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How to Open a Hotel in Vietnam: Ultimate Guide 2024
How to Open a Factory in Vietnam: Ultimate Guide 2024
How to Open a Supermarket in Vietnam: Ultimate Guide 2024
How to Form a Company in Vietnam: Technical Guide 2024
How to Start an English Centre in Vietnam: Ultimate Guide 2024
How to Start a Business in Vietnam: Ultimate Guide 2024
How to Export Coffee from Vietnam: Ultimate Guide 2024
How to Import Coffee to Vietnam: Ultimate Guide 2024
How to Open a Gym in Vietnam 2024: Ultimate Guide
How to Open a Bar in Vietnam 2024: Ultimate Guide
How to Open a Restaurant in Vietnam: Ultimate Guide 2024
How to Open a Cafe in Vietnam: Ultimate Guide 2024
Vietnam Airports: Foreign Investors Guide 2024
Vietnam Seaports: Foreign Investors Guide 2024
Minimum Wage in Vietnam 2024: Your Questions Answered
Logistics in Vietnam: Ultimate Guide (2024)
Gambling in Vietnam: Foreign Investor Quick Read 2024
Public Holidays in Vietnam 2024: Cheat Sheet
Corruption in Vietnam: Cheat Sheet 2024
Tax in Vietnam 2024: Quick Read
Value Added Tax in Vietnam 2024: Quick Read
Corporate Income Tax in Vietnam 2024: Quick Read
Personal Income Tax in Vietnam 2024: Quick Read
Vietnam Special Consumption Tax 2024: Quick Read
Video Games in Vietnam: Cheat Sheet 2024
English News in Vietnam: A Quick Guide 2024
Where are Nikes Made in Vietnam 2024?
Vietnam Supermarkets: Foreign Retailer’s Guide 2024
Shopping in Vietnam: Quick Guide 2024
Vietnam’s Financial Sector: An Overview 2024
Vietnam’s Imports and Exports, March 2024: Snapshot
Vietnam’s Imports and Exports, February 2024: Snapshot
Snapshot: Manufacturing in Vietnam, February 2024
Vietnam’s Economy, February 2024: Snapshot
Snapshot: Manufacturing in Vietnam, January 2024
Vietnam’s Stock Market, January 2024: Snapshot
Vietnam’s Economy, January 2024: Snapshot
Snapshot: Manufacturing in Vietnam, December 2023
Vietnam’s Stock Market, December 2023: Snapshot
Vietnam’s Economy, December 2023: Snapshot
Vietnam’s tax law doesn’t change a lot, however, fiscal policy does. This section monitors Vietnam tax news for changes to fiscal policy, tax breaks and incentives, and draft tax laws and regulations.
Of note, Vietnam is currently debating adding soft drinks to the list of items subject to the Special Consumption Tax. In the most recent version of a revised SCT, the Ministry of Finance has included a ten percent tax on drinks with 5 grams or more of sugar per 100 millilitres. This legislation, however, is still in its draft stage…
This stems from the introduction of the Global Minimum Tax which has seen corporate tax incentives significantly diminished for firms operating in Vietnam. An alternative ‘investment support fund’ has been proposed, however, this is yet to be legislated. A December 2023 draft included financial support for training and reimbursements for research and development conducted in Vietnam…
The VAT is normally 10 percent, however, it was reduced during COVID as an economic stimulus measure to 8 percent. But Vietnam’s economic recovery was in large part thwarted, much like in many other countries, by the Ukraine War and the rising fuel prices that came with it. This has led to extensions of the aforementioned VAT cut for the better part of the last four years…
Of note, the draft amendments to the Law on Corporate Income Tax do not seem to make a distinction between local and foreign firms. That being the case, foreign-owned small businesses–cafes, bars, gyms, and what not–could also benefit from these changes if passed. That said, there does not seem to be a timeline for a decision as to whether these changes will be approved and go ahead…
Dubbed the ‘sugar tax’ this has been raised several times in the past. The American Chamber of Commerce in Vietnam came out against the idea back in 2018 arguing there was no evidence legislating a sugar tax would reduce consumption of sugary drinks. That said, a study on a similar tax in Mexico found that the consumption of sugary beverages fell 6 percent in its first year of implementation…
Low-value Chinese-made goods are all over Vietnam’s major e-commerce sites and can be exported from China and arrive in Vietnam very quickly and easily given the two countries are so close. This proximity also means that shipping is relatively cheap too, and in this respect it does seem that the only real difference is that goods from China, with this VAT exemption in mind, are cheaper…
There are a number of taxes that foreign business owners in Vietnam should be aware of. Most prominent among them are Vietnam’s Personal Income Tax, Corporate Income Tax, Value Added Tax, and Special Consumption Tax. A basic understanding of these taxes can make dealing with local accountants and tax professionals much easier.
There are a number of taxes that foreign business owners in Vietnam should be aware of. One of these taxes is Vietnam’s value-added tax which is particularly important for foreign retail businesses. With this in mind, this article runs through what this tax is, what it applies to, and the key elements that apply to foreign business persons.
There are a number of taxes that foreign business owners in Vietnam should be aware of. One of these taxes is Vietnam’s corporate income tax which is particularly important for foreign firms looking to manufacture in Vietnam. With this in mind, this article runs through what this tax is, what it applies, and the key elements that apply to foreign business persons.
There are a number of taxes that foreign business owners in Vietnam should be aware of. One of these taxes is Vietnam’s personal income tax which is particularly important for foreign businesses with local employees. With this in mind, this article runs through what this tax is, what it applies, and the key elements that apply to foreign business persons.
There are a number of taxes that foreign business owners in Vietnam should be aware of. One of these taxes is Vietnam’s special consumption tax which is particularly important for foreign proprietors of businesses like bars and nightclubs, hotels, and retail businesses broadly. With this in mind, this article runs through what this tax is, what it applies, and the key elements that apply to foreign business persons.
Specifically, the Ho Chi Minh City Customs Department has stopped import and export procedures for Gia Dinh Textile and Garment Company over VND 100 billion (US$4 million) in unpaid taxes, VN Express is reporting. This is yet another instance of Vietnam customs being used to collect tax debts. At the
VinaCapital has released an Economist’s Note Looking Ahead at 2024, in which the firm’s Chief Economist, Michael Kokalari, says the introduction of the global minimum tax should have limited impact on Vietnam’s FDI inflows. His key points are Vietnam will find away to work around it and rebate some of
Vietnam’s Ministry of Planning and Investment has released a draft decree outlining the establishment of a support fund to compensate foreign firms subjected to the Global Minimum Tax initiative, The Investor is reporting. Key points The fund will support businesses making high-tech goods or applying advanced technology in their operations
Vietnam’s recently passed top-up tax, a response to the Global Minimum Tax, should not impact how attractive Vietnam is to foreign firms, according to Raphaël Cecchi, an analyst with European credit insurer, Credendo. It may, however, “slightly hit Vietnam’s reputation” as a low-tax jurisdiction for foreign firms, he says. He
Last year, Vietnam’s Quang Nam province recorded tax revenue of VND 31,781 billion (US$1.3 billion), however, this year it is expected to record tax revenue of just VND 23,951 (US$986 million), Tuoi Tre is reporting. This has been attributed to a substantially reduced contribution from automaker Truong Hai Group, which
A 2 percent reduction in Vietnam’s value-added tax has been extended to June next year, VTV is reporting. The stimulus measure first introduced during COVID has been extended multiple times as Vietnam’s economy first struggled to recover from the pandemic and is now battling a greater global economic downturn.
A top-up tax has been approved by Vietnam’s National Assembly and will see corporate income taxes raised to a minimum of 15 percent in the country, Reuters is reporting. This will take effect from January 1 next year. Legislation set to provide alternative benefits to corporate firms operating in the
Vietnam’s personal income tax receipts in the first nine months of this year were down VND 7.2 trillion (US$299 million) over the same period last year, Tuoi Tre is reporting. The article goes on to say this is due to a reduction in real estate transfer taxes which are included
If a Global Minimum Tax comes into force in all OECD member states from the start of 2024, and Vietnam has a top-up tax in place, the country could benefit to the tune of US$600 million in increased tax revenue a government report has found, The Investor is reporting. In
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