Highlight of Tax, Fees - Charges and Monetary Legal Documents

1. Adjustment of Social Insurance Contribution Salaries and Monthly Income

On December 28, 2016, the Ministry of Labor, Invalids and Social Affairs issued Circular 42/2016/TT-BLDTBXH regulating the adjustment level of salaries and monthly income for social insurance (SI) contributions. Accordingly:

- The adjustment level for salaries contributed to SI for corresponding years (prior to 1995 and from 1995 to 2017) is implemented according to Table 1 of this Circular.- The adjustment level for monthly income contributed to SI for corresponding years (from 2008 to 2017) is implemented according to Table 2 of this Circular.

Circular 42/2016/TT-BLDTBXH takes effect from February 11, 2017; the regulations of this Circular are applicable from January 1, 2017.

1. Upgrading the Electronic Tax Payment Application in 2017

On January 03, 2017, the General Department of Taxation issued a notice about upgrading the electronic tax payment application (ETPA). The application has been upgraded to include additional subcategories for business license fee (BLF) accounting, effective from January 01, 2017 as follows:

- Code 1800 includes economic content codes: 1801, 1802,…1806, 1849 converted into subcategory codes before 2016.- For BLF incurred and paid from 2017: additional economic content codes: 2862, 2863, 2864, details:- Level 1 BLF for enterprises paying 3,000,000 VND/year and household businesses paying 1,000,000 VND/year: Record under subcategory 2862.- Level 2 BLF for enterprises paying 2,000,000 VND/year and household businesses paying 500,000 VND/year: Record under subcategory 2863.- Level 3 BLF for enterprises paying 1,000,000 VND/year and household businesses paying 300,000 VND/year: Record under subcategory 2864.

See the detailed Notice HERE.

See the User Guide HERE.

1. Publication of Exchange Rates for January 2017

According to Notice 5719/TB-KBNN dated December 30, 2016, of the State Treasury, the exchange rates for January 2017 between the Vietnamese Dong and foreign currencies have slight fluctuations. Specifically:

- 1 USD (United States Dollar) = 22,137 VND.- 1 EURO (Euro) = 23,328 VND.- 1 GBP (British Pound) = 27,182 VND.- 1 AUD (Australian Dollar) = 16,021 VND.- 1 CNY (Chinese Yuan) = 3,187 VND.

See more exchange rates between the Vietnamese Dong and other foreign currencies at Notice 5719/TB-KBNN.

1. Guidelines for Accounting Business License Fee in 2017

​The General Department of Taxation issued Official Dispatch 27/TCT-KK on January 05, 2017, guiding the accounting of business license fees (BLF). The application has been upgraded to support the accounting of obligations and receipts of BLF in 2017 under the new subcategories as follows:

- The TMS application has been upgraded to allow accounting of obligations and receipts of BLF under new subcategories.- The electronic tax payment application, E-tax, has been upgraded to include new subcategories in the economic content list for taxpayers to select. Specifically, subcategory 2850: Business license fee (..., BLF from 2017):- Subcategory 2862: Level 1 BLF.- Subcategory 2863: Level 2 BLF.- Subcategory 2864: Level 3 BLF.- The electronic tax payment application, E-tax, has been upgraded to update the named subcategories of BLF accounting according to the old regulations to avoid confusion for taxpayers.

In addition, Thu Ky Luat has updated many documents in fields such as education, accounting, auditing, etc. such as:

1. Circular 26/2016/TT-BGDDT issuing the Regulations on admission, organization of training, selection, and allocation to university education; colleges, intermediate pedagogical levels for pre-university students;
2. Resolution 325/2016/UBTVQH14 stipulating policies for State Audit Office officials;
3. Decision 10/2016/QD-KTNN prescribing the list of audit records; policies for submission, preservation, exploitation, and destruction of audit records;
4. Decree 174/2016/ND-CP guiding the Accounting Law

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