Draft legislation published by the Vietnamese Ministry of Finance on March 25th has proposed significant adjustments to business licensing within the country. These changes have the potential to raise fees by as much as three times their current levels and, if approved, could become effective as soon as January 1st of 2017.
This concise, detailed, yet pragmatic guide is ideal for CFOs, compliance officers and heads of accounting who need to be able to navigate the complex tax and accounting landscape in Vietnam in order to effectively manage and strategically plan their Vietnam operations.
Corporate Income Taxation (CIT) is a constant for companies of all sizes, regardless of their jurisdiction. With this in the mind, the following article outlines the manner in which corporate taxation is currently applied within Vietnam. We outline applicable rates, highlight possible deductions, and give insight on the manner in which income is calculated.
Vietnam’s Ministry of Finance has announced that certain automobiles, depending on their engine displacement values, will receive a special consumption tax (SCT) rebate beginning July 1, 2016. However, other cars will see a higher tax compared to their current levels.
In part three of this three-part series, Vietnam Briefing discusses the impact of differences between IFRS and VAS on companies’ income statements.
In part two of this three-part series, Vietnam Briefing introduces the impact of the differences between IFRS and VAS on the presentation of balance sheets.
Key differences between IFRS and VAS include terminology, applied methods or presentation scope. In this article, we cover some of the critical differences between the two financial reporting systems.
To simplify the tax payment process, the Ministry of Finance has issued Circular No. 110/2015/TT-BTC to guide the implementation of electronic transaction in tax administration.
Ministry of Finance guidelines on personal income tax (PIT) in Circular No. 92/2015/TT-BTC came into effect on 30 July, 2015, applying to the 2015 tax period.
Last month, Vietnam released Circular 96/2015/TT-BTC, the new Circular lays out the updated regulations relating to the country’s corporate income tax (CIT). The revised rules will become effective on August 6th and will be applied to the 2015 tax year of assessment and the subsequent years following.