providing guidance on the tax treatment for payments of health insurance and accident insurance for employees.