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2016 | Tax and Legal Alerts

2016 | Tax and Legal Alerts

Summaries of the latest tax developments being reported by KPMG Vietnam.

Summaries of the latest tax developments being reported by KPMG Vietnam.

We hope that you will find KPMG’s Tax Alerts useful and we welcome the opportunity to further discuss the issues presented and their impacts on your business.

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2016

  • Tax Alert Nov2016/Issue 12: Following Official Letter No. 10453/BTC-CST dated 27 July 2016 (“Official Letter 10453”), the Ministry of Finance has issued Official Letter No. 15888/BTC-CST dated 07 November 2016 (“Official Letter 15888”), which is addressed to all provincial tax departments, on the subject of Foreign Contractor Tax (“FCT”) policy with regards to the transfer of right to use trademark.
 
  • Tax Alert Sep2016/Issue 11: On 12 August 2016, the Ministry of Finance issued the Circular 130/2016/TT-BTC (“Circular 130”) to provide guidance to Decree 100/2016/ND-CP, which stipulates in details the implementation of the Amendment Tax Law No. 106/2016/QH13. The Circular 130 mainly affirms the provisions of Law 106, Decree 100 and recent official letters.
 
  • Tax Alert Sep2016/Issue 10: Assume Company A incorporated in the United Kingdom invests in Company B in Hong Kong, and then the Hong Kong Company establishes Company C in Vietnam. If Company A assigns its capital in Company B to Company D in the United Kingdom, will Company A be subject to CAT in Vietnam?
 
  • Tax Alert Sep2016/Issue 9: According to recent guidance under Official Letter No. 10453/BTC-CST dated 27 July 2016 (“Official Letter 10453”), after consulting with the Ministry of Science and Technology, the Ministry of Finance opines that where a foreign party allows a Vietnamese party to use their goods’ trademark for selling purpose, such activity shall be considered as the transfer of right to use trademark, but distinguishes itself from the transfer of intellectual property in accordance with the Law on Intellectual Property.
 
  • Tax Alert Aug2016/Issue 8: The common goal of the FTAs is to reduce or eliminate tariffs in accordance with the roadmap agreed in each FTA for a majority of the 9,578 tariff lines in the Import Tariff Table to reach a common tariff between 0% and 5%.
 
  • Tax Alert Jul2016/Issue 7: The Government issued Decree No. 100 amending a number of tax laws. Decree 100 takes effect on 1 July 2016.
 
  • Tax Alert Jul2016/Issue 6: Intergovermental Agreement Model 1 between Vienam and the U.S. Governments officially entered into force, accordingly, Financial Institutions in Vietnam officially became Reporting Vietnamese Financial Insititutions Model 1.
 
  • Tax Alert May2016/Issue 5: On 26 May 2016, the Government passed Resolution 41/NQ-CP providing measures on tax incentives to develop the information technology industry of Vietnam.
 
  • Tax Alert Apr2016/Issue 4: Vietnam State Budget and Tax actions in 2016. Although the significant decrease in crude oil prices in 2015 adversely impacted the Vietnam State Budget, the total State Budget revenue in 2015 still exceeded the budgeted revenue by nearly 8%.
 
  • Tax Alert Feb2016/Issue 3: New regulations on representative offices and branches of foreign business entities in Vietnam.
 
  • Tax Alert Feb2016/Issue 2: Key changes in qualifications and work permit - exempt categories of incoming foreign workers.
 
  • Tax Alert Jan2016/Issue 1: Key changes in labour and compulsory insurance regulations from 2016 - Impact on employment costs.

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