Tax guide – July 2020

In this issue:

(Latest) Deadline for submiting second quater report 2020
  • According to Point b, Clause 1, Article 44 of the Law on Tax Administration No.38 taking effect from July 1, 2020: “The deadline for submitting a quarterly tax return is the last day of the first month of the quarter following the quarter in which tax liability arises in the case of quarterly tax declaration and submission”;
  • Therefore, the deadline for submitting and submitting tax documents in the second quarter of 2020 is July 31, 2020 (Friday) instead of July 30 as before.
Is the company entitled to a 30% reduction of provisional corporate income tax (CIT) for the second quarter of 2020 due to the impact of the Covid epidemic?
  • According to Resolution No. 116/2020/QH14 passed by the National Assembly on June 19, 2020, enterprises with turnover in 2020 of less than VND 200 billion are entitled to a 30% reduction of CIT payable in 2020;
  • However, the Resolution takes effect after 45 days from the date of signing, which is on August 3, 2020, so in the second quarter of 2020 report, enterprises have not yet applied this CIT reduction.
From 1/7/2020 has electronic invoices been applied
  • Tax Administration Law No. 38 takes effect on July 1, 2020, especially the contents of electronic invoices will take effect on July 1, 2022. Therefore, from July 1, 2020, enterprises are not yet required to use electronic invoices;
  • In Article 35, Decree No. 119/2018 the due date for mandatory use of electronic invoices is November 1, 2020. However, this point is in conflict with the Law on Tax Administration No. 38 above, so enterprises should wait for the latest instructions from the Tax Department.
For timely updates of tax policy information, please keep your eye on the next newsletter.
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