Tax & Accounting

PM Approves PPP Pilot Program for Transportation Infrastructure

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Nov. 22 – Vietnam’s government has approved guidelines for a new public-private partnership (PPP) pilot program that will initially serve as a model for all projects involved in the development of the nation’s transportation infrastructure. In order for a project to be eligible for the PPP program under the new regulations, it would need to […]

New Minimum Capital Requirement May Soon Be Instituted for Companies Looking to List in Vietnam

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Nov. 18 – Vietnam’s State Securities Commission is looking to increase the minimum capital requirement for companies wanting to list on the nations bourses. In a new draft currently being prepared by the stock regulator, any company that wishes to be listed on the Ho Chi Minh Stock Exchange will need to have a minimum […]

Vietnam’s Trade Deficit Forecast to Hit US$13.5 Billion this Year

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Oct. 20 – Despite a 19.1 percent rise in exports this year, Vietnam’s government on Wednesday projected that the country’s trade deficit will grow to US$13.5 billion this year, putting pressure on the authorities to once again devalue the dong. Vietnam’s dong has already seen three devaluations over the last year, with the last one […]

Update on Treatment of Non-Public Joint Stock Company Shares

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Sept. 29 – The Ministry of Finance has confirmed that shares of non-public joint stock companies will not be treated as securities following Letter 12501/BTC-CST issued on September 20. Only shares for public joint stock companies will be considered as securities. The latest clarification means that a 25 percent corporate income tax rate will be […]

Cancelation of Express Shipping Taxes to Begin October

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Aug. 20 – Following Government Decree 87/2010/ND-CP, Vietnam will exempt export and import express packages from tax beginning October 1. The decree will also waive tax on imported raw materials or appliances for specific investment sectors or those not made in the country five years after production date.

Update on CIT Incentives and Deductibles

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Aug. 19 – Tax authorities clarified in June that corporate income tax incentives shall not apply to new business activities after a foreign company has already been granted an investment certificate. Official Letter 2057 says a foreign invested company that decides to offer business activities in addition to the activities stated on its investment certificate […]

New Issue of Vietnam Briefing: Establishing Representative Offices in Vietnam

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Aug. 4 – In this issue of Vietnam Briefing, we look at the process of establishing representative offices in Vietnam. As the second best performing economy in the region this year, many foreign investors are now considering building a presence in Vietnam to take advantage of the robust growth. A representative office is the simplest […]

Memo Further Explains 2009 Corporate Income Tax Finalization

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Jun. 24 – An official letter released by the Ministry of Finance on June 7 provided additional guidelines on the 2009 Corporate Income Tax finalization process. Letter 7250/BTC-TCT states that tuition fees for children of expatriates up to the high school level will be considered tax deductible as long as it meets administrative requirements. It […]

Authorities Clarify Treatment of Interest Income and Expense

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Jun. 23 – Authorities have released a letter clarifying the tax treatment of interest income and expense. Letter 1713/TCT-CS provides that net interest income and net foreign exchange gains should be considered as other income. Under corporate income tax regulations, other income is meted a 25 percent tax applicable for the 2009 tax finalization.

Deadline for 2009 Personal Income Tax Extended

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Jun. 18 – Authorities have extended the deadline for 2009 personal income tax (PIT) finalization from May 31 to July 31, 2010. Official Letter 7209/BTC-TCT is the second deadline extension announced for the year. Personal income tax in Vietnam is computed on the average monthly taxable income (divided by 6) and monthly tax rates.

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