Uni 02-07-2015 - Introduction of new contents of Circular No. 96/2015/TT-BTC

MOF has just issued Circular No. 96/2015/TT-BTC in guidance of CIT in Decree No. 12/2015/NĐ-CP and revising, adding some articles of Circular No. 78/2014/TT-BTC, Circular No. 119/2014/TT-BTC, Circular No. 151/2014/TT-BTC. Some contents are revised as follows:

For time of revenue determination for providing services:

Revising regulations: Time of revenue determination for service provision is the time of completing services or completing gradually the services except cases stated in clause 3 article 5 Circular 78/2014/TT-BTC (revenue to calculate taxable income in some detailed cases), clause 1 article 6 Circular 119/2014/TT-BTC (revenue to calculate taxable income for goods, services used for exchanges).

Before: is the time of completing services of preparing invoices of providing services. In case, time of invoice preparation before determining revenue is the invoice preparation time.

For deductible and nondeductible expenses when determining taxable income:

• Remove regulations of enterprises self-make, self-manage energy, fuel, material consumption level used for business and production activities.
• Remove limitation level for enterprises incurring uniform payments for employees in kind, which will be included in deductible expense if having full invoices, vouchers under regulations.
• Remove limitation level for business trips allowances, enterprises are included in deductible expense if there are full invoices, vouchers as regulations. In case, enterprises fix business trips allowances  after going on business and performed as regulations under financial regulations or internal regulations will be included in deductible expenses.
• Adding regulations: In case, enterprises assign employees to go on business (including foreign and domestic business trips) if incurring expenses from 20 million VND, air tickets expenses that the payments are transferred by bank cards of the individuals qualified for payments in non-cash on hand and included in deductible expenses:

                + Having full invoices, documents as regulations

+ Having Decision or Document of assigning employees to go on business.

+ Financial regulations or internal regulations allow employees to pay business trips, air tickets by bank cards that the individuals are card holders and then pay back to employees by enterprises.

• Remove regulations: In case, enterprises fully contribute charter capital, incurred loan interest to invest to other enterprises will be included in deductible expense.

Circular No. 96/2015/TT-BTC effective from 06 Aug 2015 and applied from 2015. The new contents of Circular No. 96/2015/TT-BTC are attached to official letter No. 2512/TCT-CS dated 24 June 2015 of GDT.