According to Decree 72/2006/ND-CP dated 27 July 2006,
representative offices (“ROs”) of foreign companies in Vietnam are required to submit an annual operations report on their activities (“Report”).
The National Assembly issued Decree 51/2019/ND-CP. Decree 51 provides details of the penalties applicable for violation of transfer pricing-related provisions contained in the Law on Technology Transfer 2017.
In June, the new law on tax administration 38/2019/QH14 was approved by the National Assembly. The new law will take effect from 1 July 2020, except for its provisions on invoices and e-documents, which will come into force on 1 July 2022. A decree and circular will be issued in due course to provide more detailed guidance on the new law.
On 26 June, the Prime Minister ratified Decree 57/2019/ND-CP, which sets out Vietnam’s preferential export & import tariffs for the implementation of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (“CPTPP”).
After a long period of negotiation, the Free Trade Agreement between the EU and Vietnam (i.e. the EVFTA) was signed in Hanoi this Sunday, 30 June 2019. The EU had announced on 25 June its intention to sign the FTA with Vietnam, its second largest trading partner in the ASEAN region.
Explore Decree No. 71/2017/ND-CP on Corporate Governance Guidance for Public Interest Companies and the Internal Audit Handbook.
IFRS 15 introduces a new 5-step model with a focus on when ‘transfer of control’ occurs (rather than when ‘risk and rewards’ are passed to customers). The impact extends beyond accounting (e.g. contracts, executive compensation agreements, tax, debt covenants, investor relations, operational processes and systems, business models, pricing, etc.).
This newsbrief is to update you about the main content of Decree No.5/2019/ND-CP on Internal Audit (IA) and to share our points of view about the key challenges imposed by this new regulation that enterprises should be aware of to better prepare for the establishment of their IA function and implementation of IA activities.
International Accounting Standard no. 23 (IAS 23), ‘Capitalisation of borrowing costs’, is one of the shortest standards in IFRS. However, practical implementation of this seemingly simple standard often raises questions for which the standard does not give clear answers. One of practical implementation questions is that should borrowing costs be capitalised on qualifying expenditures incurred before borrowing costs are incurred?
Richard J. Irwin
Partner, Tax and Legal Services, PwC Vietnam
Tel: +84 28 3823 0796