Forecast Foreign Investment Policy in Vietnam
Aiming to continue with the plan to attract and foster foreign investments in Vietnam, the Ministry of Finance on 6 July 2024 proposed a new policy through the introduction of a draft new law on corporate income tax (“CIT“) which contains several critical changes to the current regulations on CIT. The timeline for the enactment the new law on CIT (“new law“) includes: (i) gathering of opinion on the draft new law at the 8th meeting of the National Assembly (“NA“) in October 2024; (ii) voting to pass the new law at the 9th meeting of the NA in May 2025; and (iii) announcing the possible effective date of the new law for implementation from 1 January 2026.
Extended Deadline for Payment of CIT, Personal Income Tax (“PIT”), Value Added Tax (“VAT”) and Land Rental in 2024
To continue supporting companies and business individuals in their business recovery after experiencing the adverse impact of COVID-19 and other crises, and assisting companies to restructure their businesses, the Vietnam Government has extended the deadline for the payment of CIT, VAT, PIT, and land rental in 2024 via Decree No. 64/2024/ND-CP dated 17 June 2024.
Consolidated Regulation on Tax Administration
The Ministry of Finance has issued Circular No. 15/2024/VBHN-BCT dated 28 May 2024 on guidline on implementing Law of Tax Administration and Decree 126/2020/ND-CP dated 19 October 2020 (“Circular 15“). Circular 15 consolidates updates and valid provisions and guidlines contained in previous related regulations including Circular No. 80/2021/TT-BTC dated 29 September 2021, Circular No. 13/2023/TT-BTC dated 28 February 2023, and Circular No. 43/2023/TT-BTC dated 27 June 2023, into a single regulation for purposes of streamlining tax administration.
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