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Q&A

How long should an enterprise operating in Vietnam retain relevant documentation...

How long should an enterprise operating in Vietnam retain relevant documentation...

Enterprises operating in Vietnam are required to retain certain documentation for periods of five or ten years, while other documentation must be retained indefinitely.  The government of Vietnam requires that a company retain all documents used...

Q&A

In what areas do Vietnamese Accounting Standards (VAS) deviate from Internationa...

In what areas do Vietnamese Accounting Standards (VAS) deviate from Internationa...

Vietnamese Accounting Standards (VAS) differ from International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS) through out of date standards, ineffective implementation, and issues regarding translation.  The I...

Q&A

When will the Accounting Law of 2015 go into effect, and what impact will it hav...

When will the Accounting Law of 2015 go into effect, and what impact will it hav...

The Accounting Law of 2015 was passed on November 30, 2015, and is set to go into effect on January 1, 2017.  This law will act as an update to the Law on Accounting of 2003, and although the changes to the law are not substantial, changes have ...

Q&A

What are the major market drivers to Russia’s e-commerce industry? What are i...

What are the major market drivers to Russia’s e-commerce industry?  What are i...

In 2016, Russia’s e-commerce market is looking at an annual growth rate of 15%.  A growth in domestic internet users, an increase in the average Russian's understanding of the internet environment, and reduced mobile costs have all pl...

Q&A

What are online shoppers in Russia buying?

What are online shoppers in Russia buying?

Online shoppers in Russia have been increasingly drawn to foreign products, as they look to the international market for quality goods.  These shoppers are mainly purchasing small appliances, electronics, clothing, and shoes.  The average p...

Q&A

Who are the biggest players in the Russian e-commerce market?

Who are the biggest players in the Russian e-commerce market?

Russia’s e-commerce market has three major players vying for market share.  The most popular online retailers in Russia are AliExpress, Ozon, and eBay.  Of the three leaders in the e-commerce industry, the Chinese site AliExpress is b...

Q&A

What amendments to Russia’s N 152-FZ law were implemented on September 1, 2015...

What amendments to Russia’s N 152-FZ law were implemented on September 1, 2015...

On September 1, 2015, amendments to the Russian law N 152-FZ went into effect.  The amendments state that legal entities and municipal authorities are required to store the personal information of Russian nationals solely on local servers in Rus...

Q&A

For foreign retailers selling to Russian consumers, what are the benefits of sel...

For foreign retailers selling to Russian consumers, what are the benefits of sel...

For foreign retailers selling products online, selling goods directly to Russian distributors is an effective method of handing off the complex process involved in navigating the Russian e-commerce environment.  Russian distributors follow the t...

Q&A

Why has the Chinese government shifted from the business tax (BT) to the value-a...

Why has the Chinese government shifted from the business tax (BT) to the value-a...

In 2016, the value-added tax (VAT) has effectively replaced the business tax (BT) as China’s only indirect tax.  The transition is part of an effort by the Chinese government to create a service-oriented economy that is no longer centered ...

Q&A

As of November, 2016, what industries were recently placed under China’s value...

As of November, 2016, what industries were recently placed under China’s value...

As of November, 2016, the construction, lifestyle, finance, and real estate industries were brought under the value-added tax (VAT) system.  While under the business tax (BT), these four service sectors made up 80 percent of total BT revenue.&nb...

Q&A

What are some of the differences between China’s value-added tax (VAT) zero-ra...

What are some of the differences between China’s value-added tax (VAT) zero-ra...

Both China’s VAT zero-rates and VAT exemption rates are exempt from output VAT.  However, unlike with the exemption VAT, under the zero-rated VAT the input VAT that is attributable to cross-border services can either be refunded or credite...

Q&A

What is the difference between the general fapiao and the special VAT fapiao?

What is the difference between the general fapiao and the special VAT fapiao?

General fapiao are issued after a purchase, and they are split into the categories of personal and company fapiao.  These categories allow the government to know who can claim the amount indicated in the purchase.  General fapiao are far si...

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