In this newsletter, Grant Thornton Vietnam would like to highlight the following updates relating to taxation and customs:
- Guidance from the Ministry of Finance on VAT refund and penalty for late tax payment from 1st July 201
- Procedures for payment to State Budget for tax liability and domestic revenue from 1st August 2016 onwards
- Sponsorship expenditure to Clients shall not be regarded as tax deductible expenses
- House lease expense of individuals
- Sponsorship cost of Master’s Degree programs for employees shall be regarded as tax deductible expenses for CIT purpose
- Approval on “Bilateral agreement and documentation to implement the Foreign Account Tax Compliance Act between Vietnam and the United States”
- Procedures on cancellation, liquidation and tax refund for defective goods of foreign invested enterprises
- Procedures on adjustment to the duration of processing contract
- Trading of goods of Exporting-Processing Enterprises
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