Other Briefings
Vietnam and New Zealand Sign DTA
Aug. 6 – Vietnamese President Truong Tan Sang and New Zealand Governor-General Rt Hon Sir Jerry Mateparae met in Hanoi yesterday to sign a new double tax agreement (DTA) that seeks to further boost economic relations and clarify tax-related issues between the two countries. The development and signing of this DTA comes quickly on the […]
Foreign Exchange Control in Vietnam
Aug. 5 – Foreign exchange control is the paramount concern for all foreign investors entering into Vietnam, as regulations on capital inflows and outflows have a great influence on operations and profit. These transactions include transferring capital into and out of the country, opening and using bank accounts, borrowing foreign loans and paying foreign debts, dealing […]
Vietnam Establishes Management Firm to Buy Bad Debt
Aug. 1 – Last week, in a move to try to fix its credit-starved economy, Vietnam officially launched the Vietnam Asset Management Company (VAMC) by way of Decree 53/2013/ND-CP. The VAMC will essentially buy up any bad debts that its country’s banks hold. The VAMC, colloquially known as the “bad debt bank”, finally commenced operations […]
New Issue of Asia Briefing: An Introduction to Tax Treaties Throughout Asia
In this issue of Asia Briefing Magazine, we look at the various types of trade and tax treaties that exist between Asian nations. These include bilateral investment treaties – which are somewhat unfashionable, yet still the major focal point of bilateral trade between many smaller emerging nations – and also the meatier double tax treaties and free trade agreements that directly affect businesses operating in Asia.
Vietnam Issues Changes to Import Price Database
Jul. 4 – The Vietnamese General Department of Customs recently issued “Official Letter No. 3286/TCHQ-TXNK (hereinafter referred to as ‘Letter’)” on June 14, 2013, to announce changes to the country’s import price database on various goods. Specifically, the Letter adds 24 new categories to the list of items that are subject to import duties. The Letter […]
Vietnam Lowers CIT Rates
Jun. 27 – Vietnamese lawmakers amended Vietnam’s corporate income tax (CIT) rate last week by reducing it to 22 percent across all industries starting January 1, 2014. It will then further be reduced to 20 percent on January 1, 2016. Previously it was proposed that the CIT rate would only be reduced to 23 percent. “A wide […]
Vietnam Issues New VAT Regulations
The Ministry of Finance has issued Circular 65 which will amend certain articles of Circular 06 relating to value-added tax (VAT). It will seek to provide greater insight and guidance to various areas related to VAT that were once unclear, including updating key VAT rates.
Vietnam Delays Debt Classification Rules
May 29 – In order to give banks across Vietnam a greater period of time with which to handle their debts, a major issue in the Vietnamese economy at the moment, Vietnam’s central bank has announced that it will delay rules on the classification of bad debt and the requirements for provisions to deal with […]
Vietnam to Create National Asset Management Company
May. 2 -The Vietnamese government is set to approve a decree that will officially establish a national asset management company to help with the resolution of bad debts in the country. The company has already received the Politburo’s in-principle approval. The central bank has submitted its detailed plans for the company, which will be called […]
Tax Update: Vietnam Gov’t Approves Amendments to CIT Law
In an effort to boost investment in Vietnamese businesses and to support struggling enterprises, Vietnamese lawmakers have approved the Government’s proposal to reduce the current general corporate income tax (CIT) rate from 25 percent to 23 percent.
