Publications and News

Important changes to VAT administration

June 24, 2016

Effective 1 July 2016, several important changes to VAT administration will be put into implementation. These include: More goods are waived from VAT return filing but still VAT-deductible: agricultural produce, livestock, aquatic products that are not yet processed or only crudely processed when sold to corporations or cooperatives. This regulation means that related business entities […]

Changes in regard to tax administrative penalties

June 21, 2016

In late May 2016, the Government issued two new decrees on the tax adminstration: Decree 45/2016 amending Decree 127/2013/ND-CP on penalties relating to Customs matters; and Decree 49/2016/ND-CP amending Decree 109/2013/ND-CP on penalties relating to invoicing matters. Both Decrees take effect on 1 August 2016, introducing changes in the areas of Customs and invoicing. Customs […]

Vietnam tax treaties on Double Taxation Avoidance

December 8, 2015

In an endeavor to avoid the double taxation of international income and therefore promote foreign direct investment (FDI), Vietnam tax treaties on Double Taxation Avoidance (DTAs) have been concluded with about 65 countries to date, including most major countries. Latest DTA pacts Vietnam concluded are with Estonia, United States, and Kazakhstan. For an exhaustive list of countries, […]

Vietnam’s Audit and Compliance Requirements

November 5, 2014

Under prevailing regulations, all enterprises with foreign ownership (regardless of the stake size) are required to have their annual financial statements audited by an independent audit firm. Statutory audits in Vietnam are performed in accordance with the Vietnam Standards on Auditing. Audited financial statements and tax finalization filing must be done within 90 days from […]