President of the United States Abraham Lincoln once said, “Give me six hours to chop down a tree, and I will spend the first four sharpening the axe”. Mr. Abraham Lincoln, who is the sixteenth president of the United States, is among the four greatest presidents of the United States. He was the proclamation to end slavery in the United States, and urged Congress to add the Thirteenth Amendment to the U.S. Constitution, federally outlawing slavery. His work freed more than four million slaves in the United States, and spread all over the world. His image is printed on the US five dollar bill.

Recently, the word IFRS has been mentioned a lot in the fields of accounting, auditing, corporate finance, and monetary - banking. In today's topic, we will learn about IFRS, and how IFRS is being applied in Vietnam. So, what is IFRS? IFRS is short for International Financial Reporting Standards. Currently, IFRS includes 16 standards.

We already shared you the information of foreign contractor tax such as the concept, the tax payer, the exemption from foreign contractor tax, the identification of foreign contractor tax when arising foreign elements. A kind reminder, foreign contractor tax roughly is a tax collected from foreign organizations and individuals that do not register their business in Vietnam, but have benefits in land, sea, airspace, underground, cyberspace in the territory of Vietnam.

In business activities, most businesses encounter a case of sales but not receiving money. There are many reasons for not receiving money such as: disagreement between the seller and the buyer; the buyer has financial difficulties, runs away ,or goes bankrupt. In order to solve the above problem, according to international accounting and tax practices, the State allows enterprises to include in deductible expenses when calculating corporate income tax on irrecoverable receivable debts.

Foreign Contractor Tax is no longer new tax, but enterprises concurrently are always confused or cannot acknowledge whether they have incurred foreign contractor tax. We would like to share 2 topics for your reference: What is foreign contractor tax, and how to calculate foreign contractor tax?