Our collection of resources based on what we have learned on the ground
Resources
Q&A
What is taxable for corporate income tax (CIT) and when such tax report should b...
- December 2012
- Members Access
Taxable income includes any income from production, trading activities, services and other income, whether or not such income has been generated in Vietnam. Although corporate income tax (CIT) is declared and paid quarterly, enterprises must still c...
Q&A
What does corporate income tax (CIT) include in Vietnam?
- December 2012
- Free Access
A Corporate Income Tax (CIT) return should include the following: CIT finalization statement (form 03/TNDN) issued with Ministry of Finance circular 28/2011/TT-BTC on February 28, 2011; The annual financial statements and other related documents;...
Q&A
What are the enterprises receiving corporate income tax deduction in Vietnam?
- December 2012
- Free Access
There are two types of enterprises that can receive such deduction: Small and medium and enterprises (excluding those that are involved in lottery, real estate, securities, finance, banking, or insurance; businesses that are producing goods or pro...
Q&A
What are the personal income tax (PIT) finalization documents in Vietnam?
- December 2012
- Free Access
The Personal Income Tax (PIT) finalizing document would include the following items: PIT Finalization Statement The list of taxable income and tax deducted from salaries and wages of the resident individual who is engaged in an employment contrac...
Q&A
How can profit be remitted from Vietnam to other countries?
- December 2012
- Free Access
Profit remittance can be done following tax finalization, or when terminating the investment project in Vietnam, in cash or in kind, if the foreign-owned entity has not accumulated losses. Offshore remittance of profits in cash must comply with the l...
Q&A
What statutory audited reports for Foreign-invested enterprises (FIE) include in...
- December 2012
- Members Access
In general, statutory audited reports for Foreign Invested Enterprises (FIEs) in Vietnam should include 3 parts: Summary of the main business activities of the FIE, including the investment license number, registered capital, name and history of B...
Q&A
What are the general accounting treatments on trade debtors/trade creditors in V...
- December 2012
- Free Access
Enterprises should provide reasonable debt provisions according to the ending balance of their accounts receivable and must comply with the instructions from MOF. Balance confirmations are used as an important factor, especially on foreign currency o...
Q&A
What are the general accounting treatments on fixed assets in Vietnam?
- December 2012
- Free Access
All fixed assets of an Foreign Invested Enterprise (FIE) should be recorded. There are specific regulations that must be followed regarding what will be capitalized. Any items currently under construction should be transferred into fixed assets o...
Q&A
What are the general accounting treatments on pre-operating expenses in Vietnam?
- December 2012
- Members Access
Expenses and exchange losses for FIEs during the start-up period can be charged to the profit and loss account in one lump sum during the first month, or amortized within 36 months after commencing operations. Pre-operating expenses refer to all rele...
Q&A
What is the basic information to include in the representative office report in ...
- December 2012
- Free Access
The information to be included in such report would be: Full name Address Telephone and fax number Email (if any) Bank account details of a bank registered and operating in Vietnam. In the case that foreign businesses have only one represen...
Q&A
What are the mandatory annual reports for Foreign-owned enterprises (FOE) in Vie...
- December 2012
- Free Access
Report on Production and Business Activities Actual operating business lines Labor (number, turnover, etc.) Labor income and employer payments of social insurance, health insurance, unemployment insurance, and trade union fee Production an...
Q&A
What is the difference between Foreign-owned enterprise (FOE) and Representative...
- December 2012
- Free Access
As the legally permissible business lines for Representative Offices (ROs) differ from foreign-owned entities (FOEs), namely that ROs are not allowed to directly conduct profit-generated business activities, therefore the annual reporting requirement...
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