CanCham - Canadian Chamber of Commerce in Vietnam

Finance

PwC Vietnam Newsbrief July 2014

Circular 78 on Corporate Income Tax (CIT)
Circular 78 guiding the implementation of Decree 218 on CIT has been issued and will be effective from 2 August 2014. It will take retrospective effect for the whole 2014 tax year. Please click here to read more.

 

TWM Money Aler: Markets in Review

Economic and Market Highlights in June 2014

Has complacency crept in?

Although our base case economic outlook is for global improvement driven by the US recovery breaking to the upside, there is clearly plenty to worry about. There are nagging doubts about whether the US will actually reach “escape velocity.” And downside risks for the eurozone (deflation) and China (financial instability) haven’t disappeared. Moreover, Ukraine and now Iraq offer sobering reminders of geopolitical vulnerabilities. And turbulence fomented by eventual central bank policy normalization can’t be ruled out...

Click here to read more.

 

KPMG-Tax Alert

Dear CanCham members & friends,

The Ministry of Finance newly issued Circular No. 78/2014/TT-BTC dated 18 June 2014 providing detailed implementation of Decree 218/ND-CP dated 26 December 2013 on Corporate Income Tax. Please refer to the attached file for more information.

Should you require further information, please contact your usual KPMG advisor or one of the tax professionals listed in the fact sheet.

 

PwC Vietnam NewsBrief - New measures targeting foreign sourced loans

The State Bank of Vietnam("SBV") recently issued Circular 12/2014/TT-NHNN (Circular 12) in order to place restrictions on foreign loans to Vietnam taxpayers and also to limit the amount of interest payments being made offshore.

Specifically, Circular 12 prescribes the following:
• In posit ion of a ceiling interest rate on foreign loans, which is set by the SBV and subject to change over time;
• Limitations on the amounts of foreign borrowings;
• Limitations on the ability to restructure financing if this results in an increased cost of funding;
• Strict limitations on the circumstances in which a foreign enterprise can lend to a Vietnamese company in Vietnamese Dong; and
• Reinforcement of the requirement for borrowers of foreign loans to register their loans with the SBV.

For more information, please see attached file.

 
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