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Update On Certain Important Policies on Taxes, Insurance and Labor during the Covid19 Outbreak - April 2020

In this newsletter: 1) Decree 41/2020/ND-CP on tax and land rent deferral, 2) Suspension of contribution to the pension fund and death benefit fund for entities affected by covid-19, 3) Deferral for payment of union fee for enterprises affected by covid-19, 4) Others regulation on labor in response to covid-19 pandemic.

Vietnam — Tax Liabilities of Foreign Income

Cash conservation and management: Looking at Covid-19 and Beyond

How a 13-week dynamic Short-Term Cash Flow Forecast (“STCF”) can help companies manage liquidity during these uncertain times.

EY Tax Spotlight - April 2020: Double Tax Treaties

Double taxation treaty procedures to claim have been streamlined and can reduce corporate income taxes, personal income taxes, and capital gains taxes for many organisations and individuals. Key points in this article: 1) Are you under-utilizing tax treaty benefits? 2) Things to note when seeking tax treaty benefits 3) Our recommendations

EY Vietnam Tax Alert - April 2020: Extended Deadline for Tax Payment

On 8 April 2020, the Government issued Decree 41/2020/ND-CP to grant extended deadlines for the payment of Value Added Tax (“VAT”), Corporate Income Tax (“CIT”), Personal Income Tax (“PIT”) and State land rental.

Proposed tax and social security concessions to support taxpayers due to Covid-19 epidemic

Following the Directive No. 11/CT-TTg dated 4 March 2020 of the Prime Minister on proposed taxpayer concessions to offset the economic impact of Covid-19 , the Ministry of Finance is currently drafting a Decree to extend the timeline for the payment of Value Added Tax (“VAT”), Personal Income Tax (“PIT”) and land rental for a nominated group of taxpayers.

Vietnam second home market

This article discusses reasons why Vietnam's second-home market may be attractive to international investors and reasons why Vietnam is an attractive choice for expats.

A Comparison Between Vietnam’s Trade In Service Commitments under WTO and EVFTA

The full text of The Comprehensive And Progressive Agreement For Trans-Pacific Partnership Agreement (CPTPP) and the Free Trade Agreement Between Vietnam And European Union (EVFTA) have been made available for public information. This article includes a table comparing the existing commitments of Vietnam under WTO Agreement, and EVFTA Agreement for certain service sectors.

Corporate income tax incentive for business of socialization activities

It is important for companies and corporations to be aware of tax impacts and reporting compliance when conducting business in Vietnam. This article is part of a series of on Tax Finalisation and Profit Remittance Abroad, Corporate Income Tax Incentive for Social Impact Projects, and Tax Breaks for High-tech Transfers. In this article, we discuss particular Corporate Income Tax incentives.

Decree now finalised on extensions of deadlines for tax payments

On 8 April, the Government finally released Decree 41 regarding the extension of deadlines for payments of taxes and land rental fee. The Decree took effect from the signing date and is applicable to companies engaging in various business activities and have generated revenue from such activities in 2019 or 2020.

Approval on proposal to Financial Reporting Standard application in Vietnam

On 16th March 2020, the Vietnam Ministry of Finance issued the Decision 345/QD-BTC on approval of proposal to Financial Reporting Standard (“FRS”) application in Vietnam. Key information and impacts of this decision are summarized as follows.

The COVID-19 pandemic – what employers in Vietnam need to know

The Covid-19 pandemic is not only a health crisis in the global community, but has caused widespread economic disruption to all companies and governments around the world. In common with the governments in other countries, the Government of Vietnam has issued various restrictions and regulations to limit the outbreak of Covid-19 and to support enterprises in these challenging times. To assist employers in Vietnam in responding to the unfolding pandemic, we have summarised the key relevant restrictions and legal issues, as well as giving some practical tips.

The Resilience Wheel: Where to focus your business in stressed or distressed conditions

Almost all industries and businesses worldwide are experiencing stressed and distressed situations where their supply chain, workforce and cashflow have fallen into significant disruption due to the global pandemic of Coronavirus. As business leaders, on what key considerations should you focus to successfully sail your business through the global pandemic? The Grant Thornton network would like to share with you our “Resilience Wheel” with five key considerations for businesses among which cash management is at the centre.

Stress test – Necessary exercise to prepare for COVID-19 impacts

The impacts of COVID-19 are gradually appearing in many economies as the disease rapidly spreads across the globe. International organisations like the IMF, World Bank, and many financial institutions in the world have critically lowered their forecasts for the global economy and many countries as the PMI (purchasing managers’ index) indicators of many countries are starting to show signs of an incoming recession.

Response to Covid-19 | Checklist for how to minimise the Coronavirus impact on your business

The Grant Thornton network would like to share with you a business checklist which has been designed to initially respond to COVID-19. This type of planning is critical and often doesn’t feel urgent until it is. If you haven’t done so already, this checklist can also be a first critical step to build a disaster response plan for your organisation.

Pandemic planning as part of an Overall Resilience Strategy

The steps in this article can help you understand your exposure to COVID-19, and more importantly, position your business to be resilient in the face of this and the next global threat.

Update On New Regulations And Important Tax Policies - March 2020

Grant Thornton Vietnam would like to update some important guidelines applied for 2019 tax finalization and related policies supporting enterprises during the period of epidemic caused by SARS-CoV-2 virus (COVID-19). In this context, the enterprises should pay attention to the following points: Tax finalization deadline, Deductible expenses for Corporate Income Tax (“CIT”) calculation, Update tax payment deadline deferral, Tax inspection and customs inspection schedule in year 2020. Also covered in this newsletter are Transfer Pricing updates.

Coronavirus Outbreak - The Effect of A Force Majeure Event Under Vietnamese Law

In this article, we examine the effect of a force majeure event after the existence of a force majeure event is confirmed. Written by Nguyen Quang Vu and Tran Thuy Tien of Venture North Law Firm.

Coronavirus outbreak - Definition of Force Majeure Events under Vietnamese law

In a series of articles, we discuss the force majeure regime under Vietnamese law and its connection with Coronavirus outbreak. This first article addresses how a force majeure event is defined under Vietnamese law and whether the coronavirus outbreak could qualify as a force majeure event.

Vietnam Tax and Legal Handbook: 2020 and Beyond

Vietnam has developed as a strong and vibrant economy and is projected to become one of the twenty largest global economies by 2050. According to recent World Bank and IMF statistics, Vietnam achieved GDP growth in 2018 of 7.1% (6.8% in 2017) with government debt to GDP of 57.5% in 2018 (58.2% in 2017). This remarkable growth story is supported by Vietnam’s continued willingness to embrace global trade through its membership into the World Trade Organisation