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Official Gazette

Saturday, January 23, 2021
Tags: CIT
New regulations on tax administration New regulations on tax administration
The guiding text of the 2019 Law on Tax Administration has recently been issued by the Government with a series of new provisions designed to create convenience for taxpayers and reduce tax-related compliance costs while increasing the effectiveness of tax administration activities.
Shaping a legal framework for cryptoassets in Vietnam Shaping a legal framework for cryptoassets in Vietnam
For the time being, there has been no unified definition of “cryptoasset” or “digital asset” or “virtual asset” in the world. According to the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, “a virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes.”[1] Canada’s model legislation regarding digital assets, the Uniform Access to Digital Assets by Fiduciaries Act, defines “a digital asset” as “a record that is created, recorded, transmitted or stored in digital or other intangible form by electronic, magnetic or optical means or by any other similar means.”[2] Cryptocurrency (or virtual currency) is a form of cryptoassets (or virtual assets). There is also no unified definition of this term in the world.
About 700000 firms to benefit from cut in corporate income tax About 700,000 firms to benefit from cut in corporate income tax
About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17 percent from July 1 this year, down from the current rate of 20 percent.
Tax and land rental break decreed Tax and land rental break decreed
The Government on April 8 issued Decree 41 approving the extension of deadlines for payment of some taxes and land rentals in order to support businesses suffering the COVID-19 pandemic.
PM approves decree on postponement of tax and land use fee payments PM approves decree on postponement of tax and land use fee payments
Prime Minister Nguyen Xuan Phuc on April 8 approved Decree No. 41/2020/ND-CP about the extension of deadlines for tax and land use fee payments to support businesses suffering from the COVID-19 pandemic.
Finance ministry proposes cutting CIT for SMEs Finance ministry proposes cutting CIT for SMEs
The Ministry of Finance (MOF) has recently proposed reducing corporate income tax (CIT) rates for small- and medium-sized enterprises (SMEs) to 15-17 percent from the current 20 percent.
Ministry proposes lowering CIT for SMEs Ministry proposes lowering CIT for SMEs
The Ministry of Finance has proposed cutting corporate income tax rates on small and micro businesses from the current 20 per cent to 15-17 per cent.
Science and technology enterprises offered with more incentives Science and technology enterprises offered with more incentives
Science and technology enterprises will be soon provided with a raft of attractive tax, credit and land incentives, following a decree recently issued by the Government.
Tax and investment changes concern foreign firms Tax and investment changes concern foreign firms
The changes in tax policy and investment incentives are the issues of greatest concern for foreign investors in Vietnam, said Bui Ngoc Tuan, deputy general director of the Audit and Advisory firm Deloitte Vietnam at a workshop on Tuesday in Hanoi. 
New corporate income tax law aims to halt tax evasion New corporate income tax law aims to halt tax evasion
In the latest draft of Law on Corporate Income Tax, the Ministry of Finance has raised a regulation aimed at preventing multinational companies with related-party transactions from evading taxes.

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