365体育官方网址In this April 2020 publication of our Tax and Accounting Updates we focus on recent releases from tax and labour authorities that are positioned to support businesses impacted by the COVID-19 crisis in Vietnam. We also include our selected review of recent Official Letters released by relevant authorities.
Notable COVID-19 related releases that we cover below, include:
- Decree 41, providing deferral of VAT and CIT payments for many companies for 5 months, deferral of VAT & PIT for household businesses, and deferral of annual land rent payments for those renting from the State;
- Deferral of certain Social Insurance payments for employers significantly impacted by COVID-19;
- Deferral of Trade Union contribution payments for employers significantly impacted by COVID-19;
- Guidance on the reduction of hours/salary or termination of staff for employers impacted by COVID-19
- Draft Resolution to increase the monthly personal deduction for PIT purposes, and monthly dependent allowance
DECREE 41, PROVIDING TAX DEFERRALS FOR BUSINESSES IMPACTED BY COVID-19
On 8 April 2020, the Vietnam Government issued Decree 41/2020/ND-CP deferring certain payments for Value Added Tax (“VAT”), Corporate Income Tax (“CIT”), Personal Income Tax (“PIT”) and Government Land Rent for selected taxpayers, to support businesses in Vietnam impacted by COVID-19.
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