Other Briefings
Ministry of Finance Clarifies Income Tax Exemptions
Aug. 20 – Vietnam’s Ministry of Finance has released a circular clarifying the exemptions on personal income tax and taxes on gifts, inheritance and transfers of real property. Circular 160/2009/TT-BTC outlines that individuals and non-resident individuals receiving income from capital gains and royalties are exempt from personal income tax in the first half of this […]
Vietnam-Russia Business Council Opens in Ho Chi Minh City
Aug. 7 – The Vietnam-Russia Business Council opened in Ho Chi Minh City this week with the aim of promoting trade in domestic and overseas markets for both countries. Bilateral trade amounted to more than US$1.64 billion last year but slowed down during the first half of this year. Currently, Vietnam has invested US$1.7 billion […]
Vietnam, Israel Sign Double Taxation Avoidance Agreement
Aug. 6 -The Vietnamese and Israeli government have signed an agreement to avoid double taxation charges. Tran Xuan Ha, Deputy Minister of Finance, told the People the agreement would create a clear and stable legal environment for taxation to help facilitate investors’ business in the two countries. Last year, bilateral trade amounted to US$163 million. […]
E-Customs Clearance Process Still Limited
HO CHI MINH, Jul. 14 – Despite being offered on a trial basis in Ho Chi Minh City and Hai Phong since 2005, the e-customs clearance service is still bogged by inefficiencies and delays. City customs departments are ill-equipped to handle the surge of applications because of insufficient bandwidth capacity sometimes aggravated by the country’s […]
Personal Income Tax Exemption Approved
Jun. 22 – Vietnam’s National Assembly voted in favor of the Personal Income Tax (PIT) exemption from the period beginning July 1. The ministry is expected to release a follow-up announcement detailing the coverage of the exemption. The directive should specify the residency status subject to tax exemption, types of income subject to tax exemption […]
More Goods Qualified for 50 Percent VAT Discount
May 20 – Vietnam’s Ministry of Finance has added thousands of goods on their list that qualify for a 50 percent cut on VAT rates until the end of the year. The list added knives and cutting blades used for machines or mechanical tools, welding rods, water tanks with a capacity of more than 300 […]
First-Half Income Tax Exemption Proposed
May 8 – Vietnam’s Ministry of Finance has sent a proposal that taxpayers be exempt from paying the Personal Income Tax (PIT) during the first half of the year. PIT collection was originally set to begin at the start of the year but was deferred to back taxes being paid when collection began. The new […]
Changes on Personal Income Tax Regulations for Expats
Apr. 7 – Vietnam's Ministry of Finance has issued a new circular amending the guidelines on the implementation of the Personal Income Tax law.
One of the most important points of the circular detailed that all stated benefits that expatriates were previously entitled to and which were tax exempt under previous PIT regulations, are now fully re-instated.
These include: one time relocation allowances when expatriates move to Vietnam; one round trip air-tickets for annual leave back to home country; school fees paid by the employer for children of expatriates and employer provided accommodation is taxable at the lower of the actual rent or 15 percent of the expatriate’s total base taxable income.
Vietnam Attracts US$6 Billion Worth of FDI
Mar. 30 – For the first quarter of the year, Vietnam attracted US$6 billion in foreign direct investment; comprising of 60 percent of the figure for the same period last year, reports the Ministry of Planning and Investment.
So far, FDI mostly went to the province of Ba Ria-Vung Tau amounting to US$5 billion, mainly for entertainment and tourism projects. Ninety-three new foreign investment projects were licensed during the period with an investment capital of US$2.1 billion.
Foreign investors also registered an additional capital of US$3.84 billion in 34 existing projects, an increase of 34 percent in capital compared to the same period last year.
Vietnam, China Complete Border Demarcation
Feb. 24 – China and Vietnam have completed the final demarcation of their land border located at the Youyiguan border gate in Pingxiang City in south China's Guangxi Zhuang Autonomous Region.
The border, spanning 1,300-kilometers, begins at the junction of China, Vietnam and Laos and continues along the Beilun River to the coast.
On the Chinese side is Yunnan Province and Guangxi Zhuang Autonomous Region while on the Vietnamese side is Cao Bang, Lang Son, Dien Bien, Lai Chau, Lao Cai, Ha Giang, Guang Ninh.
