AES, Citi, CocaCola, Dow Chemical, ExxonMobil, Meta win AmCham CSR awards

AES, Citi, CocaCola, Dow Chemical, ExxonMobil, Meta win AmCham CSR awards

The American Chamber of Commerce (AmCham) has recognized 33 members for carrying out high quality, sustainable corporate social responsibility (CSR) programs in Vietnam.

Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam M&A market may reach $20 bln in next 3 years: exec

Vietnam M&A market may reach $20 bln in next 3 years: exec

The value of mergers and acquisitions (M&A) in Vietnam is expected to reach $20 billion annually in the next three years as the country opens its economy up further, said Binh Le Vandekerckove, founder and CEO of ASART Deal Advisory Co.

Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7

China poised to become an even bigger investor in Vietnam: KPMG exec

China poised to become an even bigger investor in Vietnam: KPMG exec

China’s efforts to strengthen economic ties with the U.S. through third countries will see it become a bigger investor in Vietnam, Nguyen Cong Ai, KPMG Vietnam's deputy general director, tells The Investor.

Executive Talk - Mon, Dec 22, 2021 | 11:30 am GMT+7

China likely to become No.1 investor in Vietnam's certain industries: KPMG exec

China likely to become No.1 investor in Vietnam's certain industries: KPMG exec

China is likely to become the largest investor in a number of industries in Vietnam in the coming years given U.S.-Sino trade tensions and a slowdown of the world’s second-largest economy, an executive of consultant KPMG has said.

Industrial real estate - Mon, Dec 22, 2021 | 11:30 am GMT+7

What you can and can’t do: KPMG answers tax queries

What you can and can’t do: KPMG answers tax queries

“Importation” of uniforms from a domestic supplier for use in an export processing zone will incur import duties and VAT, say KPMG consultants.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Deglobalization among new FDI challenges, opportunities for Vietnam

Deglobalization among new FDI challenges, opportunities for Vietnam

Vietnam faces new FDI challenges amidst recent global and regional developments including a deglobalization trend that requires it raise its competitiveness, says KPMG Vietnam partner Nguyen Cong Ai.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

UK joins CPTPP trade pact as new data shows major economic benefits

UK joins CPTPP trade pact as new data shows major economic benefits

Business and Trade Secretary Kemi Badenoch signed documents in New Zealand Sunday for the UK to become the 12th signatory to the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP).

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam cuts VAT by 2% to stir up demand

Vietnam cuts VAT by 2% to stir up demand

The government on June 30 issued Decree 44 on VAT reduction in an effort to reduce the price of goods and services, promote production and business, and subsequently stimulate consumer demand.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

KPMG navigates Vietnam VAT regulations

KPMG navigates Vietnam VAT regulations

Current VAT and tax regulations do not allow input VAT to be offset against VAT payable at the import stage.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

KPMG experts answer customer VAT queries

KPMG experts answer customer VAT queries

VAT regulations in Vietnam can be a difficult road to navigate, so let the accountants do their jobs to allow peace of mind for you and your company.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Targeted financial inspections and audits for 2023

Targeted financial inspections and audits for 2023

The Ministry of Finance has set out directives regarding the inspection of state budget obligations in Official Letter No. 10039/BTC-TTr dated October 3, 2022.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

VAT refund during construction stage only applicable to new investment projects

VAT refund during construction stage only applicable to new investment projects

Following the provision of Decree 49/2022/ND-CP amending Decree 209/2013/ND-CP and Decree 100/2016/ND-CP, a VAT refund during the construction stage is only applicable to new investment projects.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Flexible tax policies give businesses room to move

Flexible tax policies give businesses room to move

KPMG experts answer businesses' queries regarding the complicated navigation of the tax landscape.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

M&A 2022 landscape, outlook for 2023

M&A 2022 landscape, outlook for 2023

KPMG Vietnam partner Nguyen Cong Ai provides an insight into Vietnam’s merger and acquisition (M&A) market in 2022 and outlook for 2023.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

LienVietPostBank implements Basel III, IFRS 9

LienVietPostBank implements Basel III, IFRS 9

LienVietPostBank has announced the complete implementation of Basel III risk management standards and the International Financial Reporting Standards 9 (IFRS 9), becoming one of the few banks in Vietnam to apply both protocols.

Banking - Mon, Dec 22, 2021 | 11:30 am GMT+7

Tax administration on e-commerce strengthened for suppliers

Tax administration on e-commerce strengthened for suppliers

The General Department of Taxation on November 14 issued a letter guiding owners of e-commerce trading platforms to provide updated company information from the start of 2023.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Leasing income not qualified for CIT incentive entitlement

Leasing income not qualified for CIT incentive entitlement

As the leasing activity was not included into the original IRC, it is likely that leasing income is not qualified for CIT incentive entitlement.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Vietnam’s economic resilience will generate new M&A opportunities: forum

Vietnam’s economic resilience will generate new M&A opportunities: forum

Vietnam’s merger and acquisition (M&A) market could turn the corner heading into 2023, with many domestic and foreign companies across sectors in a position to tap opportunities.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

New circular guides tax obligations for science, technology development fund

New circular guides tax obligations for science, technology development fund

The Ministry of Finance issued Circular 67/2022/TT-BTC on November 7 providing detailed guidance on corporate income tax obligations among enterprises that create and use a science and technology development fund (STD fund).

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Headwinds in Vietnam M&As likely to attract strong investors

Headwinds in Vietnam M&As likely to attract strong investors

Merger and acquisition (M&A) activities in Vietnam continue to face headwinds but these market conditions are expected to bring new opportunities for passionate buyers in 2023, KPMG Vietnam partner Nguyen Cong Ai said Thursday.

Industries - Mon, Dec 22, 2021 | 11:30 am GMT+7

New decree guides tax administration activities

New decree guides tax administration activities

The government in late October issued Decree 91 amending and supplementing several articles of Decree 126 guiding the implementation of the Law on Tax Administration.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Workers paid 3 times normal daily wage for working annual leave days

Workers paid 3 times normal daily wage for working annual leave days

If workers work on annual leave days, such days will be considered overtime and the employer is required to pay the employee at least 300% of the normal daily wage.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

How to declare, pay CIT for dependent-accounting branch

How to declare, pay CIT for dependent-accounting branch

In case a company adopts a central accounting regime and the dependent branch is not involved in production activities, all CIT declarations and payments should be centrally reported to the tax department of the province where its headquarters is located.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Destroyed goods not deductible for CIT calculation purposes

Destroyed goods not deductible for CIT calculation purposes

Defective goods are not listed as force majeure event, so the destroyed goods value due to defective status is not deductible for corporate income tax (CIT) purposes, says KPMG.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

New decree guides cybersecurity law

New decree guides cybersecurity law

The government on August 15 issued Decree No. 53/2022/ND-CP guiding the Law on Cybersecurity 2018, which took effect from October 1, 2022.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Banks can issue invoices on monthly basis to corporate customers

Banks can issue invoices on monthly basis to corporate customers

Commercial banks can issue invoices on monthly basis to corporate customers if such invoicing arrangement is contractually agreed by the parties.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

E-invoices to serve on-site goods export, import

E-invoices to serve on-site goods export, import

For on-the-spot import declaration, a copy of an e-VAT invoice must be attached to the customs declaration dossier to be submitted via the electronic customs system.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Without benchmark, 2021 CIT tax reduction not feasible: taxmen

Without benchmark, 2021 CIT tax reduction not feasible: taxmen

If taxpayers saw no revenue generated in 2019, a 30% CIT reduction for tax year 2021 will not be granted as there is no benchmark to determine the revenue decrease for 2021, according to the General Department of Taxation.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Being upbeat over FDI prospects should go with caution: KPMG executive

Being upbeat over FDI prospects should go with caution: KPMG executive

The world may undergo an economic recession in the coming months and next year, therefore Vietnam should keep an eye on such risks when attracting foreign direct investment, a KPMG senior partner said Thursday.

Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7

New VAT decree to boost property, energy sectors

New VAT decree to boost property, energy sectors

The government on July 29 issued Decree 49/2022/ND-CP supplementing and amending a number of articles of Decree 209/2013/ND-CP on VAT and its amending decrees.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

No 30% CIT reduction this year without 2019 revenue

No 30% CIT reduction this year without 2019 revenue

Companies that generated no revenue in 2019 will not be eligible for a 30% reduction in corporate income tax for 2021 since there is no benchmark to determine revenue decline in the year, according to tax authorities.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

New draft circular regulates non-government guaranteed foreign loans

New draft circular regulates non-government guaranteed foreign loans

A draft circular dated May 10, 2022 providing conditions on non-government guaranteed offshore loans will replace Circular No.12/2014/TT-NHNN dated February 26, 2014 issued by the State Bank of Vietnam.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Emerging Asia Pacific giants labeled potential unicorns

Emerging Asia Pacific giants labeled potential unicorns

The Asia Pacific (APAC) region continues to welcome more unicorns as technology enables businesses to expand, with emerging giants in the region driving the process, according to KPMG and HSBC.

Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7

Enhancing audit, inspection over tax compliance requirements

Enhancing audit, inspection over tax compliance requirements

The General Department of Taxation (GDT) recently issued Official Letter No.769/TCT-TTKT requesting provincial and municipal tax authorities to strengthen measures to prevent loss of state budget revenue and ensure correct and sufficient tax collection.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7

Separate goods invoices no longer required for reduced 8% VAT

Separate goods invoices no longer required for reduced 8% VAT

Taxpayers are no longer required to issue separate invoices for goods and services in order to enjoy the reduced 8% VAT rate.

KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7