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Positive news from Vietnam Government pertaining to VAT rate that it reduces from 10% to 8%, applied for the period from 1 July 2023 to 31 Dec 2023. 8% VAT is applied for all goods and services, EXCEPT: Telecommunications Finance, banking, insurance and securities related service Real estate business Prefabricated metal and metal products, mining […]
FCT is not a separate type of taxation. FCT is a term referring to the Value-Added Tax (VAT) and Corporate Income Tax (CIT) / Personal Income Tax (PIT) obligation of foreign contractors/sub-foreign contractors: For foreign organizations: VAT and CIT For foreign individuals: VAT and PIT APPLICABLE SUBJECTS Foreign contractors (FC) Foreign business organizations with […]
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 […]