In Vietnam,what are regulations on applications, information and data used when applying for APA ?

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• Regulations on applications, information and data used when applying for APA in Vietnam:
• What are regulations on appraisal of applications for APA in Vietnam?

Regulations on applications, information and data used when applying for APA in Vietnam:

Pursuant to Article 6 of the Circular 45/2021/TT-BTC stipulating applications, information and data used when applying for APA as follows: 

1. Applications for APA shall comply with Clause 3 Article 41 of the Decree No. 126/2020/ND-CP

The application for APA shall be made in Vietnamese language; in the case of an application for bilateral APA or multilateral APA, an English translation is required. The taxpayer shall append their seal to and take responsibility for the translation.

For the application for bilateral APA or multilateral APA, the taxpayer shall assume responsibility for the consistency of contents of the application submitted to the Vietnamese tax authority with those of the application submitted by the related party to which the APA is proposed to be applied to the party tax authority.

2. Information, data and database used must comply with the regulations set out in Point b Clause 6 Article 42 of the Law on Tax Administration and Article 17 of the Decree No. 132/2020/ND-CP.

What are regulations on appraisal of applications for APA in Vietnam?

Pursuant to Article 7 of the Circular 45/2021/TT-BTC stipulating appraisal of applications for APA as follows: 

1. The General Department of Taxation shall appraise taxpayers’ applications for APA in order to examine, compare, determine and assess the adequacy, accuracy, legality, reasonableness and validity of information and data provided by the taxpayers to make an assessment of the transfer pricing method and selected comparables which are appropriate for determination of prices, profit margins, or profit split ratios for the transactions to which an APA is proposed to be applied.

2. During the appraisal, the General Department of Taxation may adopt the following measures:

a) Request the taxpayers and relevant organizations and individuals to explain and clarify information in the applications for APA;

b) Impose tax administration measures on the taxpayers so as to verify the adequacy, accuracy, legality, reasonableness and validity of information and data provided by such taxpayers.

Best regards!