We are seeing many instances of confusion and problems occurring with the hiring and employment of foreign employees in Vietnam. The rules (although somewhat frustrating) are actually quite clear at the moment, and companies that take the time to understand and follow these will enjoy the benefits that foreign employees can provide.
Available for download is our 2016 Compliance Calendar for companies in Vietnam.
This calendar is designed to help companies in Vietnam understand the most common compliance dates for tax, payroll and government related matters.
Hiding income from corporate taxation is extremely common in Vietnam (and the world over…let’s be honest). Starting and operating a small business is hard, so the desire to hide revenues and profits from the taxman is often understandable; the desire or need to preserve cashflow, protect the business, permit growth, and build personal wealth all influence small business owners.
Are you meeting your Tax Lodgement requirements?
Will you be exposed to penalties if you have a Social Insurance inspection?
Are your Trade Union Fees up to date?
Do you have sufficient records to survive a Tax Office inspection?
Business travel expenses in Vietnam are some of the more challenging to understand when it comes to the necessary procedures for tax deductibility in Vietnam. We have prepared the attachment as a simplified guide in order to claim tax deductions for employee business travel costs.
The Ministry of Finance issued Circular 92/2015/TT-BTC (“Circular 92”) in June 2015 providing guidance on a number of Personal Income Tax (“PIT”), Value Added Tax (“VAT”) and general tax administration matters.
The Circular takes effect from 30 July 2015 and has retrospective application to the full 2015 tax year.
Vietnamese authorities have launched a website that provides very detailed guidance for forming and amending companies in Vietnam. The eRegulations website is available in English and Vietnamese, and shows clear steps for each process, places that need to be visited, examples of each document that is required, what is received, and the laws behind the requirements.
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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We see successful clients as a measure of our success, and the best source of our own growth.