Tax News Letter – April 2020

In this issue:

Directive No. 11/CT-TT about solutions to support the business and labor impacted by COVID-19
  • Extend the deadline for the payment of VAT, CIT and Land rental;
  • Support: the labors of postponed labor contracts with VND1,800,000/month; the labors not yet eligible for unemployment insurance with VND1,000,000/month; qualified enterprises with loan at 0% rate to pay the salary;
  • Suspend the payment of Social Insurance and Trade Union Fee until 30 June 2020;
Decision No. 345/QĐ-BTC approving the scheme for application of financial reporting standards in Vietnam
  • Applying IFRS: optional from 2022-2015; required from 2025;
  • Applying VFRS: required for all enterprises from 2025.
Decree No. 22/2020/NĐ-CP amending and supplementing cases of exemption from license fees
  • Exempt 1st year’s license fees for establishment from 1 Jan 2020;
    Exempt 3 years’ license fees for SME transformed from business households;
  • Exempt license fees for public education institution from kindergarten to high-school.
  • Directive of the Prime Minister on the amendment of Decree No. 20/2017/ND-CP (related to interest expenses for enterprises having associated transactions)
      The Prime Minister request Ministry of Finance to complete the draft regarding the amendment of retroactive progress on CIT collected in 2017 and 2018, by reducing CIT of the maximum 5 following years.
How can we help you?

Contact us at the ASTC office nearest to you or submit a business inquiry online.

See our gallery

Contact us

Bui Minh Cuong
Audit Director
+84 987 200 809‬
+84 24 6666 6860
Hoang Van Vung
Head of Ho Chi Minh Office
+84 90 435 8307‬
+84 282 262 8080‬