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COMPULSORY SOCIAL INSURANCE CONTRIBUTION Once the employment is engaged, both employer and employee are required to contribute Social Insurance (SI), Health Insurance (HI) and Unemployment Insurance (UI) 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 […]
OVERVIEW OF CORPORATE INCOME TAX IN VIETNAM Corporate Income Tax (CIT) is a kind of direct tax, imposed on assessable income deriving from business activities of providing goods & services from the Company to its customer. TAXPAYER CIT taxpayer are organizations engaging in production and trading of goods or in provision of services with taxable […]
LEGAL REPRESENTATIVE Legal Representative is an individual representing the enterprise to exercise the rights and perform the obligations arising out of transactions of the enterprise, and representing the enterprise to act as the person lodging a petition for resolution of a civil matter, as a plaintiff, defendant or person with related interests and obligations in […]
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 […]