Vietnam Technical Update 2016/Issue 1 | KPMG | VN

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

© 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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