Following the National Assembly’s adoption of the Law on Tax Administration, the Vietnam Ministry of Finance just issued Circular No. 80/2021/TT-BTC to provide implementing guidelines on the Law on Tax Administration and Government Decree No. 126/2020/ND-CP. One of the important provisions under Circular 80 is tax administration with respect to e-commerce business, digital-based business and other services of overseas suppliers without having a permanent establishment in Vietnam.
In brief The General Department of Taxation (GDT) has released the draft circular implementing the 2019 Law on Tax Administration and Decree No. 126/2020/ND-CP guiding some provisions of the Law on Tax Administration (“Draft Circular”), and is now accepting public comments. Comments must be submitted to the GDT by 15 March 2021.…
On 5 November 2020, the government issued Decree No. 132/2020/ND-CP (“Decree 132”) providing tax administration for enterprises with related party transactions.
Decree 132 will take effect on 20 December 2020 and it will replace Decree 20/2017/ND-CP (“Decree 20”) and Decree 68/2020/ND-CP (“Decree 68”). Decree 132 is applicable for the corporate income tax year 2020 onward.
On 19 October 2020, the government issued Decree No. 126/2020/ND-CP guiding some provisions of the Law on Tax Administration (“Decree No. 126”), to be effective on 5 December 2020.
Decree No. 126 covers, the tax declaration and calculation; timeline for tax declaration and payment; tax assessment; tax refund; late payment interest and fines; rights and obligations of tax authorities and taxpayers; obligations of commercial banks and payment intermediary service providers in withholding and paying tax on behalf of offshore e-commerce suppliers; enforcement; and other issues.