Uni 03-10-2014 - Guidance on Decree 91/2014/NĐ-CP amending, adding the articles of some tax decrees

Government just issued Decree 91/2014/NĐ-CP (effective from 15 Oct 2014) amending, adding the articles of some tax decrees. Some contents should be noted as follows:

For CIT:

(applying from 2014)

1. Included in deductible expense for employees’ benefits with full invoices, vouchers such as: Funeral, wedding of employees’ and their family, going on holiday, bonus of employees’ children for good studying result, employees’ travel of Tet festival … in total amount of one or less one month of actual paid average salary in the tax period.
2. Investment projects enjoying CIT incentive and the additional investment of machinery, equipment during 2009-2013, the additional income is also entitled to tax incentive under the level that the project is applying for the remaining time.

For VAT:

1. Reject the regulations of buying goods, services of a supplier less 20 million VND but buying many times in the same day with total amount of more 20 million VDN, VAT amounts are only deducted if there are non-cash payment vouchers.

For tax administration:

1. Taxpayers temporarily stop trading must submit the document to business registration office (in the former time, must also submit to tax authority in charge). Business registration office is responsible for informing tax authority to know.
2. Quarterly VAT declaration is applied to taxpayers with total revenue of the previous year less 50 billion VND.
3. Tax authority must check, finalize tax of an enterprise within 15 working days from the date of receiving tax finalization file in case of division, dissolution, operation ceasing. For dissolution, operation ceasing, Ministry of Finance guides tax authority to order and use the result of independent auditing company, organizations trading services doing tax procedures to check, finalize tax.
4. Taxpayers temporarily stop to pay CIT quarterly or basing on CIT of the previous year and expect the result of business operations in the year ( rejecting regulations of quarterly estimation CIT declaration). If total estimation tax amounts payable less 20% compared with the payable amounts as finalization, enterprises must pay interest of late payment for the differences more 20%.