Foreigners earning incomes from providing services in Vietnam, what are their tax liabilities? Income earned by foreigners from rendering services in Vietnam is taxed in Vietnam regardless of their residence status. However, the tax implications are different depending on various factors that are specified in this article to help the foreigners to comply with the tax regulations in Vietnam as well as mitigate the risks of additional tax, penalties and interests on late tax payment. Regulation on residence status in Vietnam According to the current tax regulation, an individual is regarded as a Vietnamese tax resident if: Being present in Vietnam for a period of 183 days or more within one western calendar year or 12 consecutive months from the date of first arrival in Vietnam; or Having a registered place of “permanent residence” in Vietnam; or Having a rented house (including hotels, guesthouses, motels, offices) with a lease term of 183 days or more in a tax year. In … [Read more...] about Foreigners earning incomes from providing services in Vietnam, what are their tax liabilities?
Foreign earned income exclusion example
MoIT celebrates soaring export turnover in 2018 The $245 billion in total export turnover and 29 export categories exceeding the $1 billion threshold are touted as a major success for the Ministry of Industry and Trade (MoIT). The rosy export picture was highlighted as one of the achievements of the MoIT in 2018 at the review meeting held on January 17. Notably, last year, Vietnam’s total export turnover reached $245 billion, up 13.8 per cent on-year and exceeding the target set by the National Assembly and the government. 29 goods categories reached $1 billion in turnover, with five categories hitting $5 billion and five others $10 billion. Vietnam’s export markets expanded and now Vietnamese goods are present in almost all markets of the world. Numerous goods categories have set a solid foothold in key markets, including Europe, the US, Japan, and Australia. Especially, Vietnam saw an increase in export turnover in markets it signed free trade … [Read more...] about BUSINESS NEWS IN BRIEF 23/1
Yeah1 plans to issue shares to raise charter capital Multi-channel media group Yeah1 has announced a plan to issue nearly 62.56 million bonus shares at the rate of 200 per cent in 2019. Each shareholder will receive two new shares for every share he or she already owns. Bonus shares will be available to trade on the stock market after the issuance date. The share issuance will help Yeah1 triple its charter capital to VND938 billion (US$41.2 million) from its current VND312 billion. The value of the deal is nearly VND625.6 billion and the share issuance funding is taken from the company’s share premium recorded in its audited financial report for 2018. As of September 30, Yeah1 had VND1.13 trillion in its share premium and VND73 billion in undistributed post-tax profit. In the first nine months of the year, Yeah1 recorded VND1.03 trillion in revenue, up 111 per cent over the same period last year, and VND131.2 billion in post-tax profit, up 239 per cent. Yeah1 … [Read more...] about BUSINESS NEWS IN BRIEF 18/12
ADB provides US$300m loan to BIDV to support SMEs in Viet Nam The Asian Development Bank (ADB) and Joint Stock Commercial Bank for Investment and Development of Viet Nam (BIDV) signed a US$300 million loan agreement on Wednesday to support the growth and productivity of small and medium-sized enterprises (SMEs) in Viet Nam. “The agreement includes a $200 million loan provided by ADB and a $100 million loan arranged by ADB from 12 commercial lenders,” BIDV Chairman Phan Duc Tu said at the signing ceremony. “This is the biggest commercial loan ADB has provided to an Asian commercial bank so far, affirming the development finance institution’s positive evaluation of Viet Nam’s stability and economic growth as well as its trust in Viet Nam’s banking operations in general and BIDV in particular.” He said the loan would support SMEs in Viet Nam and reaffirm their partnership with ADB in achieving poverty reduction, economic … [Read more...] about BUSINESS NEWS IN BRIEF 14/12