Roadmap to apply the Vietnamese Financial Reporting Standards (VFRS) in alignment with IFRS



On 16 March 2020, the Ministry of Finance issued Decision No. 345/QĐ-BTC approving a scheme to apply financial reporting standards in Vietnam. For detailed objectives and roadmaps, please click here.


Revision to threshold on deductible interest expense


On 24 June 2020, the Government had issued Decree 68/2020/NĐ-CP (“Decree 68”) revising, amending Clause 3, Article 8 of Decree 20/2017/NĐ-CP (“Decree 20”) on tax administration applicable for enterprise having related party transactions. Decree 68 is effective from the signing date and applied from the tax year 2019. Below is a summary of the significant changes compared with Decree 20:

Increase tax reduction threshold to VND 11 million

In accordance with Resolution No. 954/2020/UBTVQH14 dated 2 June 2020, individual taxpayer shall be enjoyed a reduction from her monthly taxable income:

Application dossier for unemployment benefits
During the period when the COVID-19 epidemic casts a shadow over the economics in all industries in Vietnam, many workers suffered unemployment when factories endured lack of supply, cutting contracts by customers .... 
Decree 28/2020 on penalty for admin violations in labour areas
The Decree No. 28/2020/ND-CP dated 1 March 2020 of the Government regulates penalties for administrative violations in the fields of labor, social insurance, and overseas manpower supply under contract.