Category: Vietnam
Vietnam’s Tax Administration Law Takes Effect in July 2020
As from the 1st July 2020, Vietnam's tax reform measures will be implemented. ... - Continue reading
Vietnam faces increasing tax evasion and avoidance
In the recent years, Vietnam has experienced one of the highest loss of revenue due to tax evasion and tax avoidance from multinationals. ... - Continue reading
Vietnam issues Draft Pronouncement on Tax Administration, Transfer Pricing, Minimum Basic Wage and Personal Income Tax
The Vietnam Ministry of Finance has issued the draft pronouncement amending certain tax rulings. Some of the main aspects of the draft include: ... - Continue reading
Heineken Vietnam pays $39.7 mln in back taxes, fines
Heineken Vietnam Brewery has paid VND917.2 billion ($39.7 million) in back taxes and fines for a 2018 transaction. ... - Continue reading
S. Korea, Cambodia sign double taxation avoidance pact
Seoul's finance ministry announces double tax treaty between South Korea and Cambodia. ... - Continue reading
Vietnam’s Tax Administration Law Reform to Take Effect in July 2020
In June, Vietnam’s National Assembly approved a new Law on Tax Administration 38/2019/QH14. Under the new law, tax authorities have been granted additional enforcement powers. At the same time, the new law has made it a little bit easier for both individuals and entities to file taxes. ... - Continue reading
Personal Income Tax in Vietnam: Exemptions and Reductions
For foreigners working in Vietnam, determining the applicability of personal income tax (PIT) involves decoding a number of rules. Following this, foreign workers need to calculate their precise liability and any applicable deductions. ... - Continue reading
Pagcor: Government not inclined to impose higher taxes on POGOs
State-run Philippine Amusement and Gaming Corp. expressed optimism the government will not impose higher taxes on offshore gaming operators in the country to encourage them to stay here. Pagcor chairman and chief executive Andrea Domingo said at the sidelines of the opening of the first Philippine-Asian Gaming Expo held on… – Continue reading
Vietnamese lawyer probed for abetting tax evasion
A Hanoi lawyer famous for taking on high-profile cases could find himself in the dock for abetting tax evasion. Police in the central province of Khanh Hoa on Tuesday launched an investigation and searched the residence and offices of Tran Vu Hai, 57, head of Tran Vu Hai Attorney Office,… – Continue reading
US to investigate Vietnam ‘shrimp king’ for anti-dumping tax evasion
Minh Phu Seafood JSC, one of Vietnam’s biggest shrimp processors, is suspected of selling imported Indian shrimp to evade anti-dumping tariffs. On May 12, Illinois representative Darin LaHood said he had received an email petition accusing Minh Phu of evading anti-dumping duties on Indian shrimp in the U.S. The email… – Continue reading
Ministry to mull over measures against profit shifting
The Ministry of Finance will scrutinize amendments to tax law policy in 2019, centred on some measures aimed at preventing base erosion and profit shifting (BEPS) and restructure tax revenue sources. The information was released at a conference reviewing the finance sector’s performance throughout 2018 and setting forth targets for… – Continue reading
Double tax agreements come into force
Double taxation agreements with China, Brunei and Vietnam came into effect Tuesday with the New Year, with experts saying they will bolster trade and attract investment. The agreement with China on the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income was signed… – Continue reading
Tax agency to inspect underperforming foreign firms
The General Department of Taxation has been reviewing press information about foreign firms continuously reporting loss to have inspection plan in the upcoming time. The general department has required tax agencies to focus on inspection over these companies. According to articles published on Sai Gon Giai Phong Newspaper in May… – Continue reading
FDI policy shift aims to support domestic firms
Viet Nam News HÀ NỘI —Vietnam will institute new policies designed to attract foreign direct investment (FDI) by boosting the development of local companies and setting up value chains driven by advanced technologies. FDI has been a major factor in Vietnam’s rapid socio-economic development; however, some key metrics remain below… – Continue reading
Investing in Guangdong Easier for Foreign Firms after New Incentives Announced
On September 13, South China’s Guangdong province announced a series of investment incentives and cost-cutting measures to offset the impact of the worsening trade war with the US. The measures, outlined in the Policy Measures for Expanding Opening-up and Using Foreign Investment, consist of a 10-point plan to attract foreign… – Continue reading
Uber dispute ends as firm pays back taxes, fines
A HCMC taxman has confirmed that ride hailing firm Uber has paid all its outstanding dues. Nguyen Nam Binh, deputy director of the HCMC Tax Department, told VnExpress that the Netherlands-based ride hailing firm has paid VND53 billion ($2.3 million) in back taxes and fines. In September 2017, the department… – Continue reading
The best-known transfer pricing cases in Vietnam
VietNamNet Bridge – Nearly 38 percent of foreign invested enterprises (FIEs) reported losses in 2017, a significant decrease from the 50 percent seen in previous years. However, transfer pricing by FIEs remains a headache for management agencies. Do Thien Anh Tuan of Fulbright University said that enterprises that most regularly… – Continue reading
Government approves double taxation avoidance pact with Macau
Hanoi (VNA) – The Government has approved an agreement between Vietnam and China’s Macau Special Administrative Region on the avoidance of double taxation and prevention of income tax evasion. The Government assigned the Ministry of Finance to chair and coordinate the two sides’ relevant agencies to implement the pact. The… – Continue reading
VN Government mulls tightening foreign bank laws
At a recent merger and acquisition (M&A) forum, Deputy Prime Minister Vuong Dinh Hue said that in restructuring of the country’s banking industry, the Government plans not to license any more wholly foreign-owned banks in Viet Nam, instead encouraging foreign banks to acquire domestic banks. According to Hue, the Government… – Continue reading
Uber withdraws lawsuit against HCMC tax man
Ride-hailing firm Uber has withdrawn its lawsuit over HCMC’s demand for $2.3 million in back taxes and fines. A tax department official said Friday that the HCMC People’s Court has suspended the case in which the Netherlands-based Uber B.V. had sued the department over its demand that the firm pays… – Continue reading
VN, Croatia sign agreement on double taxation avoidance
Viet Nam News HA NOI — Vietnamese Deputy Minister of Finance Do Hoang Anh Tua’n and Croatian Minister of Finance Zdravko Maric on Wednesday signed an agreement on the avoidance of double taxation and the prevention of fiscal evasion with respect to income taxes. According to Tua’n, the agreement is… – Continue reading
VN-Cambodia agreement on double taxation avoidance ratified
The Government has ratified the agreement on double taxation avoidance and income tax evasion prevention between Vietnam and Cambodia. The Government assigned the Ministry of Finance to coordinate with relevant ministries and agencies of Vietnam and Cambodia in implementing the agreement. The agreement was officially signed on the occasion of… – Continue reading
PM asks authorities to probe tax evasion by FDI firms
Media reports have suggested the Government to build a more effective mechanism to tackle the problem that prolonged loss-making FDI enterprises have still enlarged investment and production. — Photo cafebiz.vn Viet Nam News HA NOI – Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Finance (MOF) and General… – Continue reading
Tax, investment changes concern foreign firms
Hanoi (VNS/VNA) – The changes in tax policy and investment incentives are the issues of greatest concern for foreign investors in Vietnam, said Bui Ngoc Tuan, Deputy General Director of the Audit and Advisory firm Deloitte Vietnam at a workshop on in Hanoi on July 10. Themed “Investment incentives, related… – Continue reading
Relying on tax incentives in SEZs may breed unhealthy competition: experts
Clear policies, investment-friendly business environments and streamlined government approval procedures are more important, experts say. Vietnam’s special economic zones (SEZs) should focus more on developing clear policies, fostering investment-friendly environment and streamlining government approval process instead of relying only on tax incentives, a conference heard Friday. Hoang The Long, former… – Continue reading
Macao, Vietnam sign agreement to avoid double taxation, prevent tax evasion
MACAO, April 16 (Xinhua) — An agreement was signed between China’s Macao Special Administrative Region (SAR) and Vietnam to avoid double taxation as well as prevent tax evasion, according to a press release by the Macao SAR’s financial service department on Monday. The agreement, signed by Macao SAR Secretary for… – Continue reading
Vietnam seals deal in tax agreement
A Vietnamese trade official in Cambodia last Saturday said a recent tax agreement between the countries will build more confidence among investors and business people in the Asean neighbours. Cambodia and Vietnam reached an agreement on the avoidance of double taxation (ADT) and the prevention of fiscal evasion with respect… – Continue reading
Cambodia, Vietnam ink double taxation agreement
Cambodia has signed a double taxation agreement with Vietnam that protects each country’s nationals from dual taxation, according to a news release from the General Department of Taxation released on Tuesday. The agreement was signed on Saturday on the sidelines of the Greater Mekong Subregion Summit held in Hanoi. Chou… – Continue reading
FDI enterprises pay lowest taxes despite high profits
HÀ NỘI– Foreign direct investment (FDI) enterprises, which have enjoyed multiple tax incentives, pay the lowest State taxes despite reporting high profits, statistics show. FDI enterprises have achieved the highest profit growth among the economic sectors, generating VNĐ327.4 trillion (US$14.4 billion) in pre-tax profits in 2016, an increase of 17.3… – Continue reading
Taxation agreement with Singapore in effect
The double tax avoidance agreement (DTA) between Cambodia and Singapore came into effect this month, helping clarify taxation rights on all forms of income arising from cross-border business activities, while minimising double taxation. On January 1 the Inland Revenue Authority of Singapore (IRAS) issued an announcement stating that the DTA… – Continue reading
Uber sues HCM City tax department
Viet Nam News HCM City – The Netherlands-based ride-hailing firm Uber International Services Holding B.V has filed a lawsuit against the HCM City tax department after it decided to forcibly collect tax, Người Lao Động (Labourer) newspaper reported. Earlier the department had sent a notice to Uber that it had… – Continue reading
Thousand billions in lost tax from foreign enterprises
Vietnam has lost thousands of billions of dong in taxes as foreign enterprises, especially large-scale ones, refuse to pay based on the Double Taxation Avoidance Agreement. Massive revenue without having to pay taxes The Ho Chi Minh City Department of Taxation has recently issued an ultimatum for Uber B.V Netherlands… – Continue reading
Vietnam should cut down FDI incentives in favor of local companies: MP
Lawmakers warn against preferential treatment for foreign invested companies, half of which declared losses from 2007-2015. Vietnam offers many land and tax incentives to attract foreign direct investment (FDI), but the sector’s contribution to the economy is still limited, said delegates of the legislative National Assembly (NA). Despite accounting for… – Continue reading
FDI from tax havens poses risks to economy
Bizlive cited a report from the Foreign Investment Agency (FIA) as showing that the British Virgin Islands alone registered $1 billion worth of FDI in the first seven months of the year, raising its total accumulative investment capital to $21.4 billion, ranking fifth among countries and territories with the highest… – Continue reading
New decree a game changer for transfer pricing
HA NOI — Viet Nam’s long-standing efforts to tackle the practice of transfer pricing as a tax avoidance ploy have gained sharper legal teeth with a new decree. Transfer pricing is the pricing of goods, services and intangibles between related parties, like a parent company and its affiliates. Apart from… – Continue reading
Vietnam urges nearly 13,500 Facebook retailers to declare tax
Most online transactions in Vietnam involve cash, which is difficult to track and tax. District tax departments in Ho Chi Minh City have sent out tax demands to nearly 13,500 Facebook retailers in a move to target tax avoidance by online businesses. Since February, Vietnam’s tax authorities have been looking… – Continue reading
Vietnam-US double taxation avoidance agreement approved
The Government recently issued a resolution to ratify an agreement and a protocol on avoiding double taxation and preventing income tax evasion between Vietnam and the United States of America. The Ministry of Foreign Affairs was asked to complete necessary procedures in accordance with law. Meanwhile, the Ministry of Finance… – Continue reading
Belize Financial Regulator Warns Against Fraudulent Bitcoin Investment Company
The financial regulator of Central American nation Belize has issued a public warning against XMAXBIT, a company that claims to provide returns for investors by investing in cryptocurrencies like bitcoin. Published on Monday, the Office of the International Financial Services Commission (IFSC), Belize’s financial regulator, has warned users against dealing… – Continue reading
Vietnam Set to Update Transfer Pricing Thresholds from 2017
Vietnam’s Ministry of Finance released a draft circular on October 11th which, if passed, is set to become the largest change to transfer pricing (TP) regulation since the implementation of Circular 66/2010/TT-BTC in 2010 – which the draft updates. Touching on conditionality of TP exemption and thresholds for defining related… – Continue reading
PH eyes tax treaties with Asean peers
The Philippines is eyeing to seal tax treaties with all nine other Asean member-states, according to the Bureau of Internal Revenue (BIR). The country already has effective double taxation agreements (DTAs) with Indonesia, Malaysia, Singapore, Thailand and Vietnam, BIR Assistant Commissioner Marissa O. Cabreros noted in a presentation at last… – Continue reading
With 42% increase in trade, India-NZ agree to amend Double Taxation Agreement
India and New Zealand also vowed to press for successful negotiations of the Regional Comprehensive Economic Partnership (RCEP). India and New Zealand decided to amend the bilateral tax treaty and expressed commitment to work towards a comprehensive free trade agreement with a view to boost economic ties on Wednesday. The… – Continue reading
Chinese dual tax burden relieved
An extensive tax treaty that would shield Chinese businesses operating in the Kingdom from double taxation, and vice versa, has been drafted and is expected to be approved imminently, according to a senior Cambodian tax official. Experts said yesterday the double taxation agreement (DTA) would create a clear legal framework… – Continue reading
Vietnam plans new transfer pricing rules to curb tax fraud
Various agencies are expected to work together to draft a decree and keep the practice in check. In a move that signals Vietnam’s apparent stronger stance against tax evasion, the Ministry of Finance has sought to work with other ministries and agencies to draft a new decree on transfer pricing… – Continue reading
India, Vietnam sign protocol on double taxation avoidance agreement
India and Vietnam on Saturday inked a dozen of agreements, including protocol on double taxation avoidance agreement, to foster better ties between the two sides. India and Vietnam on Saturday inked a dozen of agreements, including protocol on double taxation avoidance agreement, to foster better ties between the two sides…. – Continue reading
