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).
Christian Fleming, Managing Editor at Asia Briefing, discusses the evolution of China’s economic growth model compared to Vietnam and India as alternatives in the region.
Mr. Alberto Vettoretti, Managing Partner of Dezan Shira & Associates China and Vietnam, discusses the different entry channels for foreign investors interested in setting up a business in Vietnam.
Mr. Alberto Vettoretti, Managing Partner of Dezan Shira & Associates China and Vietnam, discusses the key taxes affecting foreign companies and individuals in Vietnam.
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