Business News

[08-09-2014] The Alert update on Circular No. 119/2014/TT-BTC by the Ministry of Finance providing amendments and guidance to simplify certain tax administrative procedures in line with the spirit of Resolution No. 63/NQ-CP. Circular No. 119/2014/TT-BTC was applied from 01 September 2014.

[28-08-2014] On 25 August 2014, the Government issued the Resolution No. 63/NQ-CP stipulaing a number of stimulus tax treatments for the purpose of supporting businesses to solve difficulties in operation and encourage their business development. Detail guidances at Decree and Circular level for the Resolution shall be issued in recent time.

[28-08-2014] On 15 July 2014, the Ministry of Science and Technology (MoST) issued Circular 20/2014/TT-BKHCN (“Circular 20”) prescribing the requirements and procedures for importation of used machinery, equipment and production lines. This Circular 20 will take effect on 1 September 2014.

[15-08-2014] The Ministry of Finance (“MoF”) recently released a revised form, Form 03-7/TNDN (“Form 3”), which replaces the Form  CN/01/QLT, and will be required to be filed with the corporate income tax return for all taxpayers with related party transactions. Form 3 will be applicable for taxpayers fromthe 2014 tax year onwards, and is required to be lodged within 90 days fromthe financial year end.

[11-08-2014] Part I of this Legal Newsletter introduces a legal titled “Investment promotion or providing "legal services"” written by Mr. Vo Dinh Duc, published on The Saigon Times dated March 13th 2014. In this article, P&P analyze a number of issues relating to the fact that Investment Promotion Centers (IPCs) in Vietnam has exceeding their functions and responsibilities which causes bad consequences to the business and investment environment.

[28-07-2014] Law on Land No. 45/2013/QH13 (“new Land Law”) came into effect on 1 July. Some notable points include: The new Land Law changes and adds in a number of definitions. In particular, the term “foreign invested enterprise” (“FIE”) is officially referred to as a land user (rather than being generally referred to as “foreign organisations and individuals” as previously).

[16-07-2014] Circular 78 guiding the implementation of Decree 218 on CIT has been issued and will be effective from 2 August  2014. It will take retrospective effect for the whole 2014 tax year.

[11-07-2014] Part I of this Legal Newsletter introduces a legal titled “Recycling branded goods – making big profits on the Achilles heel of big brands?” written by Ms. Nguyen Thi Hong Hoa, published on The Saigon Times dated May 1st 2014. In this article, They analyze a number of issues relating to whether the recycling of products – repairing and selling another company’s branded goods – is allowable in Vietnam market.