Vietnam Pocket Tax Book 2020 www.pwc.com/vn PwC - Vietnam Pocket Tax Book 2020 Contents Taxation • General Overview Corporate Income Tax • Tax Rates • Tax Incentives • Calculation of Taxable Profits • Non-deductible Expenses • Losses • Administration • Profit Remittance Transfer Pricing • Related Party Definition • TP Methodologies • TP Declaration Forms • TP Documentation • TP Audits • Substance over form principle • Intercompany services charges • 20% of EBITDA cap on interest deductibility • Advance Pricing Agreements 12 Foreign Contractor Tax • Scope of Application • FCT Payment Methods • Double Taxation Agreements 16 Capital Assignment Profits Tax 21 Value Added Tax • Scope of Application • Goods and Services not Subject to VAT • Exempt Goods and Services • Tax Rates • Exported Goods and Services • VAT Calculation Methods • Discounts and Promotions • Goods and Services Used Internally • Administration • Refunds 22 Invoicing • Tax Invoices • E-invoices 29 PwC PwC - Vietnam Pocket Tax Book 2020 Special Sales Tax • Taxable Price • Tax Credits • Tax Rates 31 Natural Resources Tax 33 Property Taxes 34 Environment Protection Tax 35 Import and Export Duties • Rates • Calculation • Exemptions • Refunds • Export Duties • Other taxes potentially imposed on imports • Customs Audit 36 Personal Income Tax • Tax Residency • Tax Year • Employment Income • Non-employment Income • Non Taxable Income • Foreign Tax Credits • Tax Deductions • PIT Rates • Administration 40 Social, Health and Unemployment Insurance Contributions 45 Other Taxes 47 Tax Audits and Penalties 48 Accounting and Auditing 49 Appendix I – Double Taxation Agreements 52 PwC Services in Vietnam 55 Contacts 57 PwC PwC - Vietnam Pocket Tax Book 2020 A summary of Vietnam taxation The information in this booklet is based on current taxation regulations and practice including certain legislative proposals as at 31 December 2019 This booklet is intended as a general guide Where specific transactions are being contemplated, definitive advice should be sought PwC PwC - Vietnam Pocket Tax Book 2020 Taxation General Overview Most business activities and investments in Vietnam will be affected by the following taxes: • Corporate income tax; • Various withholding taxes; • Capital assignment profits tax; • Value added tax; • Import duties; • Personal income tax on Vietnamese and expatriate employees; • Social insurance, unemployment insurance and health insurance oicontributions There are various other taxes that may affect certain specific activities, including: • • • • • • Special sales tax; Natural resources tax; Property taxes; Export duties; Environment protection tax; Land rental fee PwC PwC - Vietnam Pocket Tax Book 2020 Corporate Income Tax (“CIT”) Tax Rates Enterprises (generally companies) are subject to the tax rates imposed under the CIT Law The standard CIT rate is 20% Companies operating in the oil and gas industry are subject to CIT rates ranging from 32% to 50% depending on the location and specific project conditions Companies engaging in prospecting, exploration and exploitation of certain mineral resources are subject to CIT rates of 40% or 50%, depending on the project’s location Tax Incentives Tax incentives are granted to new investment projects based on regulated encouraged sectors, encouraged locations and the size of the project Business expansion projects (including expansion projects licensed or implemented during the period from 2009 to 2013 which were not entitled to any CIT incentives previously) which meet certain conditions are also entitled to CIT incentives from 2015 New investment projects and business expansion projects not include projects established as a result of certain acquisitions or reorganisations The sectors which are encouraged by the Vietnamese Government include education, health care, sport/culture, high technology, environmental protection, scientific research and technology development, infrastructural development, processing of agricultural and aquatic products, software production and renewable energy New investment or expansion projects engaged in manufacturing industrial products prioritized for development are entitled to CIT incentives if they meet one of the following conditions: i the products support the high technology sector; or ii certain products which support the garment, textile, footwear, 0uelectronic spare parts, automobile assembly, or mechanical sectors Locations which are encouraged include qualifying economic and high-tech zones, certain industrial zones and difficult socio-economic areas PwC PwC - Vietnam Pocket Tax Book 2020 Large manufacturing projects (excluding those related to the manufacture of products subject to special sales tax or those exploiting mineral resources) are entitled to CIT incentives as follows: Projects with total capital of VND6,000 billion or more, disbursed within years of being licensed, meeting either of the following criteria: i minimum revenue of VND10,000 billion/annum by the 4th year wwwof operation; or ii head count of more than 3,000 by the 4th year of operation Projects with total capital of VND12,000 billion or more, disbursed within years of being licensed and using technologies appraised in accordance with relevant laws From January 2016 onwards, the two common preferential rates of 10% and 17% are available for 15 years and 10 years respectively, starting from the commencement of generating revenue from the incentivised activities The duration of application of the preferential tax rate can be extended in certain cases When the preferential rate expires, the CIT rate reverts to the standard rate The preferential rate of 15% will apply for the entire project life in certain cases Certain socialised sectors (e.g education, health) enjoy the 10% rate for the entire life of the project Taxpayers may also be eligible for tax holidays and reductions The holidays take the form of an exemption from CIT for a certain period beginning immediately after the enterprise first makes profits from the incentivised activities, followed by a period where tax is charged at 50% of the applicable rate However, where an enterprise has not derived taxable profits within years of the commencement of generating revenue from the incentivised activities, the tax holiday/tax reduction will start from the fourth year of operation Criteria for eligibility for these holidays and reductions are set out in the CIT regulations Additional tax reductions may be available for companies engaging in manufacturing, construction and transportation activities which employ many female staff or ethnic minorities From January 2018, certain incentives, including a lower CIT rate are granted to small and medium enterprise (“SMEs”) (various criteria apply in order to be considered an SME) PwC PwC - Vietnam Pocket Tax Book 2020 A resolution on CIT policies to support and develop SMEs has been drafted for consideration which proposes to lower the CIT rate applicable to SMEs to 15%-17% and provide various tax holidays, e.g exemption from CIT for the years beginning immediately after establishment of SMEs Tax incentives which are available for investment in encouraged sectors not apply to other income earned by a company (except for income which directly relates to the incentivised activities such as disposal of scrap), which is broadly defined Calculation of Taxable Profit Taxable profit is the difference between total revenue, whether domestic or foreign sourced, and deductible expenses, plus other assessable income Taxpayers are required to prepare an annual CIT return which includes a section for making adjustments to accounting profit to arrive at taxable profit Non-deductible Expenses Expenses are tax deductible if they relate to the generation of revenue, are properly supported by suitable documentation (including bank transfer vouchers where the invoice value is VND20 million or above) and are not specifically identified as being non-deductible Examples of non-deductible expenses include: Depreciation of fixed assets which is not in accordance with the prevailing regulations; Employee remuneration expenses which are not actually paid, or are not stated in a labour contract, collective labour agreement or company policies; Staff welfare (including certain benefits provided to family members of staff) exceeding a cap of one month’s average salary Non- compulsory medical and accident insurance is considered a form of staff welfare; Contributions to voluntary pension funds and life insurance for employees exceeding VND3 million per month per person; Reserves for research and development not made in accordance with the prevailing regulations; Provisions for severance allowance and payments of severance allowance in excess of the prescribed amount per the Labour Code; PwC PwC - Vietnam Pocket Tax Book 2020 Overhead expenses allocated to a permanent establishment (“PE”) in Vietnam by the foreign company’s head office exceeding the amount under a prescribed revenue-based allocation formula; Interest on loans corresponding to the portion of any charter capital not yet contributed; Interest on loans from non-economic and non-credit organisations exceeding 1.5 times the interest rate set by the State Bank of Vietnam; Certain interest exceeding the cap of 20% of EBITDA Recently, it has been proposed to ease the deductibility cap from 20% to 30% of EBITDA; Provisions for stock devaluation, bad debts, financial investment losses, product warranties or construction work which are not made in accordance with the prevailing regulations; Unrealised foreign exchange losses due to the year-end revaluation of foreign currency items other than accounts payable; Donations except certain donations for education, health care, natural disaster or building charitable homes for the poor or for scientific research; Administrative penalties, fines, late payment interest; Service fees paid to related parties that not meet certain conditions For certain businesses such as insurance companies, securities trading and lotteries, the Ministry of Finance provides specific guidance on deductible expenses for CIT purposes Business entities in Vietnam are allowed to set up a tax deductible research and development fund to which they can appropriate up to 10% of annual profits before tax Various conditions apply Losses Taxpayers may carry forward tax losses fully and consecutively for a maximum of five years Losses arising from incentivised activities can be offset against profits from non-incentivised activities, and vice versa Losses from the transfer of real estate and the transfer of investment projects can be offset against profits from other business activities Carry-back of losses is not permitted There is no provision for any form of consolidated filing or group loss relief 10 PwC PwC - Vietnam Pocket Tax Book 2020 The income subject to SI/HI/UI contributions includes salary, certain allowances and other regular payments, but this is capped at 20 times the minimum salary for SI/HI contributions and 20 times the minimum regional salary for UI contribution Effective from July 2019, the minimum salary is VND1,490,000/month Effective from January 2020, the minimum regional salary varies from VND3,070,000 to VND4,420,000/month - these minimum salaries are subject to change each year Statutory employer contributions not constitute a taxable benefit to the employee The employee contributions are deductible for PIT purposes Employees and employers are also encouraged to participate in voluntary pension schemes Tax deductions for contributions thereto are allowed for both employees (for PIT purposes) and employers (for CIT purposes), subject to a cap 46 PwC PwC - Vietnam Pocket Tax Book 2020 Other Taxes Numerous other fees and taxes can apply in Vietnam, including business licence tax and registration fees (akin to stamp duty) on the transfer of certain registerable assets PwC 47 PwC - Vietnam Pocket Tax Book 2020 Tax Audits and Penalties Tax audits are carried out regularly and often cover a number of tax years Prior to an audit, the tax authorities send the taxpayer a written notice specifying the timing and scope of the audit inspection There are detailed regulations setting out penalties for various tax offences These range from relatively minor administrative penalties through to tax penalties amounting to various multiples of the additional tax assessed For discrepancies identified by the tax authorities (e.g upon audit), a 20% penalty will be imposed on the amount of tax under-declared Interest of 0.03%/day applies for late payment of tax The general statute of limitations for imposing tax and late payment interest is 10 years (effective July 2013) and for penalties is up to years Where the taxpayer did not register for tax, there is no statute of limitation for imposing tax and late payment interest 48 PwC PwC - Vietnam Pocket Tax Book 2020 Accounting and Auditing Accounting framework Vietnamese Accounting Standards There are currently 26 Vietnamese Accounting Standards (“VAS”) All of these standards were issued from 2001 to 2005 and were primarily based on the old versions of the respective International Accounting Standards with certain adaptations to fit Vietnam’s circumstances It should be noted that Vietnam has yet to issue accounting standards for key areas such as financial instruments, impairment of assets, fair value, etc Accounting Law and applicable implementation guidance In Vietnam, the Accounting Law is the highest accounting regulation issued by the National Assembly Accounting issues are further governed by various decisions, decrees, circulars, official letters and the Vietnamese Accounting Standards The accounting framework in Vietnam is mainly rules-based accounting rather than principles-based The Vietnamese Accounting System is effectively a book-keeping and financial reporting manual that provides a standard chart of accounts, financial statements template, accounting books and voucher templates, as well as detailed guidance on accounting double entries for specific transactions There are industry-specific accounting guidelines for credit institutions, insurance companies, securities companies, fund management, investment funds, and oil and gas operators The accounting guidelines for credit institutions are issued by the State Bank of Vietnam Accounting records Framework: Vietnamese Accounting System Language: Accounting records are required to be maintained in the Vietnamese language, but this can be combined with a commonly used foreign language Accounting period: An entity’s accounting period is generally 12 months in length The first accounting period must not exceed 15 months from PwC 49 PwC - Vietnam Pocket Tax Book 2020 the license date for a newly setup company Similarly, the last accounting period must not be longer than 15 months Currency: Accounting records are generally required to be maintained in Vietnamese Dong (“VND”) Entities that receive and make payments mainly in other currencies can select a foreign currency to be used for their accounting records and financial statements provided that they meet all the stipulated requirements However, for statutory reporting, entities using another currency as their accounting currency must convert their financial statements prepared in that currency into VND pursuant to certain prescribed regulations Accounting documents: Records can be stored either in hard copy documents or electronic files Entities that use electronic documents are not required to print them out for storage purposes If the relevant authorities request copies for testing, inspection, monitoring and auditing, these entities have to print out electronic accounting documents and have them signed by their legal representatives and/or chief accountants Seal: Enterprises are permitted to decide the form, quantity and contents of their official seal The management, use and retention of the seal must comply with the entity’s charter Retention: Five years for documents used for management or operation of the enterprise, ten years for accounting data, accounting books, and permanently retained for historical documents 40 41 42 43 44 45 46 47 Lack of accounting records is a basis for assessing non-compliance with VAS The tax authorities can treat non-compliance with VAS as a basis for tax reassessment and imposition of penalties, including withdrawal of CIT incentives, disallowance of expenses and denial of input VAT credits/refunds Macedonia 10 10 Financial reporting Malaysia 10 10 Manta 10 5/10/15 The basic set of financial statements prepared under VAS comprises the Mongolia 10 10 following: Balance sheet; Morocco 10 10 Income statement; Mozambique 10 10 Cash flow statement; and Myanmar 10 10 Notes to the financial statements, including a disclosure on changes in equity Netherlands 10 5/10/15 48 New Zealand 10 10 - 49 Norway 10 10 Oman 10 10 Pakistan 15 15 50 50 51 PwC PwC - Vietnam Pocket Tax Book 2020 An enterprise is required to appoint a chief accountant who must satisfy the criteria and conditions stipulated by the Accounting Law and guiding regulations The annual financial statements must be approved by the chief accountant and legal representative and a copy of the financial statements must be submitted to local authorities within 90 days of the end of the financial year Additionally, listed enterprises and public interest enterprises must prepare interim financial statements Audit requirements Vietnam has issued 47 auditing standards which are primarily based on international auditing standards with certain adaptations to fit Vietnam’s circumstances The annual financial statements of the following enterprises must be audited by an independent auditing company operating in Vietnam: Foreign-invested entities; Credit institutions; financial organizations, insurance companies, reinsurance companies, insurance brokerage companies, branches of foreign non-life insurance companies; Public interest enterprises, issuers and securities trading organizations; enterprises which are 20% or more owned by listed entities; and State-owned enterprises; enterprises implementing important national projects, group-A projects using state funds Audited annual financial statements must be completed within 90 days of the end of the financial year and reviewed interim financial statements must be completed within 45 days of the end date of the first six months of the financial year These financial statements should be filed with the applicable licensing body, the MoF, local tax authorities, Department of Statistics, and other relevant authorities Audit contracts should be signed with independent auditing companies no later than 30 days before the end of the enterprise’s fiscal year In accordance with the general auditor rotation requirements, signing auditors are required to be rotated off after three consecutive years Apart from this requirement for the signing auditors, practising auditors for public interest entities are required to be rotated after four consecutive years Audit firms for credit institutions are required to be rotated after five consecutive years PwC 51 PwC - Vietnam Pocket Tax Book 2020 Appendix I - Double Taxation Agreements A summary of withholding tax rates is presented below: Interest Royalties Royalties Interest Recipient Recipient (%) (%) (%) (%) Algeria 15 15 Algeria 15 15 Australia 10 10 Australia 10 10 No No 3 4 5 6 7 8 9 10 10 11 11 12 13 14 15 15 16 Notes Notes 1,22 1, Austria Austria Azerbaijan Azerbaijan 10 10 10 10 7.5/10 7.5/10 10 10 22 22 Bangladesh Bangladesh Belarus Belarus 15 15 10 10 10 10 15 15 15 15 22 22 5/10/15 5/10/15 10 10 22 22 10 10 10 10 15 15 10 10 7.5/10 7.5/10 22 1,22 22 10 10 10 - 10 10 10 - 22 1- 10 10 10 10 10 10 10 10 10 10 15 15 5/15 5/15 15 15 -22 22 10 10 7.5/10 7.5/10 11 -22 Belgium Belgium Brunei Darussalam Brunei Darussalam Bulgaria Bulgaria Cambodia Cambodia Canada China Croatia Cuba Czech Republic Republic Czech Denmark Denmark 10 10 10 10 18 Egypt Estonia Estonia 19 Finland Finland 10 10 10 10 20 20 France Nil Nil 10 10 21 Germany 10 10 7.5/10 7.5/10 22 22 Hong Kong Hong Kong 10 10 7/10 7/10 22 23 Hungary Hungary 10 10 10 10 24 Iceland Iceland 10 10 10 10 22 25 India India 10 10 10 10 22 26 Indonesia Indonesia 15 15 15 15 22 Iran Ireland 10 10 10 10 5/10/15 5/10/15 PwC 17 17 27 52 28 22 22 22 Hong Kong 10 7/10 23 Hungary 10 10 - 10 10 10 Interest 15 (%) 10 15 10 Royalties 15 (%) 10 15 Notes 10 10 5/10/15 10 5/7.5/15 7.5/10 10 10 15 7.5/10 10 10 15 10 10 15 2 Korea (South) Belgium 10 5/15 5/10/15 Korea Brunei(North) Darussalam 10 10 10 Kuwait Bulgaria 15 10 20 15 1,2 Iceland 24 PwC - Vietnam Pocket Tax Book 2020 India 25 No Recipient Indonesia 26 27 28 29 30 31 32 33 34 35 Iran Algeria Ireland Australia Israel Austria Italy Azerbaijan Japan Bangladesh Kazakhstan Belarus 1,22 2 Laos Cambodia 10 10 10 1,-2 37 11 Latvia Canada 10 7.5/10 38 12 Luxembourg China 10 10 10 2- 39 13 40 40 14 Macau Croatia Macedonia Cuba 10 10 10 10 10 10 1 -1 Malaysia Malaysia Czech Republic Manta Denmark 10 10 2 Egypt Mongolia Morocco Estonia 10 15 10 10 10 10 10 10 5/10/15 5/15 10 15 10 36 10 41 41 15 42 42 16 43 17 43 44 18 44 45 19 45 46 20 46 47 21 47 48 22 48 49 23 50 24 51 25 52 26 53 27 54 28 55 29 56 30 57 31 32 PwC58 59 33 Mozambique Finland Mozambique France Myanmar Germany Netherlands New Zealand Hong Kong 10 Nil 10 10 10 7.5/10 10 10 10 10 7.5/10 5/10/15 10 10 10 10 10 7/10 10 10 10 10 15 10 10 10 15 10 Panama Iran Portugal Ireland 10 15 10 10 10 10 10 15 10 10 7.5/10 5/10/15 Philippines Israel Poland Italy 15 10 10 10 15 5/7.5/15 10/15 7.5/10 Qatar Japan Romania Kazakhstan 10 10 10 5/10 10 15 10 Russia(South) Korea 10 15 5/15 Norway Hungary Oman Iceland Pakistan India Palestine Indonesia 2 2 2-2 2 22 2 2 222 2 22 2 53 2- 53 Panama 10 10 - 54 Portugal 10 7.5/10 PwC - VietnamPhilippines Pocket Tax Book 2020 55 Poland Recipient Qatar 15 15 10/15 Royalties 5/10 (%) Notes 15 15 1,22 58 Romania Algeria 10 Interest 10 (%) 10 15 59 Russia Australia 10 15 10 - 60 San Marino Austria 10/15 10 10/15 7.5/10 2- 56 No 57 61 Saudi Arabia Azerbaijan 10 7.5/10 10 62 Serbia Bangladesh 10 15 10 15 63 Belarus Seychelles 10 15 10 2- 64 Belgium Singapore 10 5/10/15 5/10 65 Brunei Darussalam Slovakia 10 10 5/10/15 66 Bulgaria Spain 10 15 10 10 67 Cambodia Sri Lanka 10 10 15 1,22 11 68 Canada Sweden 10 7.5/10 5/15 12 69 China Switzerland 10 10 10 2- 13 70 Croatia Taiwan 10 15 1- 14 71 15 72 Cuba Thailand Czech Republic Tunisia 10 10/15 10 10 15 10 10 2 16 73 17 74 Denmark Turkey Egypt UAE 10 15 10 5/15 10 15 10 2 18 75 19 76 20 77 Estonia Ukraine FinlandKingdom United 10 10 7.5/10 10 10 10 France States United Germany Uruguay Nil 10 10 Hong Kong Uzbekistan Hungary Venezuela 10 10 10 5/10 7.5/10 10 7/10 15 2 1,- 21 78 22 79 23 80 Iceland 24 Sources: General Department of Taxation India 25Notes: 22 10 10 10 10 2 10 10 Indonesia 15 15 yet Not in force 26 Iran 10 10 27 Interest derived by certain government bodies is exempt from withholding tax Ireland 10 5/10/15 28 In most cases, the present Israel the limits set by the DTA are 10 higher than5/7.5/15 29 withholding rates under domestic law; therefore, the domestic rates will apply Italy 10 7.5/10 30 of these new DTAs is not available at the time10 this booklet was The content Japan 10 31 published Kazakhstan 10 10 54 32 PwC 33 Korea (South) 10 5/15 PwC - Vietnam Pocket Tax Book 2020 PwC Services in Vietnam PwC Vietnam established offices in Hanoi and Ho Chi Minh City in 1994 Our team of more than 1000 Vietnamese and expatriate staff have a thorough understanding of the economy in which they work and a broad knowledge of policies and procedures covering investment, legal, tax, accounting and consulting matters throughout Vietnam PwC Vietnam has built strong relationships with key ministries, financial institutions, state owned companies, private companies, commercial organizations and the ODA community We also have an affiliated law company in Vietnam, licensed by the Ministry of Justice in 2000, with its head office in Ho Chi Minh City and a branch office in Hanoi Our services include: Tax Services: • Consulting and compliance • Tax health check services • Tax dispute resolution • Transfer pricing • Tax due diligence and structuring • Personal income tax/International assignment services • Payroll outsourcing • Immigration services • Tax audit assistance • Tax technology solutions Customs and International Trade Advisory Services • Consulting and compliance • Customs health check services • Customs dispute resolution • Customs technology solutions Legal Services (through our affiliate law company, PwC Legal (Vietnam) Co., Ltd): • Mergers and acquisitions (M&A) • Banking and financial services • Employment and human resources • General corporate and commercial services • Inward investor services • Legal compliance/Company secretarial services PwC 55 30 31 Italy Japan 10 10 7.5/10 7.5/10 10 10 22 22 32 33 Kazakhstan Korea (South) 10 10 10 10 5/15 5/15 10 10 22 22 PwC - Vietnam Pocket Tax Book 2020 Korea (North) 34 Kuwait • 35 Legal health check services Laos • 36 Real estate Latvia Deals 37 Services: • 38 Transactions Luxembourg 38 • Corporate finance Macau 39 39 • Valuation Macau 40 Business Macedonia • 40 restructuring Macedonia • 41 Real estate & Capital projects Malaysia Malaysia 41 • Infrastructure, Government & Utilities Manta 42 • 42 Strategy Manta Mongolia 43 Working Capital • 43 Management Mongolia Morocco 44 Morocco Consulting services: 44 • 45 Financial Mozambique Risk Management Mozambique 45 • ForensicsMyanmar 46 • 46 Finance Myanmar Netherlands 47 Performance Netherlands • 47 Management • 48 Operations New New Zealand Zealand 48 • Technology • People and organisation • Digital and Customer Strategy 10 15 20 20 10 10 22 1, 1, 22 7.5/10 7.5/10 10 10 22 10 10 10 10 1,22 11 10 10 10 10 10 10 5/10/15 5/10/15 10 10 22 22 10 10 10 10 10 10 10 10 10 10 10 10 10 10 5/10/15 5/10/15 10 10 10 10 10 10 10 10 10 10 10 10 10 22 22 -22 22 Assurance Services: • • • • • • • • Audit of financial statements Review of financial information Custom Business Procedures IFRS and accounting consulting services Cyber Security Assurance Risk assurance services (Internal Audit, IT Assurance and Performance, Business Resilience, Business Control Advisory, Performance Assurance, etc.) Capital Markets Services Technical accounting advice/training Support for local IPO and Overseas listing Private Business Services Country Desk Services: • • • • 56 European Business Services Japanese Business Services Korean Business Services Chinese and Taiwanese Business Services PwC Saudi Arabia Kuwait Serbia Laos 61 35 62 36 63 37 Seychelles Latvia Contacts 10 15 10 10 7.5/10 20 10 1,22 - 10 7.5/10 2- Singapore 5/10 Luxembourg 10 10 64 38 any of the professionals listed further Slovakia Macau 10 below for 5/10/15 10 details of1,22 65(Please contact 39 our services in Vietnam and for world-wide10contacts) Spain Macedonia 10 66 40 Sri Lanka 10 15 Malaysia 10 67 41 Sweden 5/15 Manta 10 68 City Tax Hanoi5/10/15 42 Ho Chi Minh Switzerland Mongolia 69 43 Thanh Trung Taiwan 70 44 Mr NguyenMorocco nguyen.thanh.trung@pwc.com Thailand Mozambique 71 45 Mr Richard Irwin Tunisia Myanmar 72 r.j.irwin@pwc.com 46 Turkey Ms Annett Perschmann Netherlands 73 47 annett.perschmann@pwc.com UAE Zealand New 74 48 Ukraine 75 76 Global Mobility Services United Kingdom 77 Ms BrittanyUnited Chong States brittany.chong@pwc.com Uruguay 78 79 80 10 10 10/15 10 10 10 2- Ms Dinh10 Thi Quynh Van 215 dinh.quynh.van@pwc.com 15 10 - 10 10 10 5/10/15 10 2 - 10 10 10 10 10 10 Ms Nguyen Huong Giang 10 n.huong.giang@pwc.com 5/10 Ms Hoang Thanh Binh 1, h.thanh.binh@pwc.com 10 - Uzbekistan 10 15 Venezuela 10 10 Transfer Pricing Ms Monika Mindszenti monika.mindszenti@pwc.com Mr James Radford james.radford@pwc.com Ms Judith Henry judith.henry@pwc.com Customs Services Mr Pham Van Vinh pham.van.vinh@pwc.com Mr Nguyen Hong Son nguyen.hong.x.son@pwc.com Legal Ms Phan Thi Thuy Duong phan.thi.thuy.duong@pwc.com Ms Eva Jaworska eva.jaworska@pwc.com Mr Le Anh Tuan tuan.le.anh@pwc.com Contacts (Please contact any of the professionals listed below for further details of our services in Vietnam and for world-wide contacts) Ho Chi Minh City Tax Hanoi Japanese Business ( ) Mr Shoichi Fukunaga shoichi.fukunaga@pwc.com Mr Shimpei Imai shimpei.imai@pwc.com Ms Etsuko Okawa okawa.etsuko@pwc.com Ms Yumi Ishii yumi.ishii@pwc.com Ms Mai Ito mai.ito@pwc.com Ms Risa Tsuchiya tsuchiya.risa@pwc.com Korean Business Mr Moo Yeol Lee mooyeol.lee@pwc.com Mr Han-Hee Son hanhee.son@pwc.com Chinese and Taiwanese Business ( ) Mr Bee Han Theng ( theng.bee.han@pwc.com Ms Ting Hock Yee ting.hock.yee@pwc.com ) Ms Lou Jingjing lou.jingjing@pwc.com Mr Hsu Tzu-Hsuan (Dylan) hsu.dylan@pwc.com Mr Yu Che Liao (Jason) yu.che.liao@pwc.com Mr Tran Vi Cuong tran.vi.cuong@pwc.com We regularly share insights about the Vietnamese market via newsletters and our website To sign up for our email alerts on regulatory & tax changes, please contact Ms Nguyen Thi Cat Tien at nguyen.t.cat.tien@pwc.com We have an affiliated law company in Vietnam, PwC Legal (Vietnam) Co., Ltd, and are therefore able to provide both tax and legal services to our clients Our offices Ho Chi Minh City: Hanoi: Floor 8, Saigon Tower 29 Le Duan Street, District Ho Chi Minh City Floor 16, Keangnam Hanoi Landmark 72, Pham Hung Road, Nam Tu Liem District Hanoi Tel: +84 28 3823 0796 Tel: +84 24 3946 2246 This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors At PwC Vietnam, our purpose is to build trust in society and solve important problems We’re a member of the PwC network of firms in 157 countries with more than 276,000 people who are committed to delivering quality in assurance, advisory, tax and legal services Find out more and tell us what matters to you by visiting us at www.pwc.com/vn ©2020 PwC (Vietnam) Ltd All rights reserved PwC refers to the Vietnam member firm, and may sometimes refer to the PwC network Each member firm is a separate legal entity Please see www.pwc.com/structure for further details ... Below are some FCT rates under the direct method given to certain cases: 18 PwC PwC - Vietnam Pocket Tax Book 2020 Industry Supply of goods in Vietnam or associated with services rendered in Vietnam. .. certain types of books; PwC 23 PwC - Vietnam Pocket Tax Book 2020 Passenger transport by public buses; Transfer of technology, software and software services except exported software which is entitled... Auditing 49 Appendix I – Double Taxation Agreements 52 PwC Services in Vietnam 55 Contacts 57 PwC PwC - Vietnam Pocket Tax Book 2020 A summary of Vietnam taxation The information in this booklet is