Company News
New Enterprise Code Number to Serve as Registration and Tax Code
Beginning June this year, authorities are to issue each company an Enterprise Code Number (ECN) that will be used as both its business registration code and tax code.
Private Security Business Now Open to Foreign Investment in Vietnam
Under Vietnam’s Decree 52, the security services industry is now open for foreign investors wanting to form a joint venture with local companies. A circular released by the Ministry of Public Security in July 14 clarified the new decree and will be applicable beginning August 28.
Vietnam Exempts Import Tax Under Australia, ASEAN, New Zealand Treaty
Vietnam will exempt as much as 90 percent of tax lines on goods imported from Australia, New Zealand and Association of Southeast Asian Nations members this year. By 2017, Vietnam will remove import tariffs on butter, milk and cheese. Import duties on car components will also be slashed to 5 percent by 2018.
Vietnam Extends Deadline for 2009 Personal Income Tax
Authorities have extended the deadline for 2009 personal income tax (PIT) finalization from May 31 to July 31, 2010. Official Letter 7209/BTC-TCT is the second deadline extension announced for the year. Personal income tax in Vietnam is computed on the average monthly taxable income (divided by 6) and monthly tax rates.
New Environmental Tax Law Submitted to Vietnam
Vietnam is debating a new Law on Environmental Protection Tax as the impact of the country’s rapid development and modernization on the environment.
Withholding Tax Payments for Foreign Contractors in Vietnam
Foreign contractors are subject to withholding tax on payments for work done in the country based on contracts signed between them and Vietnamese partners.
Maximizing Import Duty Exemptions in Vietnam
Foreign investors in Vietnam may need to import components of their business not be readily available in the local market.
Foreign Firms in Vietnam Allowed to Pick Accounting Currency Unit
The Ministry of Finance is now allowing foreign firms in the country to choose the currency unit they want to use for accounting purposes.
Updates on Personal Income Tax in Vietnam Released
The Ministry of Finance has released a circular providing more instructions on the implementation of the new personal income tax (PIT).
Danang Tops Provincial Competitive Index in Vietnam
Danang topped the Vietnam Chamber of Commerce and Industry