KMC’s Newsletter – January 2024 updated contents on accounting, tax, human resources, investment and business as follows:

  1. OL No. 32079/CTBDU-TTHT dated 05 December 2023 issued by the Tax Department of Binh Duong guides interest expense due to late payment is deductible when determining the taxable income of CIT.
  2. OL No. 65973/CTHN-TTHT dated 12 September 2023 issued by the Hanoi Tax Department guidance as allocation of CIT for enterprises with factories located different from the Head Office.
  3. Decree No. 94/2023/NĐ-CP dated 28 December 2023 regulates the policy of reducing VAT according to Resolution No. 110/2023/QH15 as reduction of VAT from 01 January 2024 until 30 June 2024.
  4. OL No. 4955/TCT-KK dated 06 November 2023 issued by the GDT guidance as instructions on a supplementary declaration of VAT invoices omitted from the inspected tax period.
  5. OL No. 77225/CTHN-TTHT dated 30 October 2023 issued by the Hanoi Tax Department specifically as instructions on issuing replacement invoices to issued one by the old regulations.
  6. OL No. 5847/TCT-KK dated 21 December 2023 issued by the General Department of Taxation guidance as VAT payment vouchers that have been omitted in the tax refunded period should not entitled to additionally declare.
  7. OL No. 7445/CTQNA-KK dated 4 October 2023 issued by the Tax Department of Quang Nam Province specifically as declare VAT on adjusted and replaced e-invoices.
  8. OL No. 3010/CTHNA-TTHT dated 16 October 2023 issued by Tax Department of Ha Nam Province guidance as PIT on welfare from the trade union fund.
  9. OL No. 24509/CTBDU-TTHT dated 19 October 2023 issued by Binh Duong Tax Department guides as PIT of expatriates.
  10. OL No. 2865/TCT-PC dated 11 July 2023 issued by the General Department of Taxation regulated as failure to submit FCT declaration can lead to administrative penalties or criminal prosecution.
  11. OL No. 4666/TCT-PC dated 23 October 2023 issued by the General Department of Taxation guides as instructions for determining exchange rates for calculating tax of contractor contracts. 
  12. OL No. 91/TCT-QLN dated 09 January 2024 issued by the General Department of Taxation stipulated as instructions on granting invoices for businesses being enforced by tax debts.
  13. OL No. 02/BHXH-TST dated 02 January 2024 issued by by the Social Insurance Department of Ho Chi Minh City guides as foreign exchange rate in the first 6 months of 2024 when calculating social insurance premiums.

This newsletter aims to update and summarize the general provisions related to Taxation, Accounting,
Investment and Labor in Vietnam. You should seek professional advice before making a decision.

KMC_Newsletter_January 2024 (EN version)