Decree No. 12/2015/ND-CP (Decree 12), on the implementation of Law No. 71/2014/QH13 was issued on 12 February 2015 and which is effective from 1 January 2015.
The main changes regarding tax administration are summarized below:
Supporting documents which have earlier been submitted to the tax authorities need not be submitted again with the tax returns.
- Regarding VAT, Special Consumption Tax and natural resources tax, no detailed lists or supporting documents are required to be submitted together with the monthly/quarterly tax return.
- The applicable exchange rate for computing import/export duty shall follow the provision under clause 3, article 21 of Decree 08/2015/ ND-CP of 21 January 2015 providing guidance on the implementation of the Law on Customs. Per Circular 26, the foreign exchange conversion rate of revenue, expenses and taxable prices should adhere to Circular 200/2014/TT-BTC.
- A single interest rate at 0.05% per day will apply on late tax payment instead of two rates of 0.05% per day and 0.07% per day as previously. Circular 26 clarifies that the new rate applies to penalties imposed from 1 January 2015 onwards.
