KPMG's Technical Update - May 2022

KPMG would like to share the very recent update on the tax legislation for your reference. Our update would cover the following matters:

• Amending guidance on making a provision for the devaluation of investment securities
• Scrutinizing donation and sponsorship expenses in kind for Covid-19 prevention
• Deferring the CIT incentive scheme for the first year of operation with less than 12 months is only applicable to the CIT exemption and reduction
• Support payment from business partner to insurance agency for a specific period may be allocated over the partnership period for tax calculation
• Guidance on certain cases of VAT reduction according to Decree No. 15/2022/ND-CP
• Application of e-invoices in 57 centrally controlled provinces and cities
• Enhancing the tax inspection against VAT refund fraud
• Guidance of the General Department of Customs (“GDC”) on determination of import goods subject to VAT reduction according to Decree No. 15/2022/ND-CP
• Reducing the Special Consumption Tax (“SCT”) rate for battery-powered electric cars
• Reducing the Environmental Protection Tax (“EPT”) rate for gasoline, oil and grease until 31 December 2022
• Increasing overtime (“OT”) working hours in a year and a month for employees
• Housing rental support policy for employees 

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