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NEW UPDATES OF LAW ON ENTERPRISES 2020

(23/09/2020)

On 17 June 2020, the National Assembly had issued Law on Enterprises No. 59/2020/QH14 (“EL 20”) replacing Law on Enterprises No. 68/2014/QH13 (“EL 14”). EL 20 is effective from 1 January 2021 with the main points as below:

1. Changing the “state enterprise” definition

2. Adding more entities prohibited from establishing and managing enterprises

CONCERNS OVER ERP SYSTEM AND REAL SOLUTIONS FOR ERP

17/08/2020

ERP system is a management software system which not only has a numerous effect in business, human resources, warehouse, finance ... but also helps the enterprise manage general operations, thereby saving a lot of time and increasing working efficiency.

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

31/7/2020

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

13/07/2020

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:

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