Updates
Vietnam: EPR regulations: Recycling responsibilities applicable from 2024
- PwC Legal Vietnam
The 2020 Environmental Protection Law and its implementing Decree 08 introduced the concept of Extended Producer Responsibility. Although waste treatment responsibilities have been applicable from the effectiveness of Decree 08 in 2022, recycling responsibilities will now also apply according to a roadmap starting from 2024.
Vietnam: Are representations and warranties considered as obligations under Vietnamese law?
- Venture North Law Firm
Representations and warranties constitute an important building block in a contract. Unfortunately, Vietnamese contract law does not have a separate regime on representations and warranties. Accordingly, this gives rise to various questions concerning representations and warranties under Vietnamese law.
Vietnam: Decree 77 on imported refurbished goods under CPTPP
- KPMG Law Limited
KPMG would like to share the very recent updates Decree 77/2023/ND-CP governing the management of importing refurbished goods under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which shall come into force starting from 01 January 2024.
Mazars Vietnam Newsletter - January 2024
- Mazars Vietnam
In this newsletter: Decree 94/2023/ND-CP stipulating the VAT reduction policy for the first 06 months of 2024, Official Letter 5435/TCT-CS guiding where the VAT rate cannot be determined, Official Letter 3142/CTTPHCM-TTHT guiding regulations on offsetting overseas profit remittance, Official Letter 5081/CTBNI-TTHT on the timing of export revenue recognition, and Official Letter 5114/TCT-CST on the transfer of capital between companies within the same Group.
Vietnam: Further Guidelines On Drug Labels and Instructions for use of Medicine
- RHTLaw Vietnam
On 30 November 2023, the Ministry of Health promulgated Circular No. 23/2023/TT-BYT which becomes effective on 15 January 2024. This Circular introduces a number of noteworthy amendments to Circular No. 01/2018/TT-BYT regulating the labelling drugs.
Vietnam: Importing Remanufactured Goods Under CPTPP
- RHTLaw Vietnam
On 1 January 2024, Decree No. 77/2023/ND-CP issued by the Government governing the importation of remanufactured goods under the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”) comes into force.
Vietnam: New regulations on work permits for foreigners working in Vietnam
- PwC Legal Vietnam
Some changes to the work permit regulations were recently introduced in Decree 70/2023 issued on 18 September 2023, which amended Decree 152/2020. Decree 70 came into effect from its issuance date, except for certain points which became valid from 1 January 2024.
Vietnam: IFRS Alert: Bringing transparency on supplier finance
- PwC Legal Vietnam
Supplier finance arrangements provide companies with solutions for managing working capital. As the use of these solutions expands, it has become increasingly important that investors have transparency over the effect on a company’s liabilities, cash flows and exposure to liquidity risk. Starting in 2024, IFRS reporters will be required to provide additional disclosures about these arrangements to fulfil those investor needs.
Vietnam: Draft Decree On Establishment, Management, and Use of Investment Support Fund
- KPMG Vietnam
Following Resolution No. 110/2023/QH15 and in the context of Vietnam adopting the Global Minimum Tax rule from 1 January 2024, the Government has initiated a draft decree on the establishment, management and use of investment support fund, aiming to support, encourage and attract strategic investments.
Vietnam: Foreigner Work Permits for Foreign National Employers/Employees
- DFDL Cambodia
On 28 December 2023, the Ministry of Labour and Vocational Training (“MLVT”) issued a new Instruction 110/23 on the Provision of Foreign Work Permit for Foreign National Employers (“Instruction”) to clarify the on-going questions as to whether certain foreign nationals need to apply for work permits.
Vietnam: Decree 94/2023/ND-CP Guiding the 2% VAT reduction for January to June 2024.
- KPMG Vietnam
Regarding the implementation of the Resolution No. 110/2023/QH15 ratified by the National Assembly, on 28 December 2023, the Government issued Decree 94/2023/ND-CP (“Decree 94”) guiding the 2% VAT reduction applicable for the period from 1 January 2024 to 30 June 2024.
Cambodia: DTA Tax Relief Update
- DFDL Cambodia
On the 3rd of January 2024 the General Department of Taxation issued Instruction 180 on the granting of tax relief under a Double Tax Agreement (DTA). The key message outlined in Instruction 180 is that tax relief conferred under a DTA will be applicable for the entire calendar year in which the submission is made.
Vietnam: Updated Tax Provisions Effective 1 January 2024
- DFDL Vietnam
This update covers two developments: 1) On 28 December 2023, the Government issued Decree 94/2023, guiding the implementation of the 2% VAT rate reduction from 1 January to 30 June 2024, and 2) Resolution 107/2023/QH15 regarding the Global Minimum Tax passed by the Vietnam National Assembly on 29 November 2023 came into effect on 1 January 2024.
Vietnam: Decision on new ceiling electricity price mechanism for transitional renewable energy projects
- Lexcomm Vietnam LLC
On 07 January 2023, the Ministry of Industry and Trade (MOIT) issued Decision No. 21/2023/QD-BCT (Decision 21) on the official power price framework for the transitional renewable energy (RE) projects. In this legal update, we will highlight several remarkable information for the power project investors about the new power price framework.
Vietnam: Price Frame for Solar and Wind Power Plants
- Lexcomm Vietnam LLC
On 01 Nov 2023, the Ministry of Industry and Trade promulgated Circular 19 on methods of developing a price frame for electricity generation of solar and wind power plants. This circular is also applicable to Vietnam Electricity (EVN). This update analyses and gives in-depth determination on the developing method of the annual price frame.
Vietnam: Carbon Border Adjustment Mechanism | December 2023
- EY Vietnam
This Alert covers the information of the EU’s Carbon Border Adjustment Mechanism (CBAM) and the potential impacts on businesses.
APAC payroll newsletter 2023 Vol.4
- Mazars Vietnam
In this newsletter: Vietnam - New points in the Draft amendment of the Law on Social Insurance, Vietnam - Decree No. 70/2023/ND-CP on recruitment of foreign employees in Vietnam. Also covered: China, Australia, Philippines, Singapore, Taiwan, and Thailand.
Mazars In Vietnam Newsletter - Tax & Legal Update - Issue December 2023
- Mazars Vietnam
In this newsletter: 1) enterprises to use invoices on incurrence basis for cases where invoice suspension is being enforced, 2) guiding the case of invoicing for return goods, 3) VAT treatment for transactions of export processing enterprises, and 4) guidance related to the determination of taxable rates for foreign contractors.
Economic uncertainty puts pressure on mid-market businesses in Vietnam
- Grant Thornton Vietnam
The second story of the International Business Report (IBR) campaign, reporting results of Grant Thornton’s survey of the global mid-market, pointed out the difficulties experienced by mid-market firms, particularly in Vietnam.
Vietnam: Mid-market businesses in Vietnam expect to increase investment in firm resources and cap.....
- Grant Thornton Vietnam
Results of Grant Thornton’s latest International Business Report survey found that more mid-market companies in Vietnam are aiming to remarkably increase investment in technology, human resources, and R&D in the next 12 months.
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