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

  1. Guidance from the Ministry of Finance on VAT refund and penalty for late tax payment from 1st July 201
  2. Procedures for payment to State Budget for tax liability and domestic revenue from 1st August 2016 onwards
  3. Sponsorship expenditure to Clients shall not be regarded as tax deductible expenses
  4. House lease expense of individuals
  5. Sponsorship cost of Master’s Degree programs for employees shall be regarded as tax deductible expenses for CIT purpose
  6. Approval on “Bilateral agreement and documentation to implement the Foreign Account Tax Compliance Act between Vietnam and the United States”
  7. Procedures on cancellation, liquidation and tax refund for defective goods of foreign invested enterprises
  8. Procedures on adjustment to the duration of processing contract
  9. Trading of goods of Exporting-Processing Enterprises

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