The National Assembly (NA) has decided that Vietnam will apply the global minimum tax next year, but will use revenues from this tax to set up an investors assistance fund to attract strategic investors and support domestic enterprises in certain areas. Global minimum tax in 2024 The sixth NA sitting wrapped up on November 29, 2023 with two important decisions on the global minimum corporate tax. First, an NA resolution was passed, endorsing the global minimum tax effective from the 2024 fiscal year. Accordingly, the constituent companies that are part of a multinational corporation with global revenue of 750 million euros or more as manifested in its consolidated financial statement in at least two out of four years preceding the fiscal year active in Vietnam will have to declare and pay the global minimum tax. Vietnam will apply the qualifying domestic minimum top-up tax (QDMTT) in line with the global anti-base erosion (GloBE) rules. QDMTT is a standardized mechanism in the OECD Model Rules, and is recommended by international and domestic experts. Other mechanisms, such as applying the corporate income tax at 15%, may not be consistent with the OECD rules and may inflate an MNC’s total tax obligations, which […]
The National Assembly (NA) has decided that Vietnam will apply the global minimum tax next year, but will use revenues from this tax to set up an investors assistance fund to attract strategic investors and support domestic enterprises in certain areas. Global minimum tax in 2024 The sixth NA sitting wrapped up on November 29, 2023 with two important decisions on the global minimum corporate tax. First, an NA resolution was passed, endorsing the global minimum tax effective from the 2024 fiscal year. Accordingly, the constituent companies that are part of a multinational corporation with global revenue of 750 million euros or more as manifested in its consolidated financial statement in at least two out of four years preceding the fiscal year active in Vietnam will have to declare and pay the global minimum tax. Vietnam will apply the qualifying domestic minimum top-up tax (QDMTT) in line with the global anti-base erosion (GloBE) rules. QDMTT is a standardized mechanism in the OECD Model Rules, and is recommended by international and domestic experts. Other mechanisms, such as applying the corporate income tax at 15%, may not be consistent with the OECD rules and may inflate an MNC’s total tax obligations, which […]
The National Assembly (NA) has decided that Vietnam will apply the global minimum tax next year, but will use revenues from this tax to set up an investors assistance fund to attract strategic investors and support domestic enterprises in certain areas. Global minimum tax in 2024 The sixth NA sitting wrapped up on November 29, 2023 with two important decisions on the global minimum corporate tax. First, an NA resolution was passed, endorsing the global minimum tax effective from the 2024 fiscal year. Accordingly, the constituent companies that are part of a multinational corporation with global revenue of 750 million euros or more as manifested in its consolidated financial statement in at least two out of four years preceding the fiscal year active in Vietnam will have to declare and pay the global minimum tax. Vietnam will apply the qualifying domestic minimum top-up tax (QDMTT) in line with the global anti-base erosion (GloBE) rules. QDMTT is a standardized mechanism in the OECD Model Rules, and is recommended by international and domestic experts. Other mechanisms, such as applying the corporate income tax at 15%, may not be consistent with the OECD rules and may inflate an MNC’s total tax obligations, which […]
Traditional wet markets, deeply woven into the fabric of Vietnamese society, are facing significant challenges as e-commerce platforms have surged and consumer behaviors have...
Despite a recent uptick in export volume, the pangasius industry is facing notable challenges. In order to strengthen the sector’s resilience, it is essential...
The White Book on Vietnamese Businesses 2022 shows that in 2017-2021, only 83% to 85% of registered enterprises reported their business performance, with 42%...
Amid the prevailing market dynamics, several stocks that hit rock bottom in November 2022 have made remarkable recoveries, delivering substantial gains to investors. However,...
Vietnam's textile and garment processing industry once enjoyed a competitive edge due to its affordable labor force. However, recent years have witnessed a shift,...
With the soaring demand for coffee consumption and favorable business conditions, many young entrepreneurs have been drawn to the idea of establishing their own...