Vietnam: Updates on corporate income tax, individual income tax, invoicing and tax administration
Recent tax developments (August 2024)
August 16, 2024
The KPMG member firm in Vietnam has prepared an August 2024 report covering the following recent tax developments:
- Industrial zones: No longer considered difficult socio-economic areas for corporate income tax incentives for expansion investment projects
- Corporate income tax incentives for supporting industrial (SI) products: Income from non-qualified SI products not eligible for corporate income tax incentives under other conditions
- Renewable energy certificates: Income from their transfer not eligible for corporate income tax incentives
- Tax losses: No policy regulating the offset or carry-forward of tax losses among independent investment projects
- Value added tax (VAT) on overseas suppliers: VAT paid to overseas suppliers who declare and pay taxes in Vietnam considered a deductible expense
- Individual (personal) income tax compliance: Strengthened management for dividend income received in shares and bonus shares for existing shareholders
- Invoices from cash registers: Expanded requirement for businesses to issue invoices from cash registers starting in 2024
- MAAC implementation: Vietnam to implement the Multilateral Convention on Administrative Assistance in Tax Matters (MAAC) from January 1, 2024
- Gaming sector compliance: Enhanced tax compliance management for organizations and individuals in the gaming industry