A periodic summary of new rulings and other legal documents relating to legal, tax and investment developments in Vietnam.
The draft Circular providing guidance to Decree 20 has been released for public comment.
On 24 Feb 2017, the Vietnamese government released transfer pricing (TP) decree No. 20/2017/ND-CP: “Providing tax administration applicable to enterprises having controlled transactions” (“‘Decree 20”), which will take effect from 1 May 2017.
On 14 February, the General Department of Customs (GDC) issued Official Letter No. 811/TCHQ-GSQL on finalization reports for materials imported under export production mode.
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.
On 12 April 2017, the Ministry of Finance (“the MoF”) issued Circular No. 28/2017/TT-BTC (“Circular 28”), which amends and supplements some articles of Circular No. 45/2013/TT-BTC (“Circular 45”) dated 25 April 2013 and Circular 147/2016/TT-BTC (“Circular 147”) dated 13 April 2016 guiding regulation on the management, use and depreciation of fixed assets. Circular 28 has been effective from 26 May 2017 and is applicable for the fiscal year 2016 onwards.
Within the scope of PwC’s 20th Annual Global CEO Survey, we have released the Asset and Wealth Management industry key findings called “Asset and Wealth Management : a new era of growth, disruption and opportunity”. The findings were based on interviews with 185 Asset & Wealth Management CEOs in 45 countries and in-depth interviews with FS clients.
In a recent article published on Vietnam Investment Review, PwC Vietnam’s Partner of Assurance Services Tran Hong Kien highlighted the major changes introduced in the International Financial Reporting Standard 15 (IFRS 15) Revenue from Contracts with Customers, and its potential impacts to businesses that prepare IFRS financial statements.