VIETNAM: COVID-19 VAT IMPLICATIONS

VIETNAM – Update 9th June

Five-month deferral of VAT payment shall be granted to eligible taxpayers

As COVID-19 disrupted supply chains and battered global economies, the Vietnamese government issued several incentives to counter the impact of the pandemic including license fee cuts, financial incentives for employers and employees, and the deferral of tax payments.
 
Source Credit – vietnam-briefing
 

VIETNAM – Update 15th April

Vietnam delays mandatory e-invoicing

Vietnam has issued a draft decree to delay the mandatory requirement for businesses to produce electronic invoices. The implementation date is being moved from 1 November 2020 to 1 July 2022. The delay recognises the difficulties businesses are experiencing during the COVID-19 crisis. However, there was still many issues outstanding, including reporting cross-border transactions or how different government agencies would accept e-invoices.

Source credit – Richard Asquith (Avalara)

Related services: