Other Briefings
Gas Import Tax Rate Reduced
May 7 – Government authorities have reduced import tax rates for certain commodity items, including gas, according to Circular No. 59/2010/TT-BTC issued last month. The import tax for gas has been reduced from 20 percent to 17 percent. The move is part of government efforts to contain rising gasoline prices and help affected gas companies. […]
Companies Allowed to Offset 2009 PIT Overpayments
May 4 – The Ministry of Finance clarified in an official letter released last month that employers or withholding organizations will be allowed to balance PIT overpayments against underpayments among its employees. According to Official Letter 4238/BTC-TCT, in cases where the employees have made an overpayment, the employer will need to refund the overpayment back […]
Vietnam Mulls Tax Relief for SMEs
HANOI, Apr. 19 – The Vietnamese government is considering cutting corporate income taxes for small and medium-sized enterprises, Deputy Prime Minister Hoang Trund Hai said on Friday. Speaking at an economic conference in Hanoi, the deputy PM said that the government had issued a resolution aimed at helping the country achieve its growth target of […]
New Issue of Vietnam Briefing: Managing Human Resources in Vietnam
Apr. 15 – In this issue of Vietnam Briefing magazine we tackle the legal aspects of managing human resources in the country. Many foreign investors move operations to Vietnam to take advantage of its large, skilled and inexpensive labor force. As the economy expands further and more business enters the country, it will increasingly become […]
Employers Allowed to Use Customized Personal Tax Receipts
Apr. 7 – The Ministry of Finance announced last month that companies may use their own customized personal income tax receipts to issue to employees. Prior to Circular 37, employers had to get pre-printed PIT receipt books from local tax authorities. Employers will be allowed to print their own receipts if they meet the following […]
Circular Clarifies Tax Deferral Scheme for SMEs
Apr. 6 – A circular issued by the Ministry of Finance last month clarified details of the extension of 2010 corporate income tax payment for small and medium enterprises. Following the previously issued Decision 12, small and medium enterprises will be allowed CIT payment deferral based on their total capital or annual average number of […]
Filing Corporate Income Taxes in Vietnam
By Joyce Roque Mar. 25 – Companies operating in Vietnam should be aware that the Vietnamese government has delayed the schedule for quarterly payments of corporate income tax for 2010. Tax payments for the first quarter of the year has been moved to July 30, 2010 and the second quarter payment deadline is now October […]
Taxes Affecting Foreign Investors in Vietnam
By Joyce Roque Mar. 11 – A foreign investor looking to enter the Vietnamese market must be aware of the taxes that will affect them in the long-term since taxes are implemented on a national level and no state or provincial taxes are in place. These taxes include: Corporate Income Tax Withholding Taxes Capital Assignment […]
Clarifications on Finalizing Personal Income Tax
Mar. 9 – Letter 451/TCT-TNCN issued by the General Department of Taxes last month shed light on several tax issues associated with finalizing personal income tax for 2009. The new issues highlighted in the letter include the following: For employees that worked less than 12 months in 2009, the portion of the bonus exempt from […]
Cau Treo Economic Zone Exempted from Import Tariffs for Five Years
Feb. 24 – The Cau Treo border gate economic zone in Ha Tinh Province in central Vietnam will soon be exempt from import tariffs according to the Ministry of Finance. The decision will allow materials, equipment and unfinished products imported for production and installation at the zone to be exempted from taxes for five years […]
