Tax Academy

Objectives

Learners can understand, explain and compute the FCT liabilities.

Outcome

Ability to understand the applicability of FCT and various issues arising from dealing with non-resident service providers.

Agenda

• Day 1
  - Brief overview of FCT (what is FCT, who is subject to FCT, when and how to declare and pay FCT, etc.)
  - Scope of FCT (exempt transactions)
  - FCT calculation:
  + Taxable revenue (NET/GROSS)
  + Tax rates on common transactions
  - Impact of double tax agreements
• Day 2
  - Case study: Determine FCT rates applicable and calculate FCT in common transactions with foreign contractors (e.g., delivery of M&E in Vietnam's territory, with attached services and payment of interest)
  
  

  1.5 days
(3 hours/session x 3 sessions)

  Classroom

Target audience

• Accountancy staff (junior level)
• Accountancy students
  

Objectives & Outcome

Ability to understand, explain and compute CIT liabilities of both domestic and foreign-owned companies.

Agenda

• Day 1
  - Brief overview of CIT (what is CIT, who is subject to CIT, when and how to declare and pay CIT, etc.)
  - Key concepts in CIT (tax period, taxable income, exempt income, conditions for deductible expenses, non-deductible expenses, tax incentives, temporary and permanent difference, etc.)
  - The format of the final CIT return
  - How to read audited financial statements (FS) for CIT purposes
• Day 2
  - Key adjustments to the CIT returns, including permanent adjustments and temporary adjustments, including but not limited to:
  + Accruals and provisions
  + Fixed assets depreciation
  + Realised/Unrealised FX
  + Interest expenses, EBITDA cap
  + Employment expenses
  + Expenses unrelated to business
  - How to get information from FS/TB/GL?
  - CIT incentives (basic overview of the CIT incentives regime, allocation of CIT incentivised vs. non-incentivised taxable income etc.)
  - Practical issues (e.g., CIT deductibility of intercompany transactions)
  
  Day 3 - Case study (preparation of a sample CIT return)
  

  3 days
(3 hours/session x 6 sessions)

  Classroom

Target audience

• Accountancy staff (junior level)
• Accountancy students
  

Objectives

Learners can understand, explain and compute the effects of value added tax on businesses.

Outcome

Ability to understand VAT compliance obligations and general VAT issues, which can minimise non-compliance penalties/costs. To help understand the exemptions that may be available to the Company.

Agenda

• Day 1
  - Brief overview of VAT (what is VAT, who is subject to VAT, when and how to declare and pay VAT, etc.)
  - Key concepts (output VAT, VAT exempt objects, VAT rates, VAT invoices, conditions for creditable input VAT, etc.)
  - Practical concerns when preparing VAT returns, determination of VAT liability
• Day 2
  - Case study (preparation of a sample VAT return)
  

  1.5 days
(3 hours/session x 3 sessions)

  Classroom

Target audience

• Accountancy staff (junior level)
• Accountancy students
  

Objectives & Outcome

Ability to understand and attend to transfer pricing compliance requirements.

Agenda

• Day 1 - General topics
  - Induction of transfer pricing principles/concepts
  - Overview of the five transfer pricing methods
  - Overview of comparability and the arm's length principle
  - Overview of the best TP method (differentiate the price setting vs price testing)
• Day 2 - Specific TP regulations
  - Overview of the Vietnam TP regulations
  - Introduction on the VN TP compliance requirements:
  + Three-tiered TP documentation (including Local File, Master File and CbCR)
  + The TP declaration forms
  + Overview of the benchmarking study approach
  - Identification of TP risk areas
  - Practical sharing of TP implications for consideration, and how to mitigate these exposures

  2 days
(3 hours/session x 4 sessions)

  Classroom

Target audience

• Accountancy staff (junior level)
• Accountancy students
  

Objectives

Learners can understand, explain and compute the PIT and compulsory social insurance liabilities.

Outcome

Ability to understand, explain and compute PIT liabilities and compulsory social insurance obligations.

Agenda

• Day 1
  - Brief overview of PIT (what is PIT, income subject to PIT, when and how to declare and pay PIT, etc.)
  - Key concepts (residency, tax year, taxable income and exempt income treatments, deduction, etc.)
  - Practical concerns when preparing PIT returns
• Day 2
  - Brief overview of compulsory social insurance obligations
  - Key concepts
  - Practical concerns when determining social insurance obligations
• Day 3
  - Case study (e.g., preparation of one sample of monthly PIT returns and final PIT return for expat, one sample of monthly PIT returns and final PIT returns for local staff, and one sample of month SIHIUI reports for local staff).
  

  3 days
(3 hours/session x 6 sessions)

  Classroom

Target audience

• Accountancy staff (junior level)
• Accountancy students