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Information ›› Business News

BRITISH COUNCIL   October 2010

International Young Screen Entrepreneur Award 2010-2011

This is the second time that the British Council Vietnam has run the International Young Creative Entrepreneur award organized by the global British Council… Read more

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ERNST & YOUNG VIETNAM LTD   October 2010

The Personal Income Tax (PIT) law. has now been in force for nearly two years. However, there are still many ambiguities in the implementation of the PIT regulations. On 8 September 2010, the General Department of Taxation (GDT) issued Official Letter No. 3473/TCT-TNCN (OL 3473) to provide further guidance on some areas of the PIT regulations, these are as follows… Read more

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SAVILLS   October 2010

Welling house, Buckingham gateRead more

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KPMG LIMITED   October 2010

New guidance on VN Tax residence rule.

Since the advent of the 2009 PIT regulations, concerns have been raised about the rule which defines an expatriate as Vietnam tax resident for PIT purposes if they stay in Vietnam for less than 183 days but have leased accommodation for 90 days or more in a tax year or in a consecutive 12-months period.
In an attempt to address the issue in line with international practices, recently the General Department of Taxation issued Official Letter 3473/TCT-TNCN (“OL 3473”) to all local tax offices guiding that individuals in these circumstances may still be treated as non tax resident of Vietnam if they can prove that they are tax residents under another jurisdiction during the same period… Read more

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PRICEWATERHOUSECOOPERS   October 2010

Guidance on PIT issues.

On 8 September 2010 the General Department of Taxation issued Official Letter 3473/TCT-TNCN (“OL 3473”) providing guidance on various PIT matters. The issues dealt with in OL 3473 principally relate to expatriates and deal with a number of matters that have been uncertain and causing problems since the introduction of the Law on PIT in 2009… Read more

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PRICEWATERHOUSECOOPERS   October 2010

25% CIT applied to profits distributed by investment funds.

On 19 August 2010, the Ministry of Finance issued Letter 10945/BTC-TCT to provincial tax authorities confirming that 25% CIT is applicable to profits distributed by Vietnamese investment funds to their investors (either domestic or foreign). The fund is required to withhold this tax before distributing dividends… Read more

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KPMG LIMITED   October 2010

Corporate Income Tax (CIT).

No profit repatriation allowed when in accumulated loss position… Read more

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KPMG LIMITED   October 2010

Profits distributed by securities inverstment funds to institutional investors now confirmed to be taxed at 25%.

According to recent Official Letter 10945/BTC-TCT of the Ministry of Finance to all local tax departments, when a securities investment fund pays out profits to its institutional investors, such profits (regardless of whether these investors are domestic or foreign investors) shall be subject to Corporate Income Tax at 25%. The fund management company shall be responsible to withhold, declare and pay this tax on behalf of the institutional investors in accordance with law… Read more

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PRICEWATERHOUSECOOPERS   October 2010

Requirement for remittances by foreign contractors.

On 16 August 2010, the General Department of Taxation issued Letter 3064/TCT-CS to provincial tax authorities providing guidance on remittances made by foreign contractors… Read more

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