vietnam

New Amendments to Law on Intellectual Property and Law on Insurance Business

On 14 June 2019, the National Assembly ratified Law No. 42/2019/QH14 amending both the Law on Intellectual Property and the Law on Insurance Business

New Foreign Exchange Control Regulations for Foreign Direct Investment in Vietnam

The State Bank of Vietnam issued Circular 06/2019/TT-NHNN dated 26 June 2019, which will come into force from 6 September. Circular 06 brings some welcome simplifications of the procedures for remitting funds in M&A transactions. In brief, in the past, funds generally had to be flowed via the Vietnam target company, even when the buyer and seller were overseas. This requirement has now been mainly relaxed.

Vietnam Legal Update: New Solar FiT and Rooftop Solar Power Development Acceleration Program

Foreign Contractor Tax in Vietnam

Document Preservation In Vietnam

Vietnamese law has fairly specific rules identifying documents that must be preserved and the periods for which they must be preserved. Regulations on preservation of electronic documents, however, are not sufficient. This piece discusses the requirements to preserve accounting and business documents. Additionally, separate sections address the preservation of anti-money laundering documents, documents that relate to transfer pricing, law client and medical patient files, and documents that relate to cybersecurity.

Update On The Latest Regulations And Important Tax Policies - July 2019

In this newsletter: 1) Some notable points of the amended Tax Administration Law No. 38/2019/QH14, 2) Import Duty exemption for raw materials and supplies imported for processing and production of on-spot exported goods, and 3) VAT refund for imported for re-exported goods.

Transfer Pricing Update

In June, the National Assembly approved the new Law on Tax Administration 38/2019/QH14, which contains rovisions relating to transfer pricing. The new law will mostly take effect from 1 July 2020. A decree, followed by a circular, will subsequently be issued to provide detailed guidance on the provisions of the new law. The National Assembly also issued Decree 51/2019/ND-CP. Decree 51 provides details of the penalties applicable for violation of transfer pricing-related provisions contained in the Law on Technology Transfer 2017. We take a look at these two new regulations in this article.

KPMG Technical Update - Tax and Legal - June 2019

Technical update issues covered: 1. Corporate income tax, 2. Value added tax and invoices, 3. Foreign contractor tax, 4. Import duty, export duty and customs procedures, and 5. Personal Income Tax (“PIT”) and labor regulations.

New Law On Tax Administration Has Finally Been Issued

In June, the new law on tax administration 38/2019/QH14 was approved by the National Assembly. The new law will take effect from 1 July 2020, except for its provisions on invoices and e-documents, which will come into force on 1 July 2022. A decree and circular will be issued in due course to provide more detailed guidance on the new law.

EY Vietnam Tax Update - June 2019

June 2019 Tax Update highlights the following key points: 1) Revised customs duty treatment related to on-the-spot import/export, 2) Profit repatriation of foreign contractors, and 3) PIT treatment of deposit received by a seller in the event a buyer refuses to execute. a contract

Wind, Power and Vietnam

Although Vietnam has long had favorable wind patterns and supporting geography, the serious development of wind power has only recently begun. The industry holds great promise. This article discusses Vietnam’s policy to develop commercial wind power including licensing procedures, technical requirements, subsidies and financial support and further government support.

Update On The Latest Regulations And Important Tax Policies - June 2019

In this newsletter from Grant Thornton Vietnam: 1) Decree No. 38/2019/ND-CP increasing basic salary from 1 July 2019, 2) Guidance on conditions for determining foreign workers who are subject to compulsory social insurance contribution, 3) Personal Income Tax (PIT) for share transfer of individuals in Joint Stock Companies, 4) Guidance on allocation of reduced PIT in 2018 of employees in Economic Zones, and 5) Transfer Pricing documentation (Master File) for an enterprise whose parent company is not multinational corporation but established under Vietnamese regulations

Vietnam Legal Update: Draft Public-Private Partnership Law

The Ministry of Planning and Investment of Vietnam published a draft Law on Public-Private Partnerships (the “Draft PPP Law”). The current public-private partnership (“PPP”) legal regime is comprised of various laws, decrees, and implementing regulations; the Draft PPP Law serves to consolidate this framework, while clarifying a number of issues and bringing changes to further incentivize PPPs in a number of key sectors.

Vietnam Legal Update: Draft Decision 3 and Vietnam’s Solar Future from July 2019

On 12 April 2019, the Ministry of Industry and Trade of Vietnam (the “MOIT”) released a new draft Decision on mechanisms to encourage the development of solar power projects in Vietnam. Introducing a number of changes, this Draft Decision modifies the previously issued draft. Subject to final approval by the Prime Minister, the Draft Decision is expected to be in full force from 1 July 2019.

EY Vietnam Tax Update - May 2019

This Tax Update highlights the following key points: 1) Response of the General Department of Taxation to certain petitions from the Vietnam Business Forum in 2018, 2) Notification of the enforcement of the Vietnam – Cambodia Tax Treaty, 3) Timing of issuance and content of an e-invoice, 4) Certain projects implemented before 1 January 2015 are not eligible for the conversion of tax incentives,5) Increase in general minimum wage from 1 July 2019, and 6) The PIT treatment of coupons/vouchers provided to employees.

New Model Wind PPA

On 15 January 2019, the Ministry of Industry and Trade (MOIT) issued Circular 2 on wind power projects (Circular 2/2019), which took effect on 28 February 2019. Circular 2/2019 provides the new model power purchase agreement (Wind PPA) applicable to wind farm projects in Vietnam. In this article, we provide our comments on the Wind PPA followed by a summary.

Tax Newsletter - 1st Edition (Quarter 1/2019)

This is a periodic summary of new rulings and other legal documents, including some in draft form relating to tax, customs and legal developments in Vietnam. Please read on for an overview of some trending issues in Vietnam and how they may impact your business. Key contents: 1) Some notable proposed regulations, 2) New regulations in Quarter 1, 2019, 3) Interesting official letters issued by the tax authorities, 4) PwC NewsBriefs issued in Quarter 1, 2019.

New Decree on Labour Outsourcing Services

aking effect from 5 May 2019, Decree 29/2019/ND-CP on labour outsourcing services has been introduced, replacing Decree 55/2013/ND-CP. Key changes include a relaxation of licence application conditions, but also the imposition of further restrictions in relation to the deposit aimed at providing greater protection for contract employees. Partner Melissa Keane and Associate Hoa Nguyen discuss the new requirements.

China's National Carbon Market – One Step Forward

Draft legislation revealing the intended coverage and mechanics of China's national emissions trading scheme, which is due to commence operation within a year, has been released for public consultation until 2 May. Partner Jillian Button and Associate Shona Shang report on its key aspects.

Update on the Latest Regulations and Important Tax Policies - April 2019

In this newsletter, Grant Thornton Vietnam would like to update the latest regulations and important tax policies as follows: 1. Transition of incentives for projects manufacturing products in supporting industries, 2. Enterprise valuation, 3. Deductible expenses for foreign workers without work permit, 4. Response on securities companies' suggestion on application of Clause 3, Article 8 of Decree No. 20/2017/ND-CP.