TAX AUTHORITIES’ RECENT ACTIVITIES SHOW THE HIGH INTENTION OF THE VIETNAMESE GOVERNMENT TO PREVENT ILLEGAL TRANSFER PRICING

Transfer pricing and transfer pricing control have currently become “hot” issues in Vietnam. Vietnam still remains the growth of foreign direct investment (“FDI”) over the years. However, the efficiency of FDI capital is still in question. The significant growth of FDI companies in Vietnam has raised increasingly complicated tax matters. These matters may be raised […]

INCREASING THE FAMILY CIRCUMSTANCE PIT DEDUCTION

Introduction

Resolution No. 954/2020/UBTVQH14 was promulgated on June 2, 2020 by the Standing Committee of the National Assembly which has adjusted the family circumstance deduction of PIT (Resolution 954). The Resolution shall officially come into effect on July 1, 2020. Resolution 954 will adjust the family circumstance reduction specified in Article 19.1 of the Law […]

EXTENSIONS FOR TAX AND LAND USE FEE PAYMENTS IN THE CONTEXT OF COVID – 19

Covid-19 is no longer only a health sector problem since its impact has been widespread throughout all aspects of people’s lives.  The global and Vietnam’s economy has experienced severe damage due to massive lockdowns and social distancing. Many enterprises, organizations, households, and individuals have had to shut down their businesses leading to great economic losses. […]

TAX SUPPORT MEASURES TO ASSIST BUSINESSES AMID COVID-19 OUTBREAK

Introduction

 On March 3, 2020, the General Department of Taxation (“GDT”) issued Official Letter No. 837/TCT-QLN providing guidance on qualification for extension of tax payment, exemption of late payment for taxpayers. The letter noted that due to the serious impact of the Coronavirus (COVID-19) outbreak, many businesses have suffered significant damages, faced many challenges in production […]

MAIN REQUIREMENTS TO PROVIDE TAX AGENT SERVICES

Tax agent services is one of the conditional business lines stipulated in the Law on Investment 2014.

On June 19, 2019, the General Department of Taxation (“GDT”) issued Official Letter No. 2482/TCT-TTHT (“OL 2482”) regarding the Department of Planning and Investment HCMC’s concerns on requirements to adjust the Investment Registration Certificate for supplementing business line of […]

NEW REGULATIONS ON TAX ADMINISTRATION LAW 2019

On June 13, 2019, the new Tax Administration Law (“TAL”) was passed by Vietnam’s National Assembly. TAL will come into effect on July 1, 2020, except the regulations on E-Invoicing applications, which will come to effect on July 1, 2022. This new law supplements as well as covers previous insufficient regulations.

Extending the deadline for filing […]

By |October 1st, 2019|Tax & Transfer Pricing, The Legal Breaking News|0 Comments

U.S. SLAPS DUTIES ON STEEL FROM VIETNAM ORIGINALLY PRODUCED IN SOUTH KOREA, TAIWAN

Ref.: Alert to Affirmative Preliminary Circumvention Rulings on Exports of Steel Products from Vietnam First Produced in Korea and Taiwan

The law firms of VCI Legal and Sidley Austin would like to present our best compliments to your company and bring your attention to an important legal matter for your esteemed company.

On 2 July 2019, the […]

A LOOK AT VIETNAM’S IMPLEMENTATION ON TARIFF COMMITMENTS UNDER CPTPP

On 26th June 2019, the Government of Vietnam promulgated a Decree No. 57/2019/ND-CP (“Decree 57”) on new Tariff Preference on Export and Import for the period from 2019 to 2022, including requirements for application of tariff preference as well as tariff schedule.  The Decree 57 is to implement the Comprehensive and Progressive Agreement for Trans-Pacific Partnership […]

INVESTMENT DISPUTE RESOLUTION IN VIETNAM

With stable and high economic growth, Vietnam is currently a country with the highest investment attractiveness in the region. However, the movement of these investment flows is also a potential risk as the number of disputes has increased and the nature of these disputes is more complex than before. The question is what we should […]

FOREIGN CURRENCY PAYMENT IN VIETNAM-CHINA BORDER TRADE AREA

On 28th August 2018, the Circular 19/2018/TT-NHNN on guiding about foreign exchange management for border trade activities between Vietnam and China (“Circular 19/2018/TT-NHNN”) has been issued. Circular 19/2018/TT-NHNN replaced Decision No 689/2004/QD-NHNN (“Decision 689/2004/QD-NHNN”).

Effective from 12th October 2018, Circular 19/2018/TT-NHNN aims at boosting cross border trade, facilitating trade between the two countries, and better performing […]