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Category Archives: News & Events
Foreign contractors are subject to taxes on payments for work done in Vietnam based on the contracts signed with a Vietnamese partner in the form of the foreign contractor tax (FCT). FCT is not a separate tax, but typically comprises a combination of value added tax (VAT) and corporate income tax (CIT), or personal income tax (PIT) for the income of foreign individuals. […]
For foreigners working in Vietnam, determining the applicability of personal income tax (PIT) involves decoding a number of rules. Following this, foreign workers need to calculate their precise liability and any applicable deductions. Consulting with an in-country tax specialist can help individuals’ optimize their tax exposure, while employers’ may be able to identify more competitive salary packages with an advisor. Below […]
In June, Vietnam’s National Assembly approved a new Law on Tax Administration 38/2019/QH14. Under the new law, tax authorities have been granted additional enforcement powers. At the same time, the new law has made it a little bit easier for both individuals and entities to file taxes. The new law will take effect from July 2020. […]
Circular 68 issued guidelines for Decree 119 and the use of electronic invoices (e-invoices). E-invoices are expected to save businesses time and money, contributing to greater efficiency for both enterprises and tax authorities. While Circular 68 takes effect on November 14, businesses have until October 31, 2020 to transition and comply with the new regulations. […]
Vietnam employs a unified set of accounting and bookkeeping standards known as Vietnamese Accounting Standards (VAS). Understanding regulations related to accounting and bookkeeping are important cost considerations for investors. Investors should prepare for the future as Vietnam looks to implement IFRS – the most common accounting language globally – by 2025. For companies choosing to […]
Changing region-based minimum wages On November 16th ,2018, the Government promulgated DecreeNo.157/2018/ND-CP stipulation region minimum wages applied to employees working under labour contracts, which replaced DecreeNo.141/2017/ND-CP dated December 7th, 2017. Download spotlight here: In English: Spotlight Jan 2019 In Vietnamese: Spotlight Jan 2019
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