Legal Document

1. To amend and supplement a number of guidelines on reasonable expenses in enterprise income tax 

Circular No. 25/2018 / TT-BTC of March 16, 2015 amending and supplementing a number of provisions on deductible expenses, not yet deductible when calculating enterprise income tax, specifically:

- Addition of non-deductible fixed asset depreciation deductions for cases of transfer of enterprises (part of capital or the whole enterprise).
- Expenditures on labor insurance for employees in excess of the prescribed level or failure to specify the eligibility conditions in the dossiers shall not be deducted when calculating CIT.
- Raise the level of deductible expenses when calculating CIT for voluntary retirement contributions, voluntary retirement insurance, life insurance for laborers, ... up to VND 3 million / month / person; However, the following requirements must be satisfied:
+ The conditions of entitlement and level of benefit shall be specified in one of the following documents: labor contract; Collective labor agreement; Financial regulations of the company, corporation, group; ...
+ Enterprises must fulfill compulsory insurance obligations for employees (including cases of compulsory insurance).

(Source: Circular No. 25/2018 / TT-BTC effective from May 1, 2015)

2. Remove accounting vouchers fined up to 05 million

This content is stipulated in Decree No. 41/2018/ND-CP dated 12/03/2018 on sanctioning of administrative violations in the field of accounting and auditing. Accordingly, if an inpidual commits one of the following acts, he / she will be subject to a fine of between VND 3 million and VND 5 million:
- Erasing, correcting accounting vouchers (current regulations only fine up to 01 million);
- Forms of accounting vouchers which do not contain all the principal contents as prescribed;
- To sign accounting vouchers in red ink, fade ink or seal with carved signature;
- Vouchers for unspent money.

(Source: Decree No. 41/2018 / ND-CP effective from May 1, 2015)

3. More goods are e-customs declaration

This is a prominent feature of Decree No. 59/2018 / ND-CP amending the Decree No. 08/2015 / ND-CP guiding the Customs Law on customs procedures, inspection, supervision and control.
Accordingly, some types of goods are now declared on the customs declaration paper, from the effective date of Decree 59, customs declarants may apply the electronic declaration method if they wish, specifically in the following cases here:
- Goods exported or imported in excess of the duty-free quotas of people on exit or entry;
- Emergency relief goods, humanitarian aid goods;
- Gifts, gifts, moving assets of inpiduals;
- Goods are means for storing goods by way of temporary import for re-export, temporary export for re-import according to regulations;
- Goods temporarily imported for re-export or temporarily exported for re-import in service of work within a certain period of time in case of bringing passengers on exit or entry;
- And some other goods as regulated by the Ministry of Finance.

(Source: Decree No. 59/2018 / ND-CP effective from 05/06/2018)

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