A periodic summary of new rulings and other legal documents relating to legal, tax and investment developments in Vietnam.
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.
Following the issuance of Decree 11/2016/ND-CP on foreigners working in Vietnam by the Government last February, there were a number of Circulars issued providing guidance on work permit application.
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.
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.
To foster a more secure financial ecosystem, SWIFT will issue the Customer Security Framework in Q1 2017. All organisations that use SWIFT, not just financial institutions, must attest that they comply with this framework on an annual basis, or face being reported not just to regulators, but also other SWIFT members. Enforcement of mandatory requirements will start from January 2018.