IMPORT EXPORT DUTIES & CUSTOMS
- New guidance on the declaration of goods being plant-derived products with name and description stipulated under both the nomenclature of medicinal herbs and nomenclature of plant-derived food.
- Granting duty exemption for imported material serving export-manufacturing business with certain outsourced process.
- Applying VAT on the import of outsourced products from EPE to domestic zone, even if 100% materials are supplied by the domestic contract owner.
- Some guidance for the importation of medicine and medicinal ingredients.
- No requirement on import license for houseware rubber gloves.
- Supervising goods under intellectual property right infringement upon the GDC’s acceptance.
CORPORATE INCOME TAX (CIT)
- Tuition fee for children of Vietnamese citizen, who is an employee of foreign company and assigned to work in Vietnam, will be taxed for PIT.
- Expense to buy life insurance for clients is not deductible for CIT.
- Expenses during production suspension due to Covid-19 pandemic shall be deductible for CIT.
- The Government will accept contributed expenses to prevent and control Covid-19 as deductible expenses for CIT purpose.
FOREIGN CONTRACTOR TAX (“FCT”)
- Sales of scrap on behalf of a foreign company are taxable for FCT purpose.