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