According to Mr Dang Van Thanh, chairman of the Vietnam Association of Accountants and Auditors, accounting is among the leading pioneer in applying new IT (VAA). Recently, a conference co-organized by the Department of Accounting and Auditing Regulations, and the Association of Chartered Certified Accountants (ACCA) has been held recently, discussing on the opportunities and challenges of Industrial 4.0 to the accounting and auditing sector in Hanoi.
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Recently, there has been a submission of the 4th version of the draft decree on electronic invoicing to the Prime nester. After being taken into accounts of Government members’ comments, the draft decree is now waiting for review. According to the new Decree, electronic invoice will be made compulsory for the majority of taxpayers. Its effect is supposed to be after 45 days from the date of signing. Moreover, there would a transition period of 2 ears from the effective that the Decree applies.
Personal Income Tax (PIT) is not the concern of the tax residents themselves. As the one who makes payment to its full time/ part time employees, organizations are legally bound for paying PIT on behalf of the tax resident. Therefore, PIT management and calculation is one of the important tasks involving the accounting team.
Acoording to the Decree 81/2018/ND-CP issued by the Government on May 22th 2015, the pervious Decree 37/2006/ND-CP will be sperseded. Under the new decree, commercial promotions will be provided with Subordinate Guidance to Commerce Law. However, it was not until July 15th 2018 that Decree 81 took place, requesting some significant changes as listed below:
Recently, Vietnam has announced some changes in the future value added tax (VAT) and Corporate Income Tax (CIT). Therefore, S4B Vietnam will draw out some significant change in the new tax plolicy for international organiztions to take note and maintain compliance with the new regularions.