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[VietlawOnline] - Weekly Newsletter No. 475 from 15 - 21 Sep. 2020
Tax of Corporation Income:
Regarding a 30% reduction in EIT payable in 2020

Official letter No. 77768/CT-TTHT dated August 21st, 2020 of the Department of Taxation of Ha Noi city regarding a 30% reduction in enterprise income tax (EIT) payable in 2020

According to Article 1 of Resolution No. 116/2020/QH14, enterprises whose total revenue in 2020 is less than VND 200 billion shall be entitled to a 30% reduction in EIT payable in 2020. Enterprises shall themselves determine tax amount to be reduced when they temporarily pay EIT and make EIT accounting at the end of the year.

In addition, according to this Official letter, the 30% reduction in EIT payable in 2020 shall be determined in line with the tax period each enterprise applies, either the Gregorian calendar or fiscal year.

left_menu_bullet Commercial housing projects must reserve 20% of land area for social housing
left_menu_bullet Regarding certification of regulation conformity of construction glass
left_menu_bullet Regarding deduction of VAT paid on behalf of foreign contractors
left_menu_bullet Regarding C/O submitted according to importer’s own request
left_menu_bullet Regarding duty on goods re-processed by EPE
left_menu_bullet Regarding PIT on amount used for buying optional health insurance for employees
left_menu_bullet Regarding import of used components
left_menu_bullet Regarding declaration of weight on C/O form KV
left_menu_bullet Medicinal ingredients shall be declared online from August 16th, 2019
left_menu_bullet Criteria to consider the National Quality Award
left_menu_bullet Regarding tax incentive upon acquisition of a factory
left_menu_bullet Regarding submission of C/O while pending promulgation of EVFTA Tariffs
left_menu_bullet Regarding energy efficiency inspection of LED lamps
left_menu_bullet From June 15th, 2020: Import quota on colour coated galvalume sheets shall be removed
left_menu_bullet Import quota on colour coated galvalume sheets has been removed from June 15th 2020
Index:
Capital transfer:

- It is liable to VAT upon re-selling a school project

Economics:

- Strategy for sustainable development of Vietnam’s ocean economy by 2030

Quality control:

- Regarding quality inspection of Refrigerant Compressors accompanying by non-gas vessels

Tax of Corporation Income:

- Regarding a 30% reduction in EIT payable in 2020

New documents

1. Regarding quality inspection of Refrigerant Compressors accompanying by non-gas vessels

Official letter No. 2496/HQHCM-GSQL dated August 27th, 2020 of the Customs Department of Ho Chi Minh city regarding quality inspection of Refrigerant Compressors accompanying by non-gas vessels

Posted: 4/9/2020 1:31:47 PM | Latest updated: 11/9/2020 6:49:22 AM (GMT+7) | LuatVietnam: 5041 | Vietlaw: 475

According to opinions of the Customs Department of Ho Chi Minh city, vessels, reservoirs, vats and tankers with nominal working pressure exceeding 0.7 bar as classified in TCVN 8366:2010 (except specialized equipment for industrial use) belong to the List of Group-2 products and goods under the management of the Ministry of Labour - Invalids and Social Affairs issued together with Circular No. 22/2018/TT-BLDTBXH.

In case a company imports Screw Refrigerant Compressors (accompanying by non-gas vessels), the Customs Department of Ho Chi Minh city requests the company to contact with the Department of Labour - Invalids and Social Affairs of Ho Chi Minh city for having guidelines.

nexto  List of goods items may be registered for quality inspection with Sub - department of Standards, Metrology and Quality (21/3/2020) 

nexto  Criteria to consider the National Quality Award (9/9/2020) 

nexto  New List of group-2 commodities in the domains of electrical and electronic appliances (14/1/2020) 

nexto  New regulations on management of quality of products and goods under the management of the Ministry of Industry and Trade (24/12/2019) 

2. Regarding a 30% reduction in EIT payable in 2020

Official letter No. 77768/CT-TTHT dated August 21st, 2020 of the Department of Taxation of Ha Noi city regarding a 30% reduction in enterprise income tax (EIT) payable in 2020

Posted: 4/9/2020 9:24:29 AM | Latest updated: 9/9/2020 2:21:01 PM (GMT+7) | LuatVietnam: 5039 | Vietlaw: 475

According to Article 1 of Resolution No. 116/2020/QH14, enterprises whose total revenue in 2020 is less than VND 200 billion shall be entitled to a 30% reduction in EIT payable in 2020. Enterprises shall themselves determine tax amount to be reduced when they temporarily pay EIT and make EIT accounting at the end of the year.

In addition, according to this Official letter, the 30% reduction in EIT payable in 2020 shall be determined in line with the tax period each enterprise applies, either the Gregorian calendar or fiscal year.

nexto  Regarding EIT incentives for interests on terms deposits (19/5/2020) 

nexto  Regarding EIT on post - tax profits from business cooperation (23/1/2019) 

nexto  Regarding EIT incentives for agricultural enterprises applying high technologies (10/12/2018) 

nexto  Regarding EIT on support received from parent company (1/6/2017) 

3. It is liable to VAT upon re-selling a school project

Official letter No. 60992/CT-TTHT dated July 2nd, 2020 of the Department of Taxation of Ha Noi city regarding tax policy applicable to the activity of transfer of project

Posted: 7/7/2020 10:53:42 AM | Latest updated: 10/9/2020 2:35:18 PM (GMT+7) | LuatVietnam: 4996 | Vietlaw: 475

Clause 4 Article 5 of Circular No. 219/2013/TT-BTCstatus2 allows the exemption from value added tax (VAT) upon transferring (re-selling) a project but it only applies to projects on production of and trading in VATable goods and services rather than applies to cases not liable to VAT.

The sector of teaching, vocational teaching is not liable to VAT according to Clause 13 of Article 4 of Circular No. 219/2013/TT-BTCstatus2 , upon transferring a project in this sector, it shall not be exempt from VAT.

nexto  Regarding PIT on incomes from capital transfer (10/8/2020) 

nexto  Regarding tax policy applicable to capital transfer (19/3/2020) 

nexto  Regarding VAT upon transfer of commercial center project (4/3/2020) 

nexto  Regarding tax on incomes from capital transfer of foreign organizations (20/9/2019) 

4. Strategy for sustainable development of Vietnam’s ocean economy by 2030

Resolution No. 26/NQ-CP dated March 5th, 2020 of the Government on promulgating Government’s master plan and 5-year plan for implementation of Resolution No. 36-NQ/TW dated October 22, 2018 by the 8th Conference of the 12th Central Steering Committee of the Communist Party on strategy for sustainable development of Vietnam’s ocean economy by 2030, with visions towards 2045

Posted: 6/3/2020 12:54:36 PM | Latest updated: 14/9/2020 11:00:54 AM (GMT+7) | Vietlaw: 475

This Resolution is to promulgate the strategy for sustainable development of Vietnam’s ocean economy the for the period by 2025, and for the period by 2030.

nexto  5-year socio-economic development plans for 2021-2025 period (20/4/2020) 

nexto  Strategy for sustainable development of Vietnam’s ocean economy by 2030 (9/3/2020) 

nexto  Solutions to support enterprises facing difficulties caused by Covid-19 (9/3/2020) 

nexto  List of socio-economic indicators serving operation of the Government and the Prime Minister (25/3/2020) 


luuy Notes:
* Above summaries are reference only, NOT considered as an advice and/or consultance
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