On 24 June 2020, Decree No. 68/2020 / NĐ-CP ("Decree No. 68") granted by the Government on amending and supplementing Clause 3 Article 8 of Decree No. 20/2017 / NĐ-CP (“Decree No. 20 ”) on tax administration for enterprises engaged in transfer pricing.
The content of Decree No. 68 involves the level of deductible interest expenses for enterprises engaged in transfer pricing. Decree No. 68 shall take effect from the date of signing and be applied from the 2019 tax period. Also, it allows enterprises to apply the retrospective effect of provisions on deductible interest expenses under the guidance of the Decree for the fiscal year 2017 and 2018, instead of following the guidance of Decree No. 20.
The tax update hereby raises some key points of Decree No. 68.
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