Avoiding Tax penalty risks when finalizing 2024 Personal Income Tax
The process of finalizing Personal Income Tax (PIT) for 2024 is currently a matter of concern for businesses and individuals as the submission deadline approaches. Determining the submission deadline for PIT finalization, the responsibilities of businesses and individuals paying income, and the obligations of individuals finalizing PIT directly are areas prone to errors and require […]
Mandatory update of personal and online identification numbers for social & health insurances participants
Since 2022, the Vietnam Social Security (VSS) have been implementing, guiding businesses on the procedures for updating personal/ online Identification numbers in employee records. This implementation follows Decision No. 06/QĐ-TTg dated 6 January 2022, issued by the Prime Minister to digitalize the national citizen database and Official Letter No. 1147/BHXH-TST dated 4 May 2022, from […]
Preventing Tax Penalty Risks in 2025
As tax regulations continue to evolve, businesses must stay informed to avoid penalties. The National Assembly and Government have passed significant tax law amendments in 2024, which take effect in 2025. These changes impact Value-Added Tax (VAT), Corporate Income Tax (CIT), and related-party transaction regulations. Additionally, stricter enforcement of the Tax Administration Law grants authorities […]
Plan to Restructure Tax Authorities
According to Report 219/BC-BNV (2025) by the Ministry of Home Affairs on the Supplementary Report, which details efforts to restructure and downsize the Government’s organizational framework, the Ministry of Finance is expected to implement the following changes: As a result, the number of tax management focal points within state agencies will be significantly reduced through […]
Avoiding Tax penalty during the finalization of corporate income Tax in 2024
The finalisation of Corporate Income Tax (CIT) for 2024 is currently the main focus for the majority of businesses as the financial year has just ended. The process of determining revenue, deductible expenses, and income eligible for incentives when finalising CIT are issues that are often prone to errors and need to be noted. Companies […]
Major law changes on tax application and administration
As with the fast-changing pace of the business and investment environment in the digital age, current legal regulations in Vietnam have revealed many limitations in administration and practical application to suit the development needs of new business models and the increase in average personal income. On November 30, 2024, the 8th session of the National […]
Russel Bedford KTC HCM Newletter 01.2025
MAJOR LAW CHANGES ON TAX APPLICATION AND ADMINISTRATION As with the fast-changing pace of the business and investment environment in the digital age, current legal regulations in Vietnam have revealed many limitations in administration and practical application to suit the development needs of new business models and the increase in average personal income. On November […]
KTC Online Talk: New updates on Tax Law & drafts impact on Businesses & Individuals
Recently, the government and tax agencies have increased audit and inspection activities related to tax compliance. Additionally, many new tax regulations are being amended and introduced to better align with the evolving landscape of more complex business models. In this Tax Talk, KTC will share and discuss with participants the changes in new tax laws […]
Effective cashflow management
Cash flow management is always a hot topic in every business, especially in times of recession and instability as currently experienced in the Vietnamese economy. The coordination between CEO and CFO (Chief Executive Officer and Chief Financial Officer) is a crucial factor that can determine the success or failure of business strategies. The common flaw […]
Preparing for Tax finalisation
Tax finalisation is a familiar and crucial annual task of the accounting and finance department. In addition to the mandatory compliance with the submission deadline, the declared information is also the basis for the tax authority to utilize and select subjects for audit/ inspection planning purposes. In many cases, the tax authority does not conduct […]
