KPMG provides the recent Official Letters (“OLs”) issued by the General Department of Taxation for your reference. This update covers the notable points regarding: 1) Intensified focus on PIT compliance issues during tax audits, 2) Deductibility of overseas compulsory social insurances for PIT calculation.

• 28 January 2024

I n this article we highlight notable changes introduced under the new Real Estate Law 2023 and, if necessary, make a comparison with the current Real Estate Business Law 2014.

• 28 January 2024

Disputes in mergers and acquisitions are increasingly complex, involving parties from different countries with distinct cultures and legal backgrounds. This article outlines some basic characteristics of M&A activities, provides information about mediation activities, and explains why mediation is considered a comprehensive method for resolving disputes in M&A transactions.

• 28 January 2024

In Vietnam, the primary channels for medicine distribution are over-the-counter (OTC) and essential therapeutic care (ETC) drugs. According to Vietnam Credit's Overview of Vietnam's Pharmaceutical Industry, ETC channels constitute 70% of the medicine market, with OTC channels making up the remaining 30%.

• 28 January 2024

At law, enterprises engaging in certain special business lines (e.g. labour outsourcing service, employment services, etc.) are required to place a security deposit at a licensed bank in Vietnam before conducting the relevant businesses. The Security Deposit is subject to strict control regulations.

• 28 January 2024

In 2022 and 2023, due to the severe impact of COVID-19, the Vietnamese government issued Resolution 43/2022/QH15, to reduce the VAT rate from 10% to 8%. These adjustments had a notably positive impact on both consumers and businesses in the market. And on November 29, 2023, the National Assembly approved a 2% reduction in VAT for specified groups of goods and services from January 1, 2024, to June 30, 2024.

• 28 January 2024

The National Assembly passed Resolution No. 107/2023/QH15 on the application of additional corporate income tax according to regulations to prevent global tax base erosion, according to which the global minimum taxpayer is a constituent unit of a multinational corporation with revenue in the consolidated financial statements of the ultimate parent company for at least 02 of the 04 years immediately preceding the fiscal year equivalent to 750 million euros (EUR) or more, except in the following c

• 28 January 2024

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.

• 28 January 2024

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.

• 28 January 2024

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.

• 28 January 2024