Uni 08-12-2014 - Guidance on amending, adding some articles of tax law

Law No. 71/2014/QH13 issued on 26 Nov 2014 effective from 01 Jan 2015 amending, adding some articles of tax law as follows:

For CIT:

• Adding other incomes
• Adding exemption incomes
• Adding incomes with tax rate incentive

For PIT:

• Business individuals paying PIT in compliance with ratio to revenue for each business field, line (Ratio to revenue for each each business field, line is referred to this official letter).
• PIT exapmtion for:

• Income from salary, wage of crew members who are Vietnamese people working for foreign firms or Viet Nam firms with international transport.
• Income of ship owners, of the individuals have right of using ships from supplying goods, services directly serving exploration activities, fishing offshore and income from crew members working on ships.

• Applying only tax rate of 0,1% to securities transfer prices of each time and do not finalize PIT for the income from securities transfer.

• Applying only tax rate of 0,2% to real estate transfer prices of each time.

For VAT:

• Adding non-liable VAT objects for newly-built offshore ships.
• 5%-liable VAT 3 goods converted into non-liable VAT objects which are fertilizers; animal feed, poultry, livestock; machineries, equipment specialized in agricultural production.

For Tax Administration Law:

• In case of arising revenue, expense, taxable incomes in foreign currency, they must be converted into VND under the exchange rate at the actual time of arising.
• Taxpayers late pay tax amounts must pay full tax amounts and late payments with rate 0,05%/day to the late payments (remove 0,07%/day to the late payments for the late payment days that over 90 days)