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KPMG - The long term growth in international trade, combined with the challenging global economic environment and growing fiscal deficits has many governments extremely focused on tax base protection. This has heightened government scrutiny of transfer pricing matters, including issues such as attribution of losses, business restructuring, intellectual property migration, financing transactions and others. Given this focus, transfer pricing rules and regulations are rapidly evolving. Read more...
KPMG – Corporate Income Tax - With an aim to provide specific guidance for various practical issues arising from the implementation of Circular 130 regarding Corporate Income Tax, the Ministry of Finance issued Circular No.18/2011/TT-BTC on 10 February 2011 providing supplemental guidance to Circular No. 130/2011/TT-BTC dated 26 December 2008 in respect of CIT. The highlighted points under Circular 18 are listed below. Read more...
Mercer Vietnam - Mercer's Total Remuneration Surveys (TRS) 2011 conducted by Talentnet Corporation, Mercer's representative in Vietnam, enables you effectively to design and implement a complete compensation program that aligns with business strategy, is affordable and sustainable, drives productivity, engages key talent and minimizes the chance for pay inequity. Read more...
PWC – Guidance on allocation of input VAT by banks before 2009 - On 28 February 2011, the Ministry of Finance ("MoF") issued official letter ("OL") 2624/BTC-CST guiding the allocation of input VAT by banks for the period prior to 1 January 2009. OL 2624 states that if banks failed to allocate input VAT for VATable and non VATable goods and services for the period prior to 1 January 2009 in accordance with Circular 120/2003/TT-BTC dated 12 December 2003 and OL11469/BTC-CST dated 30 August 2010, they are not now required to make any adjustments to correct this. Read more...
PWC – Guidance on new CIT circular - On 10 February 2011, the Ministry of Finance ("MoF") issued Circular 18/2011/TT-BTC amending and supplementing CIT Circular 130/2008/TT-BTC and Circular 177/2009/TT-BTC ("Circular 18"). Circular 18 is effective from the tax year 2011 onwards and does not apply for 2010 CIT finalisation accordingly. Read more...
PWC – Law on the protection of consumers' rights - Vietnam recently bolstered the legal protection afforded to consumers by passing the Law on the Protection of Consumers' Rights, which comes into effect on 1 July 2011 (the "Law"). Certain key provisions of the Law are as follows: Read more...
PWC – New guidance for in-country export-import in Vietnam - On 24 January 2011, the Ministry of Finance issued Official letter 1135/BTC-TCT providing guidance for 0% VAT applicable to in-country export-import scheme. According to the Official letter, local tax departments are required to review those situations where goods were sold to foreign companies but delivered to local companies. The 0% VAT only applies if these goods are used for further processing of exported finished goods. If those goods have not been used for export processing but for local consumption or consumed locally, it would be treated as domestic sales and subject to normal VAT. The Vietnam sellers should declare and pay VAT as per regulations. Read more...
Ernst & Young – UK budget confirms intention to introduce statutory residence test - On 24 January 2011, the Ministry of Finance issued Official letter 1135/BTC-TCT providing guidance for 0% VAT applicable to in-country export-import scheme. According to the Official letter, local tax departments are required to review those situations where goods were sold to foreign companies but delivered to local companies. The 0% VAT only applies if these goods are used for further processing of exported finished goods. If those goods have not been used for export processing but for local consumption or consumed locally, it would be treated as domestic sales and subject to normal VAT. The Vietnam sellers should declare and pay VAT as per regulations. Read more...
Ernst & Young – Christchurch earthquake tax relief announced – In addition to the Christchurch Earthquake Support Package (Earthquake Support Subsidy and Earthquake Job Loss Cover), a number of changes to tax legislation have also been agreed by the New Zealand Government to provide assistance and tax relief to Christchurch residents and businesses affected by the earthquake. Read more...
KOTO – KOTO founder honoured as global leader – The World Economic Forum has recognized the work Jimmy Pham has done in lifting over 300 Vietnamese youth out of poverty by honouring him as a Young Global Leader (YGL). Read more...
Saigon Star International School in D2 invites you to a free special event on Wednesday, April 27 featuring Mr. Kerry Fitzgibbons, MA, who will speak about Employee Retention, the role of Employee Assistance Programs, and other issues. This event is a must for all HR professionals to learn new tips and strategies. Complimentary refreshments from Harvest Baking will be provided by Saigon Star International School. The event runs from 9:30am to 11am and seating is by limited, so call (08) 3742 - 3222 to make your reservation and receive directions to our campus.
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