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Official Gazette

Friday, July 10, 2020
Tags: VAT
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.
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.
Businesses must entirely use e-invoices from late 2020 Businesses must entirely use e-invoices from late 2020
One year after the release of Government Decree 119 of 2018 on e-invoices in goods sale and service provision, the Ministry of Finance on September 30 issued a circular providing more detailed guidelines on this matter.
Provisions on VAT refund for foreigners to be amended Provisions on VAT refund for foreigners to be amended
The General Department of Customs is working on a draft circular to revise Circular 72 of 2014 regarding value-added tax refund for goods brought along by foreigners and overseas Vietnamese upon exit, with a view to boosting tourism.
Finance Ministry proposal to tax transfer of land use rights receives negative response Finance Ministry proposal to tax transfer of land use rights receives negative response
The Ministry of Finance has recently proposed the imposition of value-added tax on the transfer of land use rights under the revised Law on Value-Added Tax.
Directive No. 26/CT-TTg of June 6 2017 Directive No. 26/CT-TTg of June 6, 2017
On further effectively implementing Resolution No. 35/NQ-CP of May 16, 2016, in the spirit of the Government siding with businesses
Five tax laws proposed to be revised Five tax laws proposed to be revised
Deputy Prime Minister Vuong Dinh Hue has given his opinions on the proposal to revise five tax laws.
Domestic wastewater subject to environmental protection charge Domestic wastewater subject to environmental protection charge
From 2017, the environmental protection charge for domestic wastewater will be 10 percent of VAT exclusive selling price of one cubic meter of clean water.
New decree revises a number of tax regulations New decree revises a number of tax regulations
The Government has recently issued a decree revising a number of tax-related policies, aiming to create more favorable conditions for enterprises.

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