Vietnam Legal and Tax Update July & August 2014

We are pleased to attach our Vietnam Legal and Tax Update for July and August 2014. In this edition, we highlight the following breaking news.

  • Notable amendments on compulsory insurance
  • New regulation on immigration and residence of foreigners in Vietnam
  • New Circular on the application of VAT on goods according to the List of imported goods
  • New regulations on VAT refund to goods carrying out when exit the country
  • Circular on the management of foreign exchanges for gambling services for foreigners
  • More guidance on severance allowance payment
  • Application of VAT calculation method for newly established enterprises and cooperatives
  • Guidance on timing determination in case of wrong declaration of Corporate Income Tax
  • Clarification of foreign contractor’s taxable income when incurring difference in foreign exchange and difference in finalized-subcontracted value
  • Guidance on cap on advertising and promotion expense in case of hiring television channels for introducing and selling products
  • VAT refund for enterprise converted into an export processing enterprise
  • Guidance on documents for compensation or penalty for violation of economic contracts