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 

Explore further to learn more about how KPMG can help: