It is pressing for Vietnam to amend the Law on Personal Income Tax (PIT) as many of its regulations have proven outdated and no longer appropriate.

New rules on personal income tax are expected to impact individuals, households, and also landlords from early August. Tran Thai Binh and Duong Thi Minh Han from law firm LNT & Partners analyse possible impacts on this subject in the market.

E-commerce platforms must be electronically connected with tax management agencies from the beginning of next year, not from next month, as the tax watchdog aims to better collect taxes from sellers operating on the platforms.

A string of forthcoming proposed tax measures are slated to assist individual and corporate taxpayers to weather oncoming storms.

With the increasing trends in economic integration, it is normal that overseas organisations and foreigners generate income from doing business in another country rather than their home countries. In Vietnam, if a foreign organisation earns income in Vietnam through providing services, or selling goods together with services, or trading, its income will be subject to Vietnamese Withholding Foreign Contractor Tax (“FCT”).  How about tax liabilities of a foreigner earning income through providing services in Vietnam?  

The Ministry of Finance has proposed the Government raise the individual income tax imposed on capital/securities transfer to 2 per cent for trades not registered to the Vietnam Securities Depository and not made on the securities market.