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Audit is compulsory procedure at year-ending for foreign direct investment (FDI) enterprise and listed company, in order to obtain audit’s opinion regarding the financial statements prepared by such entities. Once audited financial statement (AFS) is issued, it should be submitted to respective authorities, along with online lodgment of tax finalization returns. In Vietnam, a FDI […]
The Vietnamese name of an enterprise contains two components including: Form/ Type of the enterprise Proper name THE FORM OF AN ENTERPRISE Form of the enterprise Vietnamese Short-term Limited liabilities company Cong ty trach nhiem huu han Cong ty TNHH Shareholding company Cong ty co phan Cong ty CP Partnership company Cong ty hop danh […]
Implicated from the name, corporate secretarial service (COSEC) often refer to the secretary, resonate with administrative tasks, material preparation, documentary filings, statutory reports submission for compliance. Considering the context of Vietnam’s economic development, the ever-increasing foreign investment in Vietnam market leads to high demands in COSEC service, form up and maintain the compliance from the […]
WHY DOCUMENT NEEED TO BE LEGALIZED? Pursuant to Clause 2, Article 2, Decree 111/2011, Consular legalization means the competent Vietnamese agencies’ certification of stamps, signatures and titles on foreign papers and documents for being recognized and used in Vietnam. Foreign Direct Investment (FDI) in Vietnam involving with IRC and ERC is required legalized document at […]
PERSONAL INCOME TAX FINALIZATION Deadline for Personal Income Tax (PIT) is within 90 days from ending of calendar year, i.e 30 March is latest for the employer to submit PIT finalization returns, regardless of registered fiscal year of the Company. The employee who satisfy certain condition, are eligible to authorize the employer to undertake PIT […]
Personal Income Tax (PIT) is withheld from the income earned by the employee in Vietnam from providing works under labor contract or agreement. TAX RESIDENT STATUS Tax residence status plays a key role in determining PIT applicable rate when calculation for taxpayer in Vietnam. Tax resident is the individual residing in Vietnam more than 183 […]
COMPULSORY SOCIAL INSURANCE CONTRIBUTION Once the employment is engaged, both employer and employee are required to contribute Social Insurance (SHUI) on monthly basis. The Company registers SHUI unit code for SHUI contribution Foreign labor is required to contribute SHUI under separate SHUI unit code THRESHOLD FOR SHUI CONTRIBUTION Salary for SHUI contribution is based on […]
Funding through foreign loan is the most common vehicle to fulfil the needs of working capital of Vietnam-based enterprise for operation, considering the context of Vietnam’s economic development. There are three types of foreign loans, in particulars: (i) short-term loan, (ii) long-term loan and (iii) loan under deferred imported goods. Strictly controlled by the State […]
Doing business in Vietnam requires all enterprise to comply with regulatory systems, one notable of which is contributing Social Insurance (SHUI) on monthly basis. COMPULSORY SOCIAL INSURANCE CONTRIBUTION Being considered as obligation and guarantee benefit for employee during their employment, SHUI scheme is designed to elevate this purpose. SHUI includes three key elements, in particulars: […]
Value-Added Tax (a.k.a VAT) is a kind of tax indirectly applying on goods and services (including goods and services purchased from organizations and individuals overseas) used for the purposes of production, trading and consumption in Vietnam. DEFINITION VAT taxpayers shall be organizations and individuals producing and trading VAT taxable goods and services in Vietnam, regardless […]