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In this newsletter, Grant Thornton Vietnam would like to update our valued customers on important legal policies that have just been issued recently.

In this November tax newsletter, Grant Thornton Vietnam would like to update out valued customers on important legal policies that have just been issued recently.

After more than three years of implementing Decree No. 20/2017/ND-CP ("Decree 20") and other amending and guiding documents such as Decree No. 68/2020/ND-CP ("Decree 68") and Circular No. 41/2017/TT-BTC ("Circular 41"), on 5 November 2020, the Government has officially issued Decree No.132/2020/ND-CP ("Decree 132") to replace Decree 20 and Decree 68 prescribing tax administration for enterprises engaged in Transfer Pricing.

Vietnam is implementing a series of important changes in terms of policies to alleviate post-COVID-19 difficulties as well as enhance the business environment, unfold social power to attract and take advantage of available opportunities when major markets in the world are gradually reopening and expanding their supply chains to minimize risks and disruptions.

Vietnam is implementing a series of important changes in terms of policies to alleviate post-COVID-19 difficulties as well as enhance the business environment, unfold social power to attract and take advantage of available opportunities when major markets in the world are gradually reopening and expanding their supply chains to minimize risks and disruptions.

To assist businesses in comprehension and application of the new regulations, in the Tax Newsletter this month, Grant Thornton would like to summarize some key changes in the Law on Tax Administration 2019, which has been effective from 1 July 2020

Issued in May 2017, Decree 20/2017/ND-CP ("Decree 20") was an important milestone for Vietnamese tax system in its roadmap to adopt the recommendations from Organization for Economic Co-operation and Development ("OECD") in relation to the initiative of Base Erosion and Profit Shifting ("BEPS") for the purpose of better controlling the concept of Transfer Pricing in Vietnam.

Issuance of Decree 68/2020 to replace Decree 20/2017 regarding loan interest expenses

In this newsletter, Grant Thornton Vietnam would like to update recent important regulations and important tax policies including:

The Prime Minister has just issued the Decision No.13/2020/QD-TTg on the mechanism to encourage the development of solar power in Vietnam, which simultaneously removes the bottlenecks on electricity price over the past few months and creates new opportunities for Vietnam’s green power market.

21 April 2020 Referring to our update in the Newsletter in March 2020, the Government has issued Directive no 11/ CT-TTg on urgent missions and solutions for assisting businesses facing difficulties and ensuring social welfare during Covid 19 outbreak. Pursuant to the Prime Minister’s Directive, some supports related to taxes and rental fees, insurance and labor are specified in the newsletter

Published in March 2020

Tax Newsletter, Update on new regulations and important tax policies

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