In Vietnam, the standard tax year is typically the calendar year, and therefore the deadline for foreign-owned entities to submit audited financial reports to the relevant authorities is March 31. These reports are generally submitted to licensing authorities (i.e. Department of Planning and Investment or the board of management of an industrial zone/export processing zone/economic zone/hi-tech zone), as well as the Statistical Office of the city/province where the company is located.
As the legally permissible business lines for ROs differ from foreign-owned entities (FOEs), namely that ROs are not allowed to directly conduct profit-generated business activities, therefore the annual reporting requirements are different for ROs as well. Prior to the final working day of January of the following year, ROs must submit a report their operations during the previous year to the Department of Industry and Trade in the province in which the ROs is based.
In this issue of Vietnam Briefing, we address a number of annual compliance topics relevant to foreign investors in Vietnam. Namely, annual reporting for foreign-owned enterprises and representative offices, as well as annual tax finalization (corporate income tax and personal income tax), and annual financial statements (structure, general accounting treatments, deductible expenditures, submission).
This issue of Vietnam Briefing aims to clarify the entire VAT, short for value-added tax, process by taking you through an introduction as to what VAT is, liabilities that come with it, and how to pay it properly.
In this podcast we will introduce the advantages and the procedures of establishing a representative office in Vietnam and the alternatives to the RO once its mission is finished.
Christian Fleming, former Managing Editor at Asia Briefing, a Dezan Shira alumni, discusses the evolution of China’s economic growth model compared to Vietnam and India as alternatives in the region.
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