The Vietnamese government manages and controls all business operating activities of foreign-owned enterprises (FOE) through a report regime, with required monthly, quarterly, 6 month and annual reports. This article provides an overview of the annual reports that an enterprise must conduct and submit to relevant state authorities.
As the legally permissible business lines for ROs differ from foreign-owned entities (FOEs), namely ROs are not allowed to directly conduct profit-generated business activities, the annual reporting requirements are different for ROs as well. Prior to the final working day of January of the following year, ROs must submit a report their operations during the previous year to the Department of Industry and Trade in the province in which the ROs is based.
In addition to completing corporate income tax (CIT) finalization, enterprises must complete personal income tax (PIT) on behalf of their employees, and submit audited annual financial statements to the relevant authorities within 90 days after the end of the fiscal year
On April 22, 2013, the Vietnamese Ministry of Industry and Trade (MOIT) issued Circular No. 08/2013/TT-BCT (hereinafter referred to as "Circular 08") regarding the activities of selling goods and related activities by foreign invested enterprises (FIEs) in Vietnam.
Following the relevant customs procedures when importing or exporting goods from Vietnam is one of the most vital aspects of doing business in a country where manufacturing costs are leveraged to its favor.
The Vietnamese Ministry of Finance has issued a new circular which amends its preferential import duties on various commodities. Currently scheduled to be implemented from May 19, 2013.
In an effort to boost investment in Vietnamese businesses and to support struggling enterprises, Vietnamese lawmakers have approved the Government’s proposal to reduce the current general corporate income tax (CIT) rate from 25 percent to 23 percent.
The amendment proposes an expansion of the current PPP laws to cover new sectors including agriculture, offices, culture and the construction of markets. Other changes will result in an additional number of incentives for investors.
