TAX NEWS – ACCOUNTING – FINANCE NOVEMBER & DECEMBER 2020

In this November and December Newsletter, we would like to introduce to you new policies related to tax, corporate law, labor, and other regulations including:

  • Regulations guiding the Law on Tax Administration 38/2019/QH14
  • New regulations on tax returns
  • Responsibility to provide taxpayer information
  • Duties and powers of commercial banks and payment intermediary service providers in tax administration
  • New points on handling administrative violations in the field of taxes, invoices, ...
  • New point of Decree 123/2020/ND-CP on e-invoices
  • New points on tax declaration and payment of various taxes
  • The new point on the management of related-party transactions in Decree 132/2020/ND-CP

You can DOWNLOAD and see more details of news points here!
        – Tax Alert Nov & Dec 2020 – VN.pdf  

1. Decrees guiding the Law on Tax Administration 38/2019/QH14:

Tax Administration Law 2019 No. 38/2019/QH14 (“Law on Tax Administration 2019”) was promulgated by the XIV National Assembly on June 13, 2020, including 17 chapters and 152 articles and took effect from July 1, 2020. 
       – Decree 123/2020/ND-CP regulating invoices and documents
       – Decree 125/2020/ND-CP stipulating penalties for violations in the field of taxes and invoices
       – Decree 126/2020/ND-CP detailing the Law on Tax Administration
       – Decree 132/2020/ND-CP stipulating tax administration for enterprises with associated transactions

2. New regulations on tax declaration and payment

From December 5, 2020, Decree 126/2020/ND-CP on guiding the Law on Tax Administration has come into effect. In this new Decree, there are some important new regulations that individuals, as well as businesses, need to pay attention to.

3. Responsibility to provide taxpayer information

Article 97 of the Tax Administration Law 2019 stipulates the responsibility of taxpayers in providing information as follows:
       – Provide complete, accurate, truthful, and timely information in tax dossiers, information related to the determination of tax obligations at the request of tax administration agencies.
       – Provide information in writing or via network connection with information systems of tax administration agencies upon request.

4. Duties and powers of commercial banks and payment intermediary service providers in tax administration

From December 5, 2020, commercial banks are responsible for providing information about taxpayers' payment accounts opened at banks to tax authorities.

5. New points on handling administrative violations in the field of taxes, invoices, ...

The General Department of Taxation issued Dispatch 4818/TCT-PC dated 11/12/2020 on several new points in sanctioning administrative violations on taxes, invoices, and implementing Decree 125/2020/ND-CP.

6. New point of Decree 123/2020/ND-CP on e-invoices

Decree 123/2020/ND-CP takes effect from July 1, 2022, encouraging agencies, organizations, and individuals that meet the conditions on information technology infrastructure to apply regulations on invoices and certificates Electronic word of this Decree before July 1, 2022.

7. New points on tax declaration and payment of various taxes

According to the provisions of Decree 126/2020/ND-CP dated October 19, 2020, of the Government, there are currently some new points on CIT declaration; Declaration of personal income tax and tax, other revenues of business households, and individuals leasing properties

8. New points on the management of related-party transactions in Decree 132/2020/ND-CP

Decree No. 132/2020/ND-CP stipulates one more case of related parties: Enterprises have transactions of transferring or receiving the transfer of contributed capital of at least 25% of the owner's contributed capital. Ownership of the enterprise in the tax period; Borrowing or lending at least 10% of the owner's contributed capital at the time of the transaction in the tax period with an individual operating or controlling the business or with an individual in a related relationship according to regulations. Specified at Point g, Clause 2, Article 5 of the Decree.



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