A periodic summary of new rulings and other legal documents relating to legal, tax and investment developments in Vietnam.
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This is a new customs regulation which will have a very significant effect on some importers of goods. On 14 September, the Ministry of Finance issued official letter 12802/BTC-TCHQ to provincial customs departments setting out new deadlines for the submission of Certificates of Origin under relevant Free Trade Agreements (FTAs).
As you may be aware, the current tax deficit has caused the Government to focus more on finding other avenues to collect taxes. Collection of tax through PIT has been one of them where the tax authorities step up on PIT compliance.
On 31 August, the Ministry of Finance issued Official Letters No.12166/BTC-TCHQ and No.12167/BTC-TCHQ to guide several points of Law No.107/2016/QH13 on Import & Export Duties.
The Ministry of Construction has issued Circular 14/2016/TT-BXD which came into force on 15 August. Circular 14 deals with licensing procedures for issuance of foreign construction contractor licences for foreign companies and individuals wishing to conduct construction related activities in Vietnam.
PwC has appointed Nasir Dao - PKM Abdul as partner in Vietnam and head of the PwC Legal offices in Hanoi and Ho ChiMinh City. Nasir joins from Gide Loyrette Nouel, where he was heading the Vietnam practice. Prior to Gide Loyrette Nouel, Nasir worked at Hogan Lovells and led their Vietnam offices.
Vietnamese employees are able to participate in overseas employee share ownership plans.
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.