Vietnam Amends Tax, Labour and VAT Regulations

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Information about Vietnam Amends Tax, Labour and VAT Regulations
Business & Mgmt

Published on March 27, 2014

Author: NairandCo

Source: slideshare.net

Description

Vietnam has recently issued a slew of amendments to tax, labour and Value Added Tax (VAT) provisions.

Vietnam Amends Tax, Labour and VAT Regulations Vietnam has recently issued a slew of amendments to tax, labour and Value Added Tax (VAT) provisions, reports Nair & Co. which provides international tax consulting for companies expanding overseas. The key amendments are listed below: Minimum Wages  Companies operating in nearby areas with different regional minimum wage bands are now required to offer the highest minimum wages paid in those areas.  New minimum wages are as follows Region Minimum wages per month I VND 2,700,000 II VND 2,400,000 III VND 2,100,000 IV VND 1,900,000

New Standard Tax Declaration Forms  From 1 January 2014, for tax declaration purposes, it is necessary for both individuals and companies to use new tax forms.  Taxpayers are required to file amendments to final records, if they realize any inaccuracy or misstatement in the final annual tax records. VAT Credit System:  Companies are allowed to apply for the VAT credit method in the fiscal year 2014 if o their revenue in 2013 is less than VND 1 billion and they have informed the local tax office regarding application of the VAT credit method and are in compliance with requirements related to accounting, invoices and receipts, OR o their revenue in 2013 is more than VND 1 billion. Trade Union Contributions  Companies have to now pay trade union dues on a monthly basis (similar to social insurance contributions). However, companies functioning in the fields of forestry, agriculture, fisheries and salt production are permitted to pay on a quarterly basis.  From 10 January 2014, regardless of having a trade union or not, companies are required to pay trade union dues of up to 2% of the total salary for social insurance contributions. For more information about doing business overseas or to learn more about our International Expansion Services team please contact us. Subscribe to regular global tax compliance alerts from Nair & Co. Get the latest news releases and updates on international tax, HR, Finance, compliance and other legal news at Nair & Co. Industry Alerts. About Nair & Co. Nair & Co., the leader in international business expansion services, provides accounting, HR, legal, tax and compliance services for the set up and management of your international operations. Our model of a single-point-of-contact, supported by internal teams of experienced advisors, helps clients expand business and manage risk so they can focus on their core business and sustain growth with minimal risk,

stress and cost. We support nearly 250 clients in over 70 countries. Nair & Co. is headquartered in Bristol, UK, has 450 employees and offices in China, India, Japan, Singapore, and the US. Learn more at www.nair-co.com Media Contacts: For media enquiries or to learn to more about Nair & Co., please email us at media@nair-co.com or call Yvonne Smith at +1.408.501.8867

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