In this issueThe Government issued
Resolution No. 63/NQ-CP on 25 August 2014 (Resolution 63) approving
certain proposals of the Ministry of Finance (MoF) on tax solutions to
solve business difficulties and support business development

Under
the Resolution 63, most proposals by MoF highlighted in our August Tax
Alert have been approved. Tax solutions under authority of the
Government shall be effective upon the issuance of revised guiding
regulations while those under authority of National Assembly shall be
discussed and considered in the 8th meeting of the 13th National
Assembly supposed to be in the coming October.

Circular
No.119/2014/TT-BTC dated 25 August 2014 on supplementation and revision
of some articles of Circular No. 156/2013, Circular No. 111/2013,
Circular No.219/2013, Circular No.08/2013, Circular No.85/2011, Circular
No.39/2014 and Circular No.78/2014

Changes in this Circular are
expected to reduce tax administration burden and save time in tax
declaration and payment for enterprises.

Official Letter No.
3311/TCT-CS dated 15 August 2014 (OL3311) on the determination of
taxable income derived from business expansion activity not entitled to
tax incentives for the period 2009-2013

Enterprises who had
business expansion projects during the period 2009-2013, of which
taxable income could not be allocated based on revenue or expenses ratio
in accordance with Circular No.130/2008/TT-BTC, Circular
No.123/2012/TT-BTC is now allowed to determine the increased taxable
income not entitled to tax incentives based on total fixed assets value
or total investment capital used for business operation purposes.

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