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”).
A key feature of Vietnam’s transfer pricing regime is a cap on the tax deductibility of interest, which applies in many cases and limits tax deductible interest to 20% of a taxpayer’s EBITDA.
According to the information published in the website of the General Department of Taxation, on November 29, Deputy Prime Minister Mr. Vuong Dinh Hue chaired a meeting on amending the regulation on applying loan interest expenses into an enterprise’s operating costs for the purposes of calculating the tax liability, which is currently Decree No. 20/2017/ND-CP (“Decree 20”).
Welcome to our quarterly newsletter.
This newsbrief is to provide an overview of the main content of the first Vietnam Corporate Governance (CG) Code and highlight the recommended practice for each of the 10 CG principles that businesses should aim towards.
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.
Richard J. Irwin
Partner, Tax and Legal Services, PwC Vietnam
Tel: +84 28 3823 0796