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A reference guide for entering the Vietnam market
The information in this booklet is based on current taxation regulations and practice including certain legislative proposals as at 1 March 2017.
Christopher Marjoram, Tax Partner at PwC Vietnam, takes a look at the new restrictions on interest deductibility introduced in Decree No 20/2017/ND-CP.
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.
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.
Aiming to make the rules more business friendly, the Government is proposing various changes, including a clearer definition of businesses conducting promotion activities, removal of the 7 day notice for certain promotion schemes, introduction of more ways to effect registration/notification, and more relaxed deadlines. However, some proposed changes may cause problems.
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.
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.
A new draft decree guiding the Law on Pharmacy would have far-reaching implications for the structuring and operations of pharmaceutical companies in Vietnam.
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”).
Vietnam lawmakers have passed Law No. 03/2016/QH14 amending the list of conditional business lines in Annex 4 of the Law on Investment. The changes will become effective on 1 January 2017.
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