October 2025 News Sumary

RSM Việt Nam
Nov 12
10 min read

DRAFT LAW ON PERSONAL INCOME TAX (“PIT”)

The Draft Law on PIT (amended) consists of 04 Chapters and 29 Articles, stipulating taxpayers, taxable income, tax-exempt income, tax reductions, and the basis for calculating PIT. Accordingly, regarding the income from salaries and wages of employees, the draft law proposes amendments to several provisions as follows:

1. On taxable revenue thresholds and family circumstance deductions

Non-taxable revenue threshold: The draft law adjusts the non-taxable revenue threshold for business individuals to VND 200 million per year to ensure consistency with the Law on Value-Added Tax.
Taxable income threshold for certain types of income: The draft law increases the taxable income threshold for income from royalties, franchising, inheritance, and gifts from VND 10 million to VND 20 million.
- Family circumstance deductions: The draft law adjusts to increase the deductions as follows:
- For the taxpayer: from VND 11 million per month to VND 15.5 million per month.
- For each dependent: from VND 4.4 million per month to VND 6.2 million per month.

2. On tax calculation methods and tax rates

The draft introduces two options for the progressive tax rate schedule applicable to income from salaries and wages, with the second option receiving majority support. Accordingly, the progressive tax rate schedule will be reduced from seven levels to five levels, while the gap between levels will be widened.

Tax levels	Taxable income per month (million VND)	Income range within each tax bracket (million VND)	Tax rate (%)
1	Up to 10	10	5
2	Over 10 to 30	20	15
3	Over 30 to 60	30	25
4	Over 60 to 100	40	30
5	Over 100		35

3. On tax exemptions and reductions

Amendments, additions to provisions on tax exemptions for:

Income from voluntary pension funds and, supplementary pension insurance funds;
Income of individuals working at certain specialized international organizations;
Income of owners of sole proprietorships, single-member limited liability companies;
Salaries, wages paid for unused leave days.

The provisions related to income from salaries and wages and business income are expected to take effect from 1 January 2026.

DRAFT DECREE PROVIDING FOR ADMINISTRATIVE SANCTIONS IN THE FIELD OF CUSTOMS

The Ministry of Finance is finalizing the Draft Decree prescribing administrative violations, sanctioning forms, penalty levels, remedial measures, sanctioning competence, sanctioning procedures, and the application of preventive and securing measures in the field of customs. Accordingly, the draft contains several notable new points compared to Decree No. 128/2020/ND-CP as follows:

1. Specification of time limits for administrative sanctions in tax administration:

Pursuant to Article 5 of the Draft Decree, the Government specifies the statute of limitations for sanctioning as follows:

Enterprises committing administrative violations in tax administration are subject to a 5-year statute of limitations for sanctioning.
Enterprises committing other violations in the field of customs are subject to a 2-year statute of limitations for sanctioning.

2. Expansion of provisions on determining the midpoint of the penalty range

Clause 3 Article 6 of the Draft specifies the midpoint of the monetary penalty range applicable to violations as follows:

In case of 01 mitigating circumstance, the specific fine is determined as the midpoint of the penalty range minus 10% of the midpoint of the penalty range.
In case of 02 or more mitigating circumstances, the minimum level of the penalty range applies.
In case of 01 aggravating circumstance, the specific fine is determined as the midpoint of the penalty range plus 10% of the midpoint of the penalty range.
In case of 02 or more aggravating circumstances, the maximum level of the penalty range applies.

3. Supplementation of obligations regarding violations of deadlines for carrying out customs procedures and filing tax dossiers

According to Article 8 of the Draft, the Government expands obligations with respect to certain violations as follows:

A fine from VND 1,000,000 to VND 2,000,000 shall be imposed for failure to comply with the prescribed deadline; the draft supplements cases of amendment and supplementation of documents constituting the customs dossiers of aircraft, seagoing vessels, international intermodal trains, cars, and motorcycles exiting and entering the country.
A fine from VND 2,000,000 to VND 5,000,000 shall be imposed for late submission of finalization reports, notifications on the use of duty-free goods or the application of preferential duty rates as prescribed.

4. Detailed specification of penalty levels corresponding to five grades of violations

Pursuant to Article 9 of the Draft, penalties are specified corresponding to 5 grades of violations, depending on the nature and severity of the act, specifically as follows:

Fine (VND)	Subjects of application	Violative acts
1.000.000 – 2.000.000	Customs declarant on customs declarations for relief goods. In case of special relationship but without impact on customs value.	Declaring inconsistency with reality regarding quantity of goods with a value exceeding VND 10 million. Declaring incorrect name of goods or origin of goods that are humanitarian aid or non-refundable aid already approved.
2.000.000 – 4.000.000	Goods in transit; transshipped or transported through. Goods destroyed or used in non-tariff zones but not falling under excluded cases.	Declaring inconsistency with the actual value exceeding VND 10 million.
3.000.000 – 5.000.000	Export-import goods entitled to duty exemption or non-taxable goods, or goods with origin upon export or import. Except as provided at Point a Clause 1 and Clause 2 of this Article.	Declaring inconsistency with the actual value exceeding VND 10 million.
5.000.000 – 10.000.000	Dossiers of means of transport. Operation of bonded warehouses.	Misdeclaring the number of bills of lading, number of passengers, number of baggage items in the dossiers of means of transport on exit, entry, or transit. Misdeclaring quantity, name of goods, or origin of goods when placing goods into bonded warehouses, or goods transported abroad from bonded warehouses.
20.000.000 – 40.000.000	Goods actually exported Except for exported goods being processed products, products of export production, products exported overseas by export-processing enterprises, and goods under temporary import for re-export trading.	Having completed customs procedures but failing to export or exporting short of declarations. Specifically: quantity (with infringing goods valued at over VND 10,000,000), name of goods, customs value.

5. Regulations on customs supervision for automated cross-border goods transportation

Pursuant to Point k Clause 2 Article 13 of the Draft, a monetary fine from VND 10,000,000 to VND 20,000,000 is supplemented for violations of customs supervision regulations, specifically as follows:

Scope of application: enterprises transporting goods through land border gates under bilateral arrangements by means such as automated, unmanned vehicles, conveyor belts, pipelines, and transmission lines.
Violative act: failure to provide in advance to the customs authority the information on goods and time of transport for supervision as prescribed.

DECREE NO. 274/2025/ND-CP PROVIDING DETAILED REGULATIONS ON CERTAIN ARTICLES OF THE LAW ON SOCIAL INSURANCE (“SI”) REGARDING LATE PAYMENT, EVASION OF MANDATORY SI, UNEMPLOYMENT INSURANCE (“UI”); COMPLAINTS AND DENUNCIATIONS RELATING TO SOCIAL INSURANCE

On 16 October 2025, the Government issued Decree No. 274/2025/ND-CP providing detailed regulations on certain articles of the Law on SI regarding late payment, evasion of mandatory SI, UI, and complaints and denunciations related to SI, as follows:

1. Late payment of insurance

According to Article 5 of this Decree, there are four cases considered as late payment of insurance:

Enterprises that have registered to participate in SI and UI but pay contributions later than the prescribed deadline.
Enterprises that have not registered employees for SI and UI but register late within 60 days from the registration deadline.
According to Article 4 of this Decree, cases showing signs of evasion, such as: late registration of employees for participation, declaring wages lower than the prescribed amount for contribution purposes, or late/underpayment of insurance contributions after being reminded by the competent authority. If these arise due to the following force majeure reasons, they are not considered evasion but are regarded as late payment:
- Storms, floods, inundations, earthquakes, large fires, prolonged droughts, and other natural disasters directly and seriously affecting production and business activities.
- Pandemics declared by competent state authorities, severely affecting production, business activities, and the financial capacity of agencies, organizations, or employers.
- Emergency situations as prescribed by law, causing sudden and unexpected impacts on the operations of agencies, organizations, or employers.
- Other force majeure events as stipulated by civil law.

2. Evasion of insurance contributions

According to Article 6, Clause 1 of this Decree, there are three cases considered as evasion of insurance contributions:

Enterprises that do not register SI or UI for employees who meet the eligibility requirements. If, after 60 days from the registration deadline, the enterprise still fails to register SI for its employees, the full amount that the enterprise must contribute for those employees is considered evasion.
Enterprises that have registered SI for employees but declare wages lower than the actual amount paid in order to contribute less. The difference is regarded as evaded contributions.
Enterprises that have registered SI but owe contributions and fail to pay on time, despite receiving reminders from the social insurance agency. If more than 60 days pass from the final deadline without payment, the owed amount is considered evaded contributions.

CIRCULAR N0. 99/2025/TT-BTC GUIDING THE ENTERPRISE ACOUNTING REGINE

The Minister of Finance promulgates Circular No. 99/2025/TT-BTC dated 27 October 2025 providing guidance on the Enterprise Accounting Regime replacing Circular No. 200/2014/TT-BTC. The Circular takes effect from 01 January 2026. Circular No. 99/2025/TT-BTC contains several notable new points as follows:

1. Provisions on corporate governance and internal control:

Pursuant to Clause 2, Article 3 of Circular No. 99/2025/TT-BTC, enterprises are responsible for establishing internal governance regulations and organizing internal control.

§ Enterprises are responsible for establishing, implementing, and maintaining appropriate governance and internal control mechanisms or equivalent documents such as internal procedures, operational guidelines, and financial regulations.

§ Clearly delineate the authority and responsibilities of each department and individual to ensure transparency and compliance in operations.

2. Provisions on the method for translating financial statements prepared in foreign currency into Vietnamese Dong

Pursuant to Point a Clause 3 Article 6 of Circular No. 99/2025/TT-BTC, the Ministry of Finance specifies as follows:

§ Assets and liabilities are translated at the average bank transfer buying and selling exchange rate of the commercial bank with which the enterprise regularly transacts at the end of the accounting period.

§ Total owners’ equity is translated at the actual transaction exchange rate on the date of capital contribution.

§ Asset revaluation differences are translated at the actual transaction exchange rate on the date of revaluation.

§ Undistributed profit after tax and funds appropriated from profit arising during the period are translated at the actual transaction exchange rates of the items in the Statement of Profit or Loss; the remaining retained earnings are translated at the book rate.

§ Items in the Statement of Profit or Loss and the Statement of Cash Flows are translated at the actual exchange rate at the time of transaction.

§ Where the average exchange rate for the accounting period approximates the actual rates at transaction dates, the average rate for the period may be applied.

3. New provisions on preparation and control of accounting vouchers

Article 10 of Circular No. 99/2025/TT-BTC supplements more detailed and stringent provisions on preparing, signing, and controlling accounting vouchers, replacing and improving the previous provisions at Article 118 of Circular No. 200/2014/TT-BTC, specifically:

§ All economic and financial transactions arising must be supported by an accounting voucher, with only one voucher permitted per transaction;

§ Delegation of authority to sign vouchers must conform to legal provisions and internal regulations;

§ The chief accountant or an authorized person must not sign “by sub-authorization” on behalf of a manager, unless permitted by law.

4. Replace “Balance Sheet” with “Statement of Financial Position”

According to Appendix IV of Circular No. 99/2025/TT-BTC prescribing the Statement of Financial Position, the details are as follows:

Addition of line items in the Statement of Financial Position:

§ Code 124: Short-term allowance for held-to-maturity investments;

§ Code 125: Other short-term investments;

§ Code 126: Allowance for impairment of other short-term investments.

Amendment of Item 134 – Current assets arising from contracts:

§ Item 134 reflects the entire value of assets arising from contracts with a term of no more than 12 months or one normal operating cycle from the end of the reporting period.

5. Granting enterprises autonomy to revise and supplement the chart of accounts

Article 11 of Circular No. 99/2025/TT-BTC abolishes the mechanism of “seeking approval from the Ministry of Finance” and replaces it with “granting autonomy to enterprises” in revising and supplementing the chart of accounts as follows:

§ Enterprises may revise and supplement the names, codes, structure, and recognition content of accounting accounts;

§ When revising and supplementing the names, codes, structure, and recognition content of accounting accounts, enterprises are responsible for promulgating an Account Opening Regulation regarding the revisions and supplements as the basis for implementation.

6. Adjustment of certain contents of the chart of accounts

Appendix II of Circular No. 99/2025/TT-BTC contains certain adjustments to the chart of accounts to ensure consistency and accurately reflect the economic substance of transactions, specifically as follows:

New accounts:

ACCOUNT NO.	LEVEL	ACCOUNT NAME
215	1	Biological assets
2414	2	Upgrades and improvements to fixed assets
332	1	Dividends and profits payable
6275	2	Taxes, fees, and charges
82112	2	Additional corporate income tax expense under global minimum tax rules

Abolished accounts:

ACCOUNT NO.	LEVEL	ACCOUNT NAME
1111	2	Cash in Vietnamese Dong
1112	2	Cash in foreign currency
1121	2	Cash in Vietnamese Dong
1122	2	Cash in foreign currency
1531	2	Tools and supplies
2121	2	Finance-leased tangible fixed assets
2122	2	Finance-leased intangible fixed assets
4132	2	Exchange differences from re-measurement of monetary items denominated in foreign currency
4211	2	Retained earnings after tax – prior years
4212	2	Retained earnings after tax – current year
466	1	Funds formed as fixed assets
611	1	Purchases

OFFICIAL LETTER NO. 3228/HYE-QLDN1 REGULATION ON NON-DEDUCTIBILITY OF VALUE ADDED TAX (“VAT”) FOR OVERDUE PAYMENTS ON DEFERRED OR INSTALLMENT PURCHASES

On 14 October 2025, the Hung Yen Provincial Tax Department issued Official Letter No. 3228/HYE-QLDN1 providing guidance on the non-deductibility of VAT in cases where payment for goods or services purchased on a deferred or installment basis with a value of VND 5 million or more becomes overdue.

Specifically, enterprises are allowed to claim input VAT credit if they have valid contracts and VAT invoices and the payment due date under the contract has not yet occurred, even if they have not yet obtained non-cash payment evidence.

When the payment due date under the contract or appendix of contract is reached, if no non-cash payment evidence is available, the enterprise must declare and adjust to reduce the input VAT amount previously credited. If non-cash payment evidence is obtained after such adjustment, the enterprise is not allowed to re-credit the reduced input VAT amount.

In cases where there is no written purchase contract and no non-cash payment evidence, input VAT shall not be deductible.hông có chứng từ thanh toán không dùng tiền mặt, thì không được khấu trừ thuế GTGT đầu vào.

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