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Tax News July 2021

Contents:


THE RESOLUTION NO. 68/NQ-CP ON SEVERAL SUPPORT POLICIES FOR EMPLOYEES AND EMPLOYERS IN A DIFFICULT SITUATION DUE TO COVID-19

Employees have worked under an employment contract and has been put on furlough due to the COVID-19 pandemic will be entitled to a lump-sum support of VND 1,000,000 per person if satisfying prescribed requirements.


Employees have worked for enterprises, cooperatives, public sector entities that cover their own recurrent expenditures … temporarily cease operations at the request of competent authorities for the prevention and control of the COVID-19 pandemic will be entitled to a lump-sum support from VND 1,855,000 to VND 3,710,000 per person if satisfying prescribed requirements.

Employers are entitled to a premium rate of 0% of the salary fund as the basis for paying social insurance premiums to the Insurance Fund for Occupational Accidents and Diseases for 12 months (from July 1, 2021 to June 30, 2022) for employees eligible for occupational accident and disease insurance (except for some specified subjects).


DECREE 57/2021/ND-CP SUPPLEMENTATION POINT G CLAUSE 2 ARTICLE 20 DECREE NO. 218/2013/ND-CP (AMENDED AND SUPPLEMENTED IN DECREE NO. 12/2015/ND-CP) ON CORPORATE INCOME TAX INCENTIVES FOR PROJECTS PRODUCTION OF SUPPORT INDUSTRIAL PRODUCTS

Enterprises are entitled to CIT incentives if they satisfy the following conditions: having investment projects (new and expansion investment projects) producing products on the list of products of support industries prioritized for development, made before January 1, 2015; satisfying the conditions of produce supporting industry products projects according to the Law amending tax laws in 2014;

being certified by a competent authority for the production of supporting industry products.


CIRCULAR 43/2021/TT-BTC AMENDMENT TO CLAUSE 11 ARTICLE 10 OF CIRCULAR NO. 219/2013/TT-BTC GUIDING IMPLEMENTATION OF LAW ON VALUE-ADDED TAX AND DECREE NO. 209/2013/ND-CP ON ELABORATING TO LAW ON VALUE-ADDED TAX (AND AMENDMENT THERETO UNDER CIRCULAR NO. 26/2015/TT-BTC)

Additional medical instruments and equipment are subject to value-added tax (VAT) 5% when having one of the following document: import permit, circulation registration certificate; notice on receipt of standard declaration dossier in accordance with regulations and law on medical; or according to list of medical equipment under specialized management of Minister of Health with commodity code identified according to the list of export and import goods promulgated by Vietnam.


CIRCULAR NO. 31/2021/TT-BTC PRESCRIBING APPLICATION OF RISK MANAGEMENT TO TAX ADMINISTRATION

Taxpayers are assessed and classified according to one of 04 levels of tax compliance (instead of 03 levels before) including: high compliance; average compliance; low compliance; do not obey. For non-compliant taxpayers, implement management measures as prescribed by law. Taxpayers in high, medium, low and non-compliance levels shall be analyzed to adopt appropriate measures for improving the compliance.


In addition, taxpayers shall be kept under the emphasized supervision if they have one of the 04 signs specified in Article 22 of this Circular.


CIRCULAR NO. 40/2021/TT-BTC ON VALUE-ADDED TAX PERSONAL INCOME TAX AND TAX ADMINISTRATION OF HOUSEHOLD BUSINESSES AND INDIVIDUAL BUSINESSES

A household business or individual business whose revenue from business operation in the calendar year is not exceeding 100 million VND shall not be required to pay VAT and PIT as prescribed by VAT and PIT laws. Household businesses and individual businesses shall declare tax truthfully and accurately; submit tax documents punctually; take legal responsibility for the accuracy, truthfulness and adequacy of the tax documents submitted.


Household business and individual business can pay tax according to the periodic declarations method (applicable to large-scale household businesses and individual businesses or other household businesses and individual businesses that choose to pay tax by this method) or according to the separate declarations method (applicable to individual businesses having casual business operation and do not have fixed business locations).Presumptive tax shall be paid by household businesses and individual businesses that are not subject to two tax payment methods mentioned above.


CIRCULAR NO. 45/2021/TT-BTC GUIDANCE ON APPLICATION OF ADVANCE PRICING AGREEMENTS TO ENTERPRISES HAVING RELATED-PARTY TRANSACTIONS

Transactions to which an APA is proposed to be applied are related-party transactions specified in Clause 2 Article 1 of the Decree No. 132/2020/ND-CP and must fully satisfy the following conditions:

- Actual transactions arise in the taxpayer's production and business activities and will continue to take place during the proposed APA application period.

- Transactions have any basis for determination of the nature of transaction deciding tax liabilities, and any basis for analysis, comparison and selection of independent comparable

- Transactions are not involved in tax disputes or complaints.

- Transactions are made in a transparent manner, not for the purpose of tax evasion, avoidance or misuse of tax treaties.


DISPATCH NO. 22691/SLDTBXH-LD - IMPLEMENTATION OF SUPPORT FOR EMPLOYEES TEMPORARY CONTRACT, WORKING WITHOUT WARNING DUE TO COVID-19

Department of Labor - Invalids and Social Affairs to propose to the People's Committee of the city, the head of the management board of the export processing and industrial zones, the city's high-tech zones; Chairman of the People's Committee of Thu Duc city quickly sent a written information to the above subjects to make a list of employees who have suspended the performance of their labor contracts or taken unpaid leave before July 15. 2021.


OFFICIAL DISPATCH 2393/TCT-DNNCN 2021 ON PERSONAL INCOME TAX DECLARATION

Organizations and individuals that do not generate and pay PIT taxable income are not subject to the provisions of the PIT law. Accordingly, organizations and individuals that do not pay PIT in any month/quarter are not required to declare PIT for that month/quarter.


JULY 2021 TAX NEWS SUMMARY
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