Important changes to VAT administration

Important changes to VAT administration

Effective 1 July 2016, several important changes to VAT administration will be put into implementation. These include: More goods are waived from VAT return filing but still VAT-deductible: agricultural produce, livestock, aquatic products that are not yet processed...
Changes in regard to tax administrative penalties

Changes in regard to tax administrative penalties

In late May 2016, the Government issued two new decrees on the tax adminstration: Decree 45/2016 amending Decree 127/2013/ND-CP on penalties relating to Customs matters; and Decree 49/2016/ND-CP amending Decree 109/2013/ND-CP on penalties relating to invoicing...
Vietnam’s Audit and Compliance Requirements

Vietnam’s Audit and Compliance Requirements

Under prevailing regulations, all enterprises with foreign ownership (regardless of the stake size) are required to have their annual financial statements audited by an independent audit firm. Statutory audits in Vietnam are performed in accordance with the Vietnam...