Duc Hoang, journalist I have been living in Hanoi for more than a decade and have to admit that I have got used to the service (or the lack of it) provided by many famous restaurants here. It is a common experience in such places that customers are scolded by the staff or receive chilly greetings from the owners. I have been to such restaurants in the Old Quarter, one of the top tourist destinations in the capital city, more than a few times. I choose to ignore their irritating attitude and try to finish the food with patience. It is not something I am proud of. There was one instance when I wanted to break my rule of not creating a fuss. I saw a group of South Korean customers standing in front of a stall that serves pho. It looked as though they were trying to figure out whether the Vietnamese rice noodle soup was served with pork or chicken. At this pho place, there is no menu and no staff steps out to help customers. For decades, customers have had to keep in mind that they have … [Read more...] about We need immediate impacts to push long-term benefits
Short term vs long term capital gains tax
Bui Tuan Minh, tax partner of Deloitte Vietnam Resolution No.10-NQ/TW dated June 3, 2017, issued by the Central Committee of the Vietnamese Communist Party on the development of businesses in private sector in Vietnam, has called attention to the rampant private businesses malpractice of making fraudulent financial statements and dodging tax. What do you think are the most common tricks used by enterprises? I myself have observed such practices at some private enterprises, however, it is on a descending trend. In fact, tax optimum or tax evasion have never been a top priority for private businesses in their early phase of establishment, especially for start-ups and small- and medium-sized enterprises. However, when private businesses grow up to a certain scale, there are two common stances among business owners: either reducing tax costs by all means (including tax evasion) or optimising tax costs while ensuring legal compliance. The second choice is a rising trend and is an … [Read more...] about Optimum tax strategy to cut costs and ensure compliance
An apartment building in the Nam Trung Yen Urban Area in Cau Giay District's Trung Hoa Commune. — VNS Photo Doan Tung The HCM Real Estate Association (HoREA) has suggested the State Bank of Viet Nam (SBV) extend the application of regulations on banks’ maximum ratio of short-term funds used for medium- and long-term loans until the end of 2020. The HoREA also proposed the rate should be reduced to 37 per cent starting from January 1, 2021; 34 per cent from July 1, 2021; and 30 per cent from July 1, 2022. The moves were announced after the SBV released a draft circular stipulating that the maximum ratio of short-term funds used for medium- and long-term loans at banks would be reduced from the current 45 per cent to 40 per cent from 2019 to June 30, 2020. Under the SBV’s draft circular, the rates of 37 per cent and 30 per cent will be applied from July 1, 2020 and July 1, 2021, respectively. According to the HoREA, the amendments will damage the real estate market as … [Read more...] about HoREA offers proposals to help real estate firms access long-term bank loans
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?
Palace sign Sako on short-term deal from West Brom The Saigon Times Daily West Bromwich Albion's Bakary Sako in action with Sheffield Wednesday's Atdhe Nuhiu at The Hawthorns, West Bromwich, Britain December 29, 2018 – PHOTO: REUTERS LONDON (REUTERS) - Crystal Palace have signed winger Bakary Sako from West Bromwich Albion until the end of the season, the Premier League team said on Sunday. The Malian spent three seasons at Palace before his contract expired at the end of the last campaign and the 30-year-old joined Championship side West Brom in October. “I’m delighted that we’ve managed to bring Bakary back to Palace,” manager Roy Hodgson said in a statement. Sako scored three league goals in 16 appearances for Palace in his final season at Selhurst Park before breaking his ankle. “He’s a player with a huge amount of talent and as he showed when he was fully fit last year, he is able to provide a boost to our attacking … [Read more...] about Palace sign Sako on short-term deal from West Brom