On 25 August 2014, following the Government’s instructions to improve the business environment and enhance national competitiveness, the Ministry of Finance has issued Circular 119/2014/ TT-BTC amending a number of current regulations in order to reform and simplify the tax administrative procedures:
Key changes under Circular 119 include:
1. TAX ADMINISTRATION
Amending Circular 156 on Tax Administration:
• Issue new tax declaration forms which amend and remove unnecessary items in old forms of Circular 156, inclusive of: form 01/ GTGT, 01-1/GTGT, 01-2/GTGT, 03/GTGT, 04-1/GTGT, 01-1/TPTB.
• Remove tax declaration forms 01-3/GTGT, 01-4A/GTGT, 01-4B/GTGT and 01-7/GTGT from VAT declaration dossier.
• Issue new form for declaring PIT on income earned from the transfer of real estate (form 11/KK-TNCN). Under new form, the real estate joint owners may jointly declare and sign on one PIT return, rather than individual declaration as previously.
• In case an income payer has terminated its operations, the tax authorities will base on their own recorded information to handle individuals’ PIT finalisation return without requirement for certificates on tax withholding.
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