Vietnam: key points of the amended Petroleum Law

Vietnam: key points of the amended Petroleum Law, Vietnam petroleum contracts, Vietnam amended petroleum law, petroleum contracts in Vietnam, amended petroleum law in Vietnam, key points of the amended Petroleum Law

The Petroleum Law (amended) was ratified by the National Assembly of Vietnam on November 14 by 472/475 votes in favor, with a number of new policies being considered with groundbreaking significance. The Petroleum Law including 11 chapters and 69 articles will take effect from July 1, 2023. The amended Petroleum Law now includes regulation on the…

Improve Vietnam’s tax administration system for e-commerce

Improve Vietnam's tax administration system for e-commerce

The Prime Minister of Vietnam issued Directive No. 889/CD-TTg on October 1st, 2022, on improving the efficiency of tax administration for e-commerce and digital business. The popularity of digital businesses has expanded as the digital economy has flourished. According to predictions, Vietnam’s e-commerce would generate USD 13,7 billion in revenue in 2021, up 16% from…

Who is subjected to import and export duty in Vietnam?

Who is subjected to import and export duty in Vietnam?, import and export duty in Vietnam?

One of the most significant taxes in any country and a major source of funding for the state budget is the import and export tax. Therefore, businesses must understand what import and export tax is and who is obligated to pay it. The legal system of Vietnam is governed by a number of fundamental legal…

Taxable income evaluation in Vietnam

The accountant must determine the taxable income before they may evaluate the payable enterprise income tax. According to Article 2 of Circular No. 96/2015/TT-BTC, revenue from the production, sale, and provision of goods and services, as well as other revenues, is included in taxable income for a tax period. The following formula is used to…

Legal opinion on taxes on cross-border service in Vietnam

taxes on cross-border service, Foreign contractors and CIT, Circular 103/2014/TT-BTC, Legal opinion on taxes on cross-border service, Vietnam law on taxes on cross-border service, law on taxes on cross-border service in Vietnam, taxes on cross-border service in Vietnam, legal issues of taxes on cross-border service in Vietnam

Client’s inquiry: Could you advise us on taxes on cross-border service in Vietnam? ASL LAW’s ADVICE Dear Ms. Ji, Regarding your inquiries on tax issues on cross-border services provided by ___ LLC (hereafter refer as Client) to a Vietnamese company, we would like to give you our advice on this issue as follows: The foreign…

Details of regulations on personal income tax refund in Vietnam

Details of regulations on personal income tax refund in Vietnam, Personal income tax refund in Vietnam, income tax refund in Vietnam, tax refund in Vietnam,

The personal income tax refund is a problematic issue for most employees that have a high income. Although the amount of money refunded might not be much, it is the right of each employee in Vietnam’s society. So, what are the details of regulations on personal income tax refunds in Vietnam? Personal income tax refund…

Strengthen inspection of tax law observance in Vietnam

Strengthen inspection of tax law observance in Vietnam, inspection of tax law observance in Vietnam, tax law observance in Vietnam, tax law in Vietnam,

On March 17, 2022, the General Department of Taxation has just issued Document No. 769/TCT-TTKT, requesting the Tax Departments of provinces and cities to strengthen measures to prevent loss of revenue, to ensure sufficient collection into the state budget. Document No. 769/TCT-TTKT requires the whole industry to strengthen the inspection of tax law observance at…

Experts suggest that the minimum taxable income in Vietnam be 15-20 million VND per month

Experts suggest that the minimum taxable income in Vietnam be 15-20 million VND per month, Experts suggest that the minimum taxable income in Vietnam, the minimum taxable income in Vietnam, Raise the family circumtance deduction,

The Ministry of Finance is gathering feedback on proposed changes to the Personal Income Tax Law. Experts have suggested raising the taxable income to VND 15-20 million, lowering the highest tax rate to 25-30 percent, simplifying the tax schedule from 7 to 3 or 4 levels, adjusting the tax rate paid by year, and so…

Amend the Law on Personal Income Tax in Vietnam

Amend the Law on Personal Income Tax in Vietnam

The Law on Personal Income Tax during the implementation process has revealed many shortcomings, such as the reduction of family circumstances which is too low compared to spending levels, many tax levels and high taxes compared to income. Therefore, experts have made many proposals, including raising the deduction for family circumstances to 20 million dong….

In the context of a sharp increase in prices, personal income tax in Vietnam needs to be changed

In the context of a sharp increase in prices personal income tax in Vietnam needs to be changed, personal income tax in Vietnam needs to be changed, personal income tax in Vietnam, personal income tax,

In order to reduce personal income tax (PIT), salaried employees have brought many suggestions to increase the deduction and lower the tax rate this year. Gasoline prices have increased six times during the past two months, pushing up prices of vegetables, eggs, and meat. Moreover, the outbreak of the COVID-19 pandemic made the income and…

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