Tax Newsletter - August 2016

16 Aug 2016

In this Newsletter, Grant Thornton Vietnam would like to highlight the following updates relating to taxation and customs:

Guidance from the Ministry of Finance on VAT refund and penalty for late tax payment from 1st July 2016
Procedures for payment to State Budget for tax liability and domestic revenue from 2nd August 2016 onwards
Sponsorship expenditure to Clients shall not be regarded as tax deductible expenses
House lease expense of individuals
Sponsorship cost of Master’s Degree programs for employees shall be regarded as tax deductible expenses for CIT purpose
Approval on "Bilateral agreement and documentation to implement the Foreign Account Tax Compliance Act between Vietnam and the United States"
Procedures on cancellation, liquidation and tax refund for defective goods of foreign invested enterprises
Procedures on adjustment to the duration of processing contract
Trading of goods of Exporting-Processing Enterprises