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Vietnam Tax & Accounting Update September 2020

 

Our September 2020 publication of Tax and Accounting Updates covers Business License Fee exemptions for the first year of establishment, and looks at a range of Official Letters released by Vietnamese Authorities, including guidance on tax declarations for foreign contractor capital transfer taxes, relaxed quarantine requirements for experts entering Vietnam for less than 14 days, discussion on applying import tax exemptions under international treaties, and Proof of Origin under the EVFTA.

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Repatriating Funds from Vietnam for Foreign Individuals

 

Foreign individuals living in Vietnam are often unaware of the restrictions and processes for repatriating funds that they earn and hold whilst in country. When following the regulations set by Vietnamese authorities, including the State Bank of Vietnam (which implements and enforces currency controls with commercial banks in Vietnam) foreign individuals are able to move funds in and out of Vietnam as needed.

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Vietnam Tax & Accounting Update August 2020

 

This August 2020 publication of our Tax and Accounting Updates looks at the European Union Vietnam Free Trade Agreement (“EVFTA”) that has recently come into effect, the draft EVFTA tariff implementation process, the new Vietnam Tax Administration Law which is now in force, guidelines for the adjusting prior year taxation finalisations as a result of the increase in allowable interest deductions under the Transfer Pricing regulations, along with our regular review of recent Official Letters released by Authorities.

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Vietnam Market Entry Guide 2020

 

We have published our 2020 Market Entry Guide for Vietnam, which is a detailed publication covering the processes, structures and considerations for foreign investors seeking to enter Vietnam.

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Vietnam Tax Guide 2020 (Updated)

 

We have updated our 2020 Tax Guide for Vietnam, which is a comprehensive document covering taxation in Vietnam - for both Corporate Taxpayers and Individuals. This update includes changes arising during the 2020 year due to Covid-19 stimulus incentives from the Government and other material changes arising for taxpayers in 2020.

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Client Alert, July 2020: Vietnam's New Law on Investment 2020

 

The Law of Investment 2020 (“LOI 2020”) was approved by the National Assembly of Vietnam on 17 June 2020, and takes effect from 1 January 2021, replacing and supplementing the Law on Investment 2014 (“LOI 2014”). The LOI 2020 regulates activities related to business investment into Vietnam, and investment activities from Vietnam to other countries. This new law aims to simplify administrative procedures and conditional business lines, synchronize with international commitments in investment activities of which Vietnam is a member, and to better facilitate investment activities into Vietnam.

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Client Alert, July 2020: Vietnam 30% CIT Reduction for 2020

 

The Vietnamese Government recently released Resolution 116/2020/QH14 dated 19 June 2020, which aims to provide small and medium sized enterprises with Corporate Income Tax (“CIT”) reductions for 2020 as a stimulus measure for the economy, following approval from the National Assembly in June.

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Client Alert, July 2020: Vietnam's New Enterprise Law 2020

 

In 18 June 2020, the National Assembly of Vietnam approved the new Enterprise Law 59/2020/QH14 (“Enterprise Law 2020”), which comes into effect from 1 January 2021. The Enterprise Law 2020 contains 10 Chapters and 218 Articles, and replaces the Enterprise Law 68/2104/QH1 (“Enterprise Law 2014”). This law guides the operations of companies and similar organisations in Vietnam, but does not apply to or cover “Household” (unincorporated) businesses.

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Please feel free to contact Domicile Corporate Services or visit us using the information below.

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Ho Chi Minh City:
Level 9, Abacus Tower
58 Nguyen Dinh Chieu, District 1 

Hanoi:
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Level 3, Indochina Riverside Tower
74 Bach Dang, Hai Chau District

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+84 (0)24 3266 3314 (Hanoi)
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