Vietnam Technical Update 2016/Issue 1

Vietnam Technical Update 2016/Issue 1

The new guidance provides provisions concerning: CIT, VAT, PIT, Natural Resource Tax on February 2016.

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1. Corporate Income Tax (“CIT”)

  • Utilization of losses incurred by the acquired company prior to the acquisition date
  • Determination of deductible management service fee of certain typical businesses
  • Provision for impairment of investment in unlisted securities

2. Value Added Tax (“VAT”)

  • VAT declaration and invoicing for goods internally circulated between the head office company and its branches

3. Personal Income Tax (“PIT”), compulsory insurance, and labour policies

  • 20% PIT rate to be applied on income paid to expatriates after the completion of PIT finalization and their departure from Vietnam
  • Tax obligations of individuals and household taxpayers doing several business activities with annual income for each one less than VND100 million
  • Tax management procedures applied for individuals having assets leased
  • PIT exemption for Vietnamese individuals working in representative offices of international organizations of the United Nations in Vietnam
  • PIT exemption for foreign experts to implement programs, non-governmental aid projects in Vietnam

4. Other fees and charges

  • Environmental Protection Fee for the exploration of mineral resources

Technical Updates

KPMG's Tax Technical Update is most up to date the amended law and tax administration in Vietnam and the implications thereof.

 
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© 2017 KPMG Tax and Advisory Limited, a Vietnamese limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved.

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