KPMG's Tax and Legal update for January 2022
January 2022 | KPMG in Vietnam
KPMG would like to share the very recent update on the tax and legal legislation for your reference. Our update would cover the following matters:
1. Tax Update
— Notable points in determination of total revenue for eligibility assessment of 30% CIT reduction
— Enterprises are allowed to make provision for bad debts for advance payments which are converted into receivables
— An investment project which registers for implementation in multiple phases will be eligible for VAT for the phases under construction
— No VAT refund for the reporting period which does not generate export revenue
— A VAT refund is still available where a construction permit is issued after the construction stage
— Enterprises are entitled to a VAT refund upon dissolution for the accumulated creditable VAT amount which was not eligible for a VAT refund during the operation period
— Taxpayers must register to use the e-invoice types (either with or without code) as required under the notice from the tax authority
— Circular 100/2021/TT-BTC amending Circular 40/2021/TT-BTC on VAT and PIT applicable to business households and individuals
— Strengthening the coordination mechanism between the tax authorities and social insurance (“SI”) authorities
— Reduction of 50% of the registration fee for domestically manufactured and assembled automobiles from December 2021 until the end of May 2022
2. Legal Update
— New changes on goods labelling regulations
— New regulations on regulatory sandbox of financial technology activities in the banking sector
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