Npwc vietnam pocket tax book 2014

This paper attempts to fill this void by examining the effects of tax incentives in these countries on revenue and foreign direct investment. Criteria for eligibility for these holidays and reductions are set out in the cit regulations. Civil law operates in areas such as family relations, property, succession, contract, and criminal law, while statutes and principles of common law origin are evident in such areas as constitutional law, procedure, corporations law, taxation, insurance, labour relations, banking and currency. The vat rate is calculated based on the selling price exclusive of tax. Vietnam income tax rate for 2017, 2016, 2015, 2014, 20 vietnam personal income tax rate. Jones lang lasalle vietnam investment guide 2015 pwc vietnam pocket tax book 2015.

Licensed foreign direct investment fdi flows in viet nam 20042014. This article takes a midyear look at what has happened so far in the area of transfer pricing in vietnam in 2014. Vietnam tax incentives preferential tax rates of 10% and 20% for 15 and 10 years, respectively, are available for taxpayers engaged in encouraged investment projects or in socioeconomically disadvantaged locations as stipulated by the government. Enterprises generally companies are subject to the tax rates imposed under the cit law. Revenues rose strongly, reflecting tax and non tax collection, while expenditure was higher than planned, owing to carryforward spending by local governments, and higher capital, social and interest spending. Public companies that satisfy a minimum listing requirement of 40% and other conditions are entitled to a tax cut of 5% off the standard rate, giving them an effective tax rate of 20% refer to page 69. Vietnam tax pocket guide to investing in vietnam 2015. September 20 vietnam and new zealand signed on august 5, 20 a tax treaty. We trust this will act as a useful reference tool for you. Mexico, vietnam, moldova, indonesia, malaysia, saudi arabia, cuba. We believe this booklet will act as a useful reference tool for you since it covers the most updated information on current taxation regulations and practice including certain legislative proposals as of 31 december 2019. Vietnam market for the first time or growing their existing business. Sars pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 201718. Wbfunded rural sanitation, water supply programme to continue in dak nong.

Vietnam s legal system is a mixture of roman civil law and angloamerican common law systems. Vietnam has about 90 million people living in the country, with an average income of about. Individuals below the age of 65 who do not carry on a. This sars tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information.

This pocket tax book has been developed to provide an overview of the. Vietnam tax rates for 2017, 2016, 2015, 2014 vietnam. A pocket guide detailing the key tax tables, rates and tax changeslegislation for the 2014 15 fiscal year as announced by the minister of finance in his budget 2014 15 speech delivered on the 26 february 2014. Individuals and trusts tax rates for the period from 1 march 2017 to 28 february 2018 individuals and special trusts taxable income r rate of tax r. Individual tax return instructions 2015 to help you complete your tax return 1 july 2014 30 june 2015 nat 7105006. This pocket tax book has been prepared for the general information and assistance of those investing in viet nam. Supporting industry promotion policies in apec case study on. Vietnam personal income tax rates are progressive to 35%. Index of the heritage foundation 2014 ranks georgian economy as the 22nd. The tax pocket guide is a concise synopsis of key regulations and tax considerations for investors considering setting up businesses in vietnam.

Capital transfer tax for assessable income is 25% for corporations, 20% for individual tax residents, and 0. A 20% rate applies for enterprises with revenue of no more than vnd20 billion in the preceding year. Through the baltic sea, it has easy access to scandinavia. Vietnam new corporate income tax rate january 2014 starting january 1, 2014 the new corporate income tax rate in vietnam is 22% compared to the previous 25% rate. Effective from 1 january 2015, the new tax law affirms most of the tax reforms proposed in the resolution 63 of the government dated 25 august 2014.

Were delighted to share with you our 2020 vietnam pocket tax book. Pwc vietnam pocket tax book 2014 en value added tax tax. The rates are from 10% to 70% for sct refer to special sales tax section above. Comparative taxation of life and nonlife insurance in asean. Sars pocket tax guide 201718 south african tax guide. Business entities in vietnam are allowed to set up a tax deductible research and development fund to which they can appropriate up to 10% of annual pro. Individuals and trusts tax rates year of assessment ending 28 february 2014 individuals and special trusts taxable income r rate of tax r 0 165 600 18% of taxable income. Pwc vietnam newsbrief new circular on corporate income tax 01 jul 2015 the ministry of finance issued circular 962015ttbtc on 22 june guiding changes set out in decree 122015 and amending previous cit circulars, i. Other than value added tax, vietnam also levies a special sales tax sct which is applicable to goods and services classified as luxury. Vietnam tax rates for 2017, 2016, 2015, 2014 vietnam income.

Double taxation agreements dtas the cit withholding taxes may be affected by a relevant dta. Pwc vietnam pocket tax book 2016 5 a summary of vietnam taxation the information in this booklet is based on current taxation regulations and practice including certain legislative proposals as at 1 march 2016. Where specific transactions are being contemplated, definitive advice should be sought. Tax guide budget 2017 t his sars pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 201718. Mar 14, 2017 after incorporating a foreignowned company in vietnam, you need to make sure it follows local laws and reporting requirements. Quang ninh leads in 2019 administrative reform index. Likewise, vietnam imposes a 10% vat on nonlife insurance. For example, the 5% cit withholding on services supplied by a foreign contractor may be eliminated under a dta if the foreign contractor does not have a pe in vietnam. The state bank of vietnam does not guarantee the exchange of vnd to foreign currency. This sars pocket tax guide has been developed to provide a synopsis of the most important tax, duty and levy related information for 201415.

Monetary policy was accommodative over most of last year amid falling inflation, and credit growth was. With world cup fever all over vietnam, let us give you our halftime take on the rapidly evolving transfer pricing landscape in vietnam. Public companies that satisfy a minimum listing requirement of 40% and other conditions are entitled to a tax cut of 5% off the standard rate, giving them an effective tax rate of 20% refer to pages 6869. Vietnam pocket tax book 2015 pwc 6 corporate income tax cit tax rates enterprises generally companies are subject to the tax rates imposed under the cit law. Vietnam revamped their economy about 30 years ago, and has since seen their numbers increase since then. Individuals and trusts tax rates year of assessment ending 28 february 2015 individuals and special trusts taxable income r rate of tax r 0 174 550 18% of taxable income. The standard cit rate was reduced from 25% to 22% from 2014 and will be further reduced to 20% from 2016. This is the fourth edition of our myanmar business guide. Compiled by dfdls tax experts, the 48 page booklet contains useful information on the following topics. Transactions in a foreign currency in vietnam are closely monitored and controlled by the state bank of vietnam sbv. Increase in bursary funds may avert more student protests. This sars tax guide has been developed to provide a synopsis. Since 2001, vietnam has relaxed its foreign exchange regulations on foreign. The official currency is the vietnamese dong, which is not freely convertible.

Pwc indonesia indonesian pocket tax book 2016 1 corporate income tax corporate income tax tax rates generally, a flat rate of 25% applies. We have put together this article to show you a oneyear cycle of corporate compliance in vietnam and help you plan your tax reporting in vietnam in advance. The tax pocket guide has been updated with the latest informationand is in its third edition. The pkf worldwide tax guide 2014 wwtg is an annual publication that provides an overview of the taxation and business regulation regimes of the worlds most significant trading countries.

Normal tax on taxable income 2015 2014 companies other than entities below 28% 28% companies other than entities below effective capital gains tax rate 18. To recall, immediately after vietnams reduced corporate income tax cit. From 01 january 2004, profits derived from foreign investments in vietnam have not been subject to profit remittance tax when remitted out of vietnam. Regular income tax rates for vietnamese citizens and other residents in vietnam. Pwc indonesia indonesian pocket tax book 2014 1 corporate income tax corporate income tax tax rates generally, a flat rate of 25% applies. Business entities in vietnam are allowed to set up a tax deductible research and development fund to which they can appropriate up to 10% of annual profits before tax. Where the vehicle is owned by the employer, the taxable value is 3,5% of the. The corporate income tax rate in vietnam is 20% same as in 2016. It borders germany, ukraine, russia, belarus, the czech republic, slovakia and lithuania. Dec 20, 2014 effective from 1 january 2015, the new tax law affirms most of the tax reforms proposed in the resolution 63 of the government dated 25 august 2014. Taxation embassy of the socialist republic of vietnam in. The actual distance travelled during a tax year and the distance travelled for business purposes substantiated by a log book are used to determine the costs which may be claimed against a travelling allowance. Tax pocket guide 2014 157kb jobs fund creates employment through innovation 1. In the longterm, the vietnam sales tax rate vat is projected to trend around 10.