Transfer Pricing Developments – Vietnam

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3 Jul 2017

Transfer Pricing Developments – Vietnam

On 22 June 2017 the Ministry of Finance released Circular 41/2017/TT-BTC in an effort to provide further guidance on the application of Decree No. 20/2017/ND-CP and this Circular will also take effect from 1 May 2017.

Proposed new tax law

22/08/17

The Ministry of Finance recently held a press conference to discuss a draft new tax law amending and the current laws on VAT, Special Sales Tax, Corporate Income Tax, Personal Income Tax and Natural Resources Tax. It is planned that the draft law will be submitted to the Government for presentation to the National Assembly in 2018, and will take effect 01 January 2019. We summarise below some of the key proposals.

Guidance on foreign exchange rate to be used for calculation of Foreign Contractor Tax

14/08/17

On 3 July, the General Department of Taxation issued official letter No. 2935/TCT-CS guiding the foreign exchange rates to be used for FCT purposes and on value added tax (“VAT”) invoices.

Lower corporate income tax rates and other incentives for small and medium enterprises

21/07/17

A lower corporate income tax rate and other incentives will be granted to small and medium enterprises, effective 1 January 2018. These will be applicable to both foreign invested and domestic SMEs.

Foreign Investors’ Rights under New Pharma Decree – Are we there yet?

19/05/17

Vietnam’s New Pharma Decree opens the door for foreign-invested pharmaceutical companies to actually exercise their long-time awaited import rights. This note sets out the key changes.

Draft Decree guiding the Law on Pharmacy

24/01/17

A new draft decree guiding the Law on Pharmacy would have far-reaching implications for the structuring and operations of pharmaceutical companies in Vietnam.

Representative Office Annual Operations Report

05/01/17

According to Decree 07/2016/ND-CP dated 25 January 2016, representative offices (“ROs”) of foreign companies in Vietnam are required to submit an annual operations report on their activities (“Report”).

Corporate Governance and Internal Audit – Towards the International best practices

11/07/17

Explore Decree No. 71/2017/ND-CP on Corporate Governance Guidance for Public Interest Companies and the Internal Audit Handbook.

Cyber security alert: Petya ransomware attack

30/05/17

A new wave of the Petya ransomware has been affecting a significant number of organisations across a wide range of target industries since Tuesday 27 June.

PwC (Vietnam) Limited: New legal entity’s name

30/05/17

The name of the legal entity PricewaterhouseCoopers (Vietnam) Limited has officially changed to PwC (Vietnam) Limited from 30 May 2017.