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Vietnam Tax & Accounting Update October 2020

 

This October 2020 publication of our Tax and Accounting Updates looks at Decree 114 implementing the National Assembly’s Resolution to reduce Corporate Income Tax in Vietnam for 2020, overview of the statute of limitations for filing a lawsuit for selected commercial business disputes, the use of digital signatures for Social Insurance related electronic documents, along with our regular review of recent Official Letters released by Authorities.

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Selling Your Business in Vietnam (Part II)

 

Vietnam has been an attractive destination for many years for foreign individuals to establish a business. Taking advantage of the opportunities that Vietnam presents, we have seen the creation of a significant number of dynamic companies with impressive growth which have been founded by foreign individuals in Vietnam. In that context, this creates a vibrant market for fundraising and disposal of businesses. Part II of this article is desired to bring you (a potential seller) better understanding and walk you through key questions for your sale plan.

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Transfer Pricing in Vietnam: Decree 68 and Foreign Investors

 

On 24 June 2020, the Vietnamese Government released Decree 68/2020/NĐ-CP ("Decree 68"), which amended Decree 20/2017/ND-CP (“Decree 20”), concerning tax administration for enterprises with related-party transactions and the relaxing of interest deductibility caps (essentially, updating Vietnamese Transfer Pricing regulations). Further, Decree 68 permits the increased interest deductibility caps to be applied retrospectively, which can result in significant tax savings for many companies.

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Compliance Risks for International Investors in Vietnam and How to Mitigate these Risks

 

Enterprises operating in Vietnam are required to meet thorough compliance obligations that are often complicated, time consuming and subject to continuous change by government bodies. As businesses seek to expand in Vietnam, foreign investors need to be aware of the risks arising from non-compliance and the potential ramifications of these corporate obligations, ensuring that non-compliance does not jeopardise future growth or value.

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Selling Your Business in Vietnam (Part I)

 

Vietnam has been an attractive destination for many years for foreign individuals to establish a business. Taking advantage of the opportunities that Vietnam presents, we have seen the creation of a significant number of dynamic companies with impressive growth which have been founded by foreign individuals in Vietnam. In that context, this creates a vibrant market for fundraising and disposal of businesses. This article is desired to bring you (a potential seller) better understanding and walk you through key questions for your sale plan.

Read more ...

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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