A periodic summary of new rulings and other legal documents relating to legal, tax and investment developments in Vietnam.
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The National Assembly has approved Law on export and import duties as part of its program to enhance Vietnam’s integration into the global market. The new law will come into effect on 1 September 2016.
The National Assembly has just approved an amended law on value added tax, special sales tax and tax administration. The new law will come into effect on 1 July 2016.
The Ministry of Finance (“MoF”) has issued Circular 36/2016/TT-BTC dated 26 February 2016 guiding the taxation of upstream oil & gas (“O&G”) activities (“Circular 36”). Circular 36 takes effect from 12 April 2016 and shall apply from 2016 onwards. It replaces Circular 32/2009/TT-BTC dated 19 February 2009.
The State Bank of Vietnam has issued Circular 03/2016 /TT-NHNNon foreign loans. The new Circular will take effect from 15 April, and replace Circulars 09/2004/TT-NHNN and 25/2014/TT-NHNN, thereby consolidating the regulations on this issue.
The Foreign Investment Agency of theMinistry of Planning and Investment has recently published the investment conditions which apply to foreign investors on its website at https://dautunuocngoai.gov.vn/fdi/nganhnghedautu
The Government issued Decree No. 07/2016/ND-CP on 25 January which comes into effect on 10 March replacing Decree No.72/2006/NDCP on representative offices (“RO”) and branches of foreign companies in Vietnam.
On 21 March 2016, the Ministry of Finance (“MOF”) issued Circular No. 53/2016/TT-BTC (“Circular 53”), which amends some articles of Circular No. 200/2014/TT-BTC (“Circular 200”) dated 22 December 2014 providing guidance on the Vietnamese Corporate Accounting System.
PwC’s Global FinTechsurvey show that 83% of traditional financial services (FS) firms believe part of their business is at risk of being lost to FinTechcompanies, reaching a staggering 95% in the case of banks.