Vietnam
Taxation in Vietnam
Recent forum posts
-
Starting a new business in India
I run a UK business and my fellow Director is an Indian National (I am a British citizen).We now want to launch our company in India and I am struggling to make any progress with the Indian High Commission. Can anyone help me with the process. I have twice visited the commission in London and wasted hours of time due to their complete lack of organisation.I will appreciate any help to make
Total Posts: 12 Last post by leahhart65
-
Hiring Struggles for Small Businesses in NZ, Are We Overlooking Soft Skills?
Hi everyone,I’ve noticed that many small businesses in NZ are facing real challenges when it comes to hiring the right people not just in terms of technical ability, but soft skills too. Communication, adaptability, and problem-solving often seem harder to find than certifications or experience.A few small business owners I’ve talked to said they struggle to read between the lines of a sta
Total Posts: 1 Last post by ngaiomarsh98
Tax and customs in Vietnam
Vietnam has signed a double taxation agreement with the UK.
Vietnam’s General Department of Taxation has responsibility for tax matters.
Corporate Income Tax ( CIT)
Enterprises are subject to tax rates under the CIT Law. Standard CIT rate is 22% and will be further reduced to 20% from 2016. Businesses operating in certain sectors are subject to higher CIT rates.
Tax incentives are granted to businesses investing in some:
- Priority sectors
- Specific locations
- Large projects
Value Added Tax ( VAT)
VAT applies on the duty paid value of imported goods. The importer must pay VAT to customs authorities at the same time they pay import duties. Different rates of VAT are applied to different goods and services. Generally, the rate is up to 10%.
Other taxes and fees
Special Sales Tax (SST) is applied to the production and import of certain commodities. The commodities include:
- Cigarettes
- Liquor and beer
- Most automobiles
- Services such as casinos, gambling, lotteries, golf clubs, etc
Other taxes and fees include:
- Foreign contractor tax
- Natural resources tax
- Environment protection tax