Tax & Accounting

Circular Clarifies Tax Deferral Scheme for SMEs

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Apr. 6 – A circular issued by the Ministry of Finance last month clarified details of the extension of 2010 corporate income tax payment for small and medium enterprises. Following the previously issued Decision 12, small and medium enterprises  will be allowed CIT payment deferral based on their total capital or annual average number of […]

Filing Corporate Income Taxes in Vietnam

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By Joyce Roque Mar. 25 – Companies operating in Vietnam should be aware that the Vietnamese government has delayed the schedule for quarterly payments of corporate income tax for 2010. Tax payments for the first quarter of the year has been moved to July 30, 2010 and the second quarter payment deadline is now October […]

Taxes Affecting Foreign Investors in Vietnam

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By Joyce Roque Mar. 11 – A foreign investor looking to enter the Vietnamese market must be aware of the taxes that will affect them in the long-term since taxes are implemented on a national level and no state or provincial taxes are in place. These taxes include: Corporate Income Tax Withholding Taxes Capital Assignment […]

Clarifications on Finalizing Personal Income Tax

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Mar. 9 – Letter 451/TCT-TNCN issued by the General Department of Taxes last month shed light on several tax issues associated with finalizing personal income tax for 2009. The new issues highlighted in the letter include the following: For employees that worked less than 12 months in 2009, the portion of the bonus exempt from […]

Cau Treo Economic Zone Exempted from Import Tariffs for Five Years

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Feb. 24 – The Cau Treo border gate economic zone in Ha Tinh Province in central Vietnam will soon be exempt from import tariffs according to the Ministry of Finance. The decision will allow materials, equipment and unfinished products imported for production and installation at the zone to be exempted from taxes for five years […]

Vietnam to Allow Delayed Tax Payments for 2010

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HANOI, Feb. 23 – The government has announced it would allow delayed corporate income tax payments for the rest of the year as part of its efforts to support the economy. The decision will cover small and medium-sized enterprises (SMEs), companies in production and textile industries as well as footwear outsourcing firms. Qualifying SMEs must […]

Circular Adjusts Regulations on Forex Interest Rates

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Feb. 20 – The State Bank of Vietnam has issued a circular setting the maximum interest rate applicable to U.S. dollar deposits of economic entities with credit institutions and adjusting the average inter-bank exchange rate. Circular No. 03/2010/TT-NHNN in particular states: From February 11, 2010, the maximum interest rate applicable to U.S. dollar deposits of […]

Interest Income not Included in Corporate Tax Incentives Period

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Feb. 5 – The Ministry of Finance has sent Letter 118/BTC-TCT informing provincial tax authorities on how to treat interest income earned for companies in their pre-operating phase. Interest income earned for a company in construction or pre-operating phase shall not be included under corporate income tax (CIT) incentives. The company must pay CIT on […]

VAT Exemption for Exports Available for Local Companies

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Jan. 29 – Vietnam’s Finance Ministry has announced that local companies will be given value added tax exemptions for goods sold overseas. The new circular does not exempt local companies from export and import tariffs, corporate income taxes and double taxation avoidance agreements with other countries. Local companies reported revenue losses or profits abroad although […]

Foreign Firms Allowed to Pick Accounting Currency Unit

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Jan. 26 – Vietnam’s Ministry of Finance is now allowing foreign firms in the country to choose the currency unit they want to use for accounting purposes. Previously, accounting records were required to be maintained in Vietnamese dong. Foreign companies wanting to use another currency for their financial records needed to submit an application form […]

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