Other Briefings
Vietnam Cuts Bureaucracy, Reduces 256 Administrative Procedures
Jun. 9 – In an effort to increase transparency and modernize the economy, the Vietnamese government announced plans to reduce 256 administrative procedures on Monday. The reform is the keystone of Project 30, a sweeping four-year overhaul of government administration that aims to simplify Vietnam’s 24 ministries and 63 provinces. Included in the reform are […]
New Environmental Tax Law Submitted to Vietnam’s National Assembly
Jun. 2 – Deputies of Vietnam’s National Assembly debated and discussed the new Law on Environmental Protection Tax on Monday as the government tries to find a way to mitigate the negative environmental externalities the country is experiencing as a result of its rapid economic development and modernization. The new environmental legislation is an attempt […]
Vietnam’s Central Bank to Keep Interest Rate at 8%
HANOI, Jun. 1 – Vietnam’s central bank announced on Monday that it will leave its benchmark interest rate unchanged next month, keeping the measure at the same level held since early December. The base rate will stay at 8 percent in June, the State Bank of Vietnam said in a statement on its web site […]
Vietnam Increases Tax on Bonds and Certificates of Deposits Held by Foreign Investors
May 17 – Starting June 7, authorities are increasing the tax applicable for foreign investors doing business or earning income in Vietnam on interest earned from bonds – not including government bonds and certificates of deposit to 10 percent. Currently, interest from bonds held by foreign investors are charged a lower effective tax rate of […]
Withholding Tax Payments for Foreign Contractors
HANOI, May 12 – Foreign contractors are subject to withholding tax on payments for work done in the country based on contracts signed between them and Vietnamese partners. The foreign contractor withholding tax (FCWT) will be applicable for payments received from Vietnam for services in the country not including the pure supply of goods, services […]
Gas Import Tax Rate Reduced
May 7 – Government authorities have reduced import tax rates for certain commodity items, including gas, according to Circular No. 59/2010/TT-BTC issued last month. The import tax for gas has been reduced from 20 percent to 17 percent. The move is part of government efforts to contain rising gasoline prices and help affected gas companies. […]
Companies Allowed to Offset 2009 PIT Overpayments
May 4 – The Ministry of Finance clarified in an official letter released last month that employers or withholding organizations will be allowed to balance PIT overpayments against underpayments among its employees. According to Official Letter 4238/BTC-TCT, in cases where the employees have made an overpayment, the employer will need to refund the overpayment back […]
Vietnam Mulls Tax Relief for SMEs
HANOI, Apr. 19 – The Vietnamese government is considering cutting corporate income taxes for small and medium-sized enterprises, Deputy Prime Minister Hoang Trund Hai said on Friday. Speaking at an economic conference in Hanoi, the deputy PM said that the government had issued a resolution aimed at helping the country achieve its growth target of […]
New Issue of Vietnam Briefing: Managing Human Resources in Vietnam
Apr. 15 – In this issue of Vietnam Briefing magazine we tackle the legal aspects of managing human resources in the country. Many foreign investors move operations to Vietnam to take advantage of its large, skilled and inexpensive labor force. As the economy expands further and more business enters the country, it will increasingly become […]
Employers Allowed to Use Customized Personal Tax Receipts
Apr. 7 – The Ministry of Finance announced last month that companies may use their own customized personal income tax receipts to issue to employees. Prior to Circular 37, employers had to get pre-printed PIT receipt books from local tax authorities. Employers will be allowed to print their own receipts if they meet the following […]
