Vietnam's Department of Taxation of Hanoi city has issued Official letter No. 71443/CT-TTHT of 11 September 2019, which clarifies the application of the restriction on interest expense deductions introduced in 2017. The restriction limits the deduction of interest expense to 20% of EBITDA. The letter clarifies that the restriction is effective for interest expense incurred on or after 1 May 2017, irrespective of when the relevant loan agreement was signed. The letter also clarifies that if a taxpayer has maintained records to accurately separate the businesses results for the period 1 May 2017 to the end of the fiscal year,...