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Vietnam Tax Update June 2016


In this Tax Update for June 2016 we look at a selection of Decrees and Official Letters released recently and which are likely to impact businesses operating in Vietnam. As always, please contact us if you would like further information on any of the items discussed in our Tax Updates publications.

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Vietnam Tax Update May 2016


In this Tax Update for May 2016 we look at a selection of Circulars, Official Letters and Resolutions that have been released and which are likely to impact businesses operating in Vietnam. Highlights of relevant elements of these releases are detailed below.

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Vietnam Tax Update April 2016


In this Tax Update for April 2016 we look at a selection of Circulars, Official Letters and Resolutions that have been released and which are likely to impact businesses operating in Vietnam. Continuing recent trends, these releases, generally proceed to provide more certainty and clarity for businesses.

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Tip for Business Owners – have two Company Stamps.


Since the new Enterprise Law 2014 came into effect from 1 July 2015, companies in Vietnam are permitted to have more than 1 company stamp. The company stamp (also called a “Seal” or “Chop”) is of critical importance in Vietnamese society, and is required to validate most acts of a company. If the company stamp is lost, misplaced or even withheld by a disgruntled staff member, the company activities can potentially be seriously disrupted.

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Vietnam Representative Office Updates - March 2016

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The Vietnamese Government issued Decree 7/2016/ND-CP (“Decree 7”) on 25 January 2016, outlining updated rules for establishing a Representative Office in Vietnam for foreign companies. This new Decree comes into effect on 10 March 2016.

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Vietnam Work Permit Updates - February 2016

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The Vietnamese Government issued Decree 11/2016/ND-CP (“Decree 11”) on 3 February 2016 introducing important changes to work permit regulations and for foreigners working in Vietnam. This new Decree comes into effect on 1 April 2016. Key highlights from Decree 11 are detailed below.

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January 2016 - New Year Changes for Vietnamese Businesses

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January 2016 brings about a range of changes that all businesses in Vietnam should be aware of, and act upon. This publication highlights a selection of these changes.

 

INCREASE TO MINIMUM MONTHLY WAGES

Decree 122/2015/NĐ-CP increased the Minimum Monthly Wage for Vietnamese employees effective 1 January 2016. The new minimum wages, split across four zones, are:.

 

  • VND 3,500,000 - Zone I
  • VND 3,100,000 - Zone II
  • VND 2,700,000 - Zone IIII
  • VND 2,400,000 - Zone IV

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Client Alert - Trade Union Fees

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TRADE UNION FEES – NEW ENFORCEMENT ACTIONS

The Vietnam Government has foreshadowed stronger enforcement actions for compliance and increased penalties for non-payment of compulsory Trade Union fees for companies.

At present, all companies in Vietnam must, on a monthly basis, contribute to their local Trade Union at a rate of 2% of total salary costs. If the employees seek to create an internal Trade Union, employees will contribute an additional 1% of their salary to this Internal Trade Union (with a portion of the employer’s 2% directed there as well). Decree No.191/2013/ND-CP

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Vietnam Tax Update November 2015

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In this Tax Update for November 2015, we cover recent releases from the Ministry of Finance regarding E-Tax bank transfers and also changes to the Minimum Basic Wage (not to be confused with the Minimum Monthly Wage) that will take effect from May 2016.

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

Vietnam Offices

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

Hanoi:
Level 13, Hanoi Towers
49 Hai Ba Trung, Hoan Kiem District

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

Email

info@domicilecs.com

Phone

+84 (0)28 6291 5779 (HCMC)
+84 (0)24 3266 3314 (Hanoi)
+84 (0)236 366 4662 (Danang)

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