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 […]

LEGAL BRIEF ON TRANSFER PRICING

Vietnam is one of the countries with advanced laws on transfer pricing which are in compliance with global accounting standards. However, many enterprises doing business in Vietnam find Vietnamese laws on transfer pricing difficult to understand or to be complied with. This paper explains the basic principles laid down in Vietnamese laws on transfer pricing […]

AMENDMENT AND SUPPLEMENT TO SOME ARTICLES OF VIETNAM’S TAX LAWS 2014

On November 26th 2014, the National Assembly passed Law No. 71/2014/QH13 which took effect on January 1st, 2015, amending and supplementing some articles of the Tax Laws with the significant provisions as follows:

Law on Corporate Income Tax:

Adding expenditure for vocational education to the list of deductible expenditures when calculating taxable income;
The 15% cap on advertising, […]

By |January 27th, 2015|Tax & Transfer Pricing|0 Comments

MINISTRY OF FINANCE GUIDANCE ON CORPORATE INCOME TAX INCENTIVES FOR INVESTMENT PROJECTS IN VIETNAM

The Ministry of Finance issued Official Letter 12404/BTC-TCT on 5 September 2014, guiding Corporate Income Tax (“CIT”) for new investment projects and extended investment projects from 1 January 2014.

CIT incentives for new investment projects
Where an enterprise, which is not entitled to CIT incentives, establishes a branch in an industrial zone (except those located in favorable […]

By |December 4th, 2014|Tax & Transfer Pricing|0 Comments

EXEMPTION OF IMPORT DUTY FOR CERTAIN GOODS OF CAMBODIAN ORIGIN

On April 1, 2014, The Ministry of Finance published Circular 68/2011/TT-BTC guiding on preferential import tariffs for goods of Cambodian origin (“Circular 68”) .1

According to Circular 68:

Exemption of import duties for goods of Cambodian origin, including:

Coconuts, Brazil nuts and cashew nuts;
Date-palms, figs, pineapples, avocados, guavas, mangoes and mangosteens, melons (including watermelons) and raw papayas;
Rice, honey […]

By |May 9th, 2014|Tax & Transfer Pricing|0 Comments

DETAILING SOME NEW POINTS OF CORPORATE INCOME TAX AND VALUE-ADDED TAX

On August 13, 2013, the Government promulgated Decree No. 92/2013/ND-CP(1) detailing some articles which took effect from July 1, 2013 of the Law amending and supplementing a number of articles of the Law on Corporate Income Tax (“CIT”) and the Law amending and supplementing a number of articles of the Law on Value-Added Tax (“VAT”):

Apply […]

By |October 19th, 2013|Tax & Transfer Pricing|0 Comments

AMENDMENT TO CORPORATE INCOME TAX

On June 19, 2013, the National Assembly passed Law No. 32/2013/QH13 amending some articles of the Law on Corporate Income Tax (“CIT”) No. 14/2008/QH12 dated June 3, 2008 (collectively, “Amended Law on CIT”)1.

The Amended Law on CIT brings many favorable provisions for enterprises and cooperatives, as follows:

New Tax Incentives:

CIT Reduction from 25% to 22% from […]

By |July 23rd, 2013|Tax & Transfer Pricing|0 Comments

UPDATE ON PERSONAL INCOME TAX

On June 27, 2013, the Government issued Decree No. 65/2013/ND-CP amending and supplementing the current Law on Personal Income Tax (“Decree 65”)1.

Decree 65 introduces several changes as follows:

Tax Residence:Foreign nationals renting a house for more than 183 days/year in Vietnam are subject to PIT in Vietnam (instead of 90 days under the previous regulations).
PIT Deduction […]

By |July 20th, 2013|Tax & Transfer Pricing|0 Comments