The ongoing outbreak of new Corona virus is causing great losses for many businesses and getting complicated. Encountering new stages of the pandemic, Prime Minister Nguyen Xuan Phuc signed Directive No. 11/CT-TTg on 04 March 2020 directing further actions to fight against COVID-19.
The growth of foreign-invested enterprises (FIEs) in Vietnam has recently raised increasingly complicated tax concerns. These problems arise primarily from the practical issues of determining the transaction price between FIEs and their related parties.
After two years of implementing Decree No.20/2017/ND-CP and Circular No.41/2017/TT-BTC, many Vietnam corporate taxpayers have had a harder time adjusting to new tax policies in transfer pricing and financial reporting requirements in tax finalization.
The finance ministry has announced 10 draft decrees that will guide implementation of as many free trade agreements (FTAs), drawing a roadmap to zero per cent import tariffs for many goods.
The road map, beginning this year, will extend until 2022 for several goods and commodities for which the tariffs will undergo a gradual progression.
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 State Bank of Việt Nam is collecting feedback for a decree on gold trading, which will include a monopoly for the central bank on accepting gold deposits.
The new decree will supersede Decree No.24/2012/NĐ-CP and get rid of certain conditions for companies that make gold jewellery.
HA NOI — State-owned enterprises can apply the book building method at their initial public offering (IPO) from the beginning of 2018, according to a recently issued decree.
Under Decree 126/2017/NĐ-CP on SOE equitisation, Prime Minister Nguyen Xuan Phuc asked the Ministry of Finance to issue detailed instructions for implementing this method.
Labels must be displayed directly on goods or their commercial packaging in easy-to-spot positions, clearly and fully showing compulsory information about the item.
This is the thrust of Government Decree No 43/2017/ND-CP on labeling of Vietnamese and imported goods, which came into effect on June 1.
The Ministry of Finance issued Circular 20/2017/TT-BTC (Circular 20) amending and supplementing Article 8.2 of Circular 195/2015/TT-BTC, dated November 24, 2015 detailing and guiding the implementation of some articles of the Law on Special Consumption Tax (SCT).
The Government issued Decree No. 44/2017/ND-CP (Decree 44), dated April 14, 2017 on the rate of contribution to the Occupational Accident and Disease Insurance fund.
Question: What are the regulations on level of social insurance contributions by employers?
Five brokerage firms have obtained permits from the State Securities Commission (SSC) to operate in the derivatives market.
The companies are Sài Gòn Securities (SSI), VPBank Securities (VPBS), BIDV Securities (BSC), VNDirect Securities (VNDirect) and MB Securities (MBS).
The basic monthly wage of public servants will grow to VND 1.3 million (US$ 58.3) from the current level of VND 1.21 million (US$ 54.3) since July 1, 2017, according to Decree 47/2017/ND-CP (Decree 47) providing for the basic wage level for cadres, civil servants, public employees and armed forces.
Decree 06/2017/ND-CP dated January 24, 2017 (Decree 06) stipulates the business operation management and penalties for administrative violations in regards to operating a business for betting on horse and greyhound races for piloting international soccer betting within the territory of the Socialist Republic of Viet Nam.
On 16 January 2017, the Government issued Decree No.03/2017/ND-CP on the Casino Business ("Decree 03").
Question: What are the pilot permission regulations for Vietnamese citizens to play in casinos?
Answer: Decree 03 regulates pilot permission for Vietnamese citizens to play in casinos.
The Ministry of Industry and Trade (MoIT) has decided to abolish a number of procedures for importers of cars with nine seats or less to simplify imports.
The processes listed in the ministry’s Circular No 20/2011/TT-BTC, which took effect on June 26, 2011, are believed to have discouraged many car importers.
HCM City officials are seeking ways to collect taxes from small- and home-based business owners who are selling merchandise on social media, such as Facebook, in a bid to reduce tax losses in the municipal budget.
Decree 167/2016/ND-CP, dated December 27, 2016 on trading in duty-free goods (Decree 167) stipulates new regulations on subjects and conditions for buying duty-free goods, tax policy on goods at duty-free shops, and quality of duty-free goods.
Question: What are the new regulations of Decree 167?
Early this month, the government issued Resolution 19 on the continued improvement of Vietnam’s business climate and economic competitiveness for 2017, with a vision to 2020.
Hong Sun, general secretary of the Korea Chamber of Business in Vietnam, spoke to VIR’s Thanh Tung about foreign investors’ expectations for this resolution.
The State Securities Commission (SSC) has issued new regulations on which Unlisted Public Company Market (UPCoM) shares on the Premium list will be allowed for margin trading from April this year. This decision will replace existing regulations on securities margin transactions.
The Ministry of Finance is drafting a document for the next generation Law on Securities in an effort to complete legislation for the securities market in line with the overall development scheme of the broader financial sector.
Law No. 03/2016/QH14 (“Amended Investment Law”) was passed on November 22, 2016 by the National Assembly of the Socialist Republic of Viet Nam, amending and supplementing Article 6 and Appendix 4 of the Law on investment regarding the list of conditional business lines (“Investment Law 2014”).
The State Bank of Vietnam (SBV) has issued a new circular to prepare for the application of BASEL II standards in the domestic banking system.
Under Circular 41/2016/TT-NHNN issued recently, commercial banks must maintain a capital adequacy ratio (CAR) of at least 8 percent from January 1, 2020.
The Ministry of Labor, War Invalids and Social Affairs (“MOLISA”) on October 25, 2016 issued Circular No.40/2016/TT-BLDTBXH (“Circular 40”) guiding the implementation of some articles of Decree No. 11/2016/ND-CP dated February 3, 2016 (“Decree 11”) on foreign employees working in Viet Nam.
Hanoi (VNA) – The General Department of Taxation is hastening the implementation of online tax refunds on a national scale, a part of the tax reform effort, to create favourable conditions for businesses.
HCMC – Several ministries and departments said they want guidance for implementing regulations on conditional businesses that are prescribed in the Law on Investment that has been approved by the National Assembly (NA).