Vietnam officially approved the proposal to reduce VAT from 10% to 8% in 2022

The National Assembly officially approved the proposal to reduce VAT from 10% to 8% in 2022 in Vietnam, the proposal to reduce VAT from 10% to 8% in 2022 in Vietnam, reduce VAT from 10% to 8% in 2022 in Vietnam, reduce the value-added tax rate (VAT) by 2%

On the afternoon of January 11, 2022, the National Assembly of Vietnam has finally agreed to reduce the value-added tax rate (VAT) by 2% in 2022, applicable to groups of goods and services currently subject to a 10% VAT tax rate.  The reduction of VAT tax rate has long been yearning for by businesses across…

Considering tax increases for securities and real estate in Vietnam

Considering tax increases for securities and real estate in Vietnam

The National Assembly of Vietnam assigned the Government to elaborate tax increases for securities and real estate transactions and report to the National Assembly Standing Committee for consideration and decision. At the closing session of the first extraordinary meeting on January 11, the resolution on fiscal and monetary policies to support the program of socio-economic…

Regulations on non-taxable personal incomes in Vietnam

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(Vietnam) In all countries, tax is the main source of state budget revenue, including personal income tax. As the economy is growing, personal income tax also has a rapid increase, proportional to the per capita income. Accordingly, from the state’s point of view, contributing a higher level of personal income tax is good for the…

The Vietnamese Ministry of Finance promulgates a Circular guiding the Vietnam Law on Tax Administration

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On September 29, 2021, the Vietnamese Ministry of Finance issued Circular No. 80/2021/TT-BTC guiding the implementation of a number of articles of the Law on Tax Administration and Decree No. 126/2020/ND-CP dated October 19, 2020 of the Government detailing a number of articles of the Vietnam Law on Tax Administration. The scope of the regulation…

Notes need attention about allowable expenses in Vietnam

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(Vietnam). Allowable expense is a very important aspect to a business, a company, or a corporation, etc. This is because allowable expense will determine the overall revenue, turnover of an entire year of operating of a business. However, many businesses (mostly startups) are still new to this strange form of expense and don’t know how…

The reason why the government doesn’t propose to reduce personal income tax during the 4th Covid-19 epidemic in Vietnam

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Recently, the General Department of Taxation has explained why there is no proposal to reduce personal income tax for employees. Vietnam’s economic situation in the first half of 2021 In the first 6 months of this year, the national PIT collected by the tax sector was estimated at VND 73,027 billion, equaling 67.7% of the…

Reducing a series of taxes, fees, and interest rates for businesses suffering from Covid-19

Reducing a series of taxes fees and interest rates for businesses suffering from Covid-19, Reducing a series of taxes fees and interest rates for businesses, Reducing a series of taxes fees for businesses, Assist businesses under crisis by reducing taxes fees and interest, Assist businesses under crisis by reducing taxes

Due to the heavy impacts from the Covid-19, the Vietnamese Government is doing its best to give out support for businesses suffering from this pandemic. Specifically, the Ministry of Finance is shortening the procedure for approving a tax and fee support package of about 20,000 billion VND. Furthermore, the banks also committed to reducing interest…

Vietnam: Tighten the situation of selling “two-price” houses

Vietnam: Tighten the situation of selling "two-price" houses, Tighten the situation of selling "two-price" houses, selling "two-price" houses, "two-price" houses, Solutions to stop this situation of selling "two-price" houses

Recently, the “land fever” has re-emerged, causing the sale and transfer of the real estate to increase. However, in society, there has been a situation where the selling of a house contains 2 different prices. This phenomenon, caused by the buyers and the sellers, aims to avoid or reduce the taxes that they have to…

Legal500: Interview with Pham Duy Khuong, Founder and Managing Director of ASL LAW

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Founder and Managing Director Pham Duy Khuong explains how leading Vietnamese firm ASL LAW is adapting to clients’ changing needs.

Proposal to reduce tax by 50% for all business households and business individuals in Vietnam

Proposal to reduce tax by 50% for all business households and business individuals in Vietnam, Proposal to reduce tax by 50% for all business households and business individuals, Proposal to reduce tax by 50% for all business households, The need to reduce tax during the Covid-19 crisis in Vietnam, An enormous package of relief to help businesses during the Covid-19 crisis

The new support package that the Vietnam Ministry of Finance is developing is expected to reduce 50% of the payable tax amount arising from production and business activities in the third and fourth quarters of 2021 for all business households and business individuals in Vietnam. The recent complicated developments of the Covid-19 epidemic, especially in…

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