A periodic summary of new rulings and other legal documents relating to legal, tax and investment developments in Vietnam.
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The Ministry of Finance issued Circular 95/2016/TT-BTC providing guidance on tax registration, replacing Circular 80/2012/TT-BTC dated 22/5/2012 with effect from 12 August.
The Ministry of Finance issued Circular 99/2016/ND-CP on 29 June to provide guidelines on the management of VAT refunds, including the process of handling VAT refund applications, obligations of tax payers and tax authorities in the process, measures to deal with high tax risk cases, etc (“Circular 99”).
On July 21, the General Department of Taxation (GDT) announced the establishment of a BEPS Working Group within GDT in accordance with Decision 1286/QD-TCT dated July 11. The working group is led by General Director Bui Van Nam.
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.