A periodic summary of new rulings and other legal documents relating to legal, tax and investment developments in Vietnam.
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In late May, the Government issued two new decrees: (1) Decree 45/2016 amending Decree 127/2013/ND-CP on penalties relating to Customs matters; and (2) Decree 49/2016/ND-CP amending Decree 109/2013/ND-CP on penalties relating to invoicing matters.
Effective 1 July 2016, VAT refunds will only be paid in cash in certain situations (e.g. exporters, new projects). In all other cases, excess VAT credits need to be carried forward for future offset.
On 7 April 2016, the Ministry of Finance (“MoF”) issued Official letter (“OL”) 4769 to all provincial tax departments providing guidance on regular investment activities.
Vietnamese employees are able to participate in overseas employee share ownership plans.
Under the Law on Investment and its Decree No. 84/2015/ND-CP dated 30 September 2015, investors and their subsidiaries must comply with various periodical reporting requirements on a monthly, quarterly and annual basis.
The Government has issued Decree No. 50/2016/ND-CP dated 1 June on administrative penalties for violations of the rules on investment activities. Decree 50 takes effect on 15 July and replaces Decree No. 155/2013/ND-CP.
For the practical operation of the accounting services provision, the draft Decree guiding the implementation of a number of articles of Accounting Law 2015 (“the Draft Decree") gives new and detailed regulations on providing cross-border accounting services of overseas accounting services enterprises in Section 4, such as the definition of regulated entities, methods, responsibilities and conditions to provide inbound cross-border accounting services.
The financial services industry has seen some dramatic technology-led changes over the past few years. While FinTechstart-ups are encroaching upon established markets, many executives look to their IT departments to improve efficiency and facilitate innovation, while somehow also lowering costs and continuing to support legacy systems.
Cyber crime is on the rise: According to a recent global survey by PwC, many executives are declaring cyber as the risk that will define our generation. At PwC Vietnam, we've recently launched our Cyber Security Services to help clients adapt to this reality, secure their business in the digital environment and turn risks into advantages.