This video is unavailable in your region. It is imposed on foreign contractors or foreign sub-contractors who are defined as foreign organizations or individuals carrying out business in Vietnam under the contract signed with a Vietnamese contracting party or signed with a main foreign contractor (not under a direct investment form in accordance with the investment law of Vietnam). The standard rate for Foreign contractor withholding tax:įoreign contractor tax is a type of withholding tax. However, profit repatriation will not be allowed if the financial statements of the company show an accumulated loss. Companies can expect it to be between the middle to the end of April before they are able to remit their profits out of the country. If, within seven days, there is no notice from the tax bureau, the profits may be remitted out. The company must then report its intention to repatriate its profits to the tax bureau. In order to repatriate profits, a company must ensure that it has completed the declaration of CIT of the relevant financial year and issued audited financial statements. International taxation Profit repatriation Read more See our full guide on Value Added Tax here. Vietnam's standard corporate tax rate is 20% for most business types. The below graphic highlights a few Vietnam accounting, audit and tax key points: Vietnamese tax authorities enforce tax collection via tax audits, and expects related areas of compliance to be in line with Vietnamese Accounting Standards and other policies. The tax system fundamentally requires that tax payers self-assess their various tax liabilities and exposure, while their resulting tax payer filings are subsequently checked by the tax authorities. Its tax policies include requirements that apply to both business and individual tax payers. Tax revenue is a major component of Vietnam’s state budgets.
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