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Publications

Vietnam Tax Update June 2015

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On 22 June 2015, the Ministry of Finance issued Circular 96/2015/TT-BTC (“Circular 96”) providing guidance on a number Corporate Income Tax regulations and also amending certain previous regulations.

 

The changes appear to generally provide simplification and a more streamlined approach to the specified Corporate Income Tax (“CIT”) procedures. Areas covered by Circular 96 include:

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Starting a Company in Vietnam

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Seeking to start a company in Vietnam? Already operating in Vietnam, but without a local structure?

 

Talk to Domicile Corporate Services, where we can guide you on your options and processes in starting your own company in Vietnam.

Although there are some restrictions with foreign owned companies in Vietnam, most sectors are open to 100% foreign ownership, allowing investors to own and operate companies in Vietnam with certainty.

For further information, please contact Matthew Lourey on (08) 3824 7650 or email This email address is being protected from spambots. You need JavaScript enabled to view it.

Compliance Reviews: Managing Company Risk

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Business owners and managers delegate and trust crucial business information and practices to their finance and accounting staff. Most owners and managers are not experts in Vietnamese accounting, tax and payroll practices, and can only assume that everything is being completed correctly and on time unless their staff tell them otherwise. Unfortunately, not all staff are complete experts and do not always understand the commercial and risk implications of their actions.

Do you know the status of all your tax commitments?

 

Do you receive your monthly financial reports on time?

 

Are your Social Insurance and other payroll obligations up to date?

 

Do you see your month-end accounting reconciliation process every month?

If your answers to any of the above are “no” or “not sure”, then you and your business are at risk.

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Financial Reporting in Vietnam: Management Reporting

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Otherwise known as: Not letting VAS/Tax compliance accounting distract you from your business goals!

Business decisions are best made with accurate and timely information. Wrong information, inaccurate information, late information, or just inappropriate information can result in poor decisions and distractions.

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Understanding The Benefits

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Let’s start with the basics: outsourcing services to external providers is not suitable for everyone, and is not a panacea for all businesses.

However, there are many businesses where outsourcing the right services will provide substantial and measurable benefits.

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Responsibilities of the Chief Accountant

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In Vietnam, all companies require the appointment of a Chief Accountant to take responsibility of the accounting and taxation functions.

For foreign firms, the concept becomes a little confusing. In particular, what is a “Chief Accountant”?

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How Our Clients Use Our Services

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At Domicile Corporate Services we are proud of the services we provide to our clients. We have a range of clients of varying sizes, from different sectors, and all with slightly different needs. We believe that it is our flexibility and professionalism which combined ensures our clients are more than satisfied with how we look after them.

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Compliance Obligations in Vietnam

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Vietnam is a very administrative heavy jurisdiction, which requires more hours from staff to comply than most other regions.

The lodgement and compliance obligations (from an accounting, taxation and human resources perspective) can be broken into two main categories. These lists are not exhaustive, but purely representative of the obligations that exist:

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Contact Info

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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)

Always Making a Difference

We are always working with our clients to make a difference to their business.

We see successful clients as a measure of our success, and the best source of our own growth.

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