Business News

[27-06-2014] The Alert update on the New Circular on Corporate Income Tax (“CIT”) which is Circular No. 78/2014/TT-BTC guiding the implementation of Decree No. 218/2013/ND-CP dated 26 December 2013 providing detailed instructions for implementation of the Law on CIT dated 03 June 2008, and its Amended Law dated 19 June 2013.

[16-06-2014] TheStateBank of Vietnam(“SBV”) recently issuedCircular 12/2014/TT-NHNN (Circular 12) in order to place  estrictionson foreign loans toVietnamtaxpayers andalso to l imit the amount of interest payments beingmade offshore.

[11-06-2014] Part I of this Legal Newsletter introduces a legal article titled “FATCA and the Duty of Confidentiality” written by Lawyer Nguyen Van Quynh and Lawyer Pham Thi Hai Yen. In this article, the writers analyze a number of issues relating to how FATCA may affect the confidentiality obligations of the credit institutions established in Vietnam, the difficulties and deficiencies of the competent authorities in their decision to adjust the national legislation for compatibility with FATCA.

[04-06-2014] A number of Official Letters issued by theGeneralDepartment of Taxation (“GDT”) have stated that airfares provided in relation to overseas employees that travel to/from Vietnamon a rotation (i.e. fly in/out) basis are subject to PIT.

[03-06-2014] The Alert update on Updated Government support for damaged enterprises from recent protests which is covered in Official Letter No. 7175/BTC – CST, providing further detailed guidance on taxes and customs relieves to these enterprises, dated 30 May 2014 by the Ministry of Finance.

[02-06-2014] The Alert update on Supports in terms of taxes and customs for damaged enterprises from recent protests which is covered in Official Letter No. 6642/BTC-CST dated 21 May 2014 by the Ministry of Finance.

[27-05-2014] The Ministry of Finance has recently issued Circular 39/2014 on invoicing regulations, replacing Circular 64/2013. Circular 39 will become effective from1 June 2014. Notable changes include:

[26-05-2014] On 22 May 2014, the Prime Minister issued Notice 207/TB-VPCP urgently providing various relief measures to help businesses affected by recent riots in the provinces (ie. Binh Duong, Dong Nai and Ha Tinh).