Foreign organizations and individuals selling goods in Vietnam through local agents or distributors are subject to Vietnamese tax, specifically value added tax (VAT) and enterprise income tax (CIT). Agents are responsible for declaring and paying these taxes on behalf of foreign merchants by withholding the appropriate amounts from payments to the merchants. The tax implications for foreign sellers have become clearer with legal developments and guidance from Circular No. 60, enabling them to plan sales to Vietnam in a more predictable manner while understanding their potential tax liabilities and options for tax payment methods.
This document provides an overview of the Maharashtra Value Added Tax (MVAT) system. It discusses the introduction of VAT globally and in India, as well as an overview of MVAT in Maharashtra. The key aspects covered include the MVAT Act and rules, registration requirements, tax invoices, rates and classifications, input credit/set off rules, payment requirements, returns, and TDS requirements. Methods of calculating VAT liability for normal dealers and works contractors are also summarized.
Service tax is an indirect tax levied on certain taxable services in India. It is paid by the service provider to the government. Over time, the scope of service tax has expanded to include more services. Its goal is to lower the tax burden on businesses and industry while maintaining government revenue.
The services sector makes up a large portion of India's economy. Imposing service tax on this growing sector allows the government to tax its substantial contribution to GDP. As international trade and manufacturing see reduced tax burdens, service tax helps maintain government revenues. Starting from only three services in 1994, service tax receipts have increased as more services are added.
Service tax is calculated as a percentage of the gross value charged
CENVAT is an input duty credit scheme designed to reimburse manufacturers for duties paid on inputs. It prevents cascading of duties on final products. CENVAT covers most inputs and capital goods, and applies across India except Jammu and Kashmir. Under CENVAT, manufacturers can claim credit for eligible duties paid when clearing final products. The CENVAT Credit Rules outline provisions for availing, transferring, and recovering credit, as well as penalties for non-compliance.
GAZT VAT guide on Financial Services - EnglishFarhan Osman
This guideline is directed for businesses involved in the Financial Services sector, including commercial banks, insurers, asset financing companies; or any business that provides financial services as part of its overall activities.
This document provides an overview of tax deduction at source (TDS) and tax collection at source (TCS) provisions under the GST law in India. It explains that certain categories of persons are mandated to deduct TDS at 1% of the payment when a contract exceeds Rs. 2.5 lakhs. It also explains that e-commerce operators are required to collect TCS at a maximum of 1% of net taxable supplies through their platform. Key details covered include due dates for payment, certificates/statements to be provided, credit claims, penalties for non-compliance, and rectification of errors.
Value added tax (VAT) is a multi-point tax collected on value addition at different stages of sale. State VAT laws are enacted based on a white paper from the empowered committee of state finance ministers that provided the basic design. While the basic design is harmonized, states have freedom for variations consistent with the design. The purpose of VAT introduction was to harmonize tax structures across states and rationalize the overall tax burden.
This document provides an overview of the Maharashtra Value Added Tax (MVAT) system. It discusses the introduction of VAT globally and in India, as well as an overview of MVAT in Maharashtra. The key aspects covered include the MVAT Act and rules, registration requirements, tax invoices, rates and classifications, input credit/set off rules, payment requirements, returns, and TDS requirements. Methods of calculating VAT liability for normal dealers and works contractors are also summarized.
Service tax is an indirect tax levied on certain taxable services in India. It is paid by the service provider to the government. Over time, the scope of service tax has expanded to include more services. Its goal is to lower the tax burden on businesses and industry while maintaining government revenue.
The services sector makes up a large portion of India's economy. Imposing service tax on this growing sector allows the government to tax its substantial contribution to GDP. As international trade and manufacturing see reduced tax burdens, service tax helps maintain government revenues. Starting from only three services in 1994, service tax receipts have increased as more services are added.
Service tax is calculated as a percentage of the gross value charged
CENVAT is an input duty credit scheme designed to reimburse manufacturers for duties paid on inputs. It prevents cascading of duties on final products. CENVAT covers most inputs and capital goods, and applies across India except Jammu and Kashmir. Under CENVAT, manufacturers can claim credit for eligible duties paid when clearing final products. The CENVAT Credit Rules outline provisions for availing, transferring, and recovering credit, as well as penalties for non-compliance.
GAZT VAT guide on Financial Services - EnglishFarhan Osman
This guideline is directed for businesses involved in the Financial Services sector, including commercial banks, insurers, asset financing companies; or any business that provides financial services as part of its overall activities.
This document provides an overview of tax deduction at source (TDS) and tax collection at source (TCS) provisions under the GST law in India. It explains that certain categories of persons are mandated to deduct TDS at 1% of the payment when a contract exceeds Rs. 2.5 lakhs. It also explains that e-commerce operators are required to collect TCS at a maximum of 1% of net taxable supplies through their platform. Key details covered include due dates for payment, certificates/statements to be provided, credit claims, penalties for non-compliance, and rectification of errors.
Value added tax (VAT) is a multi-point tax collected on value addition at different stages of sale. State VAT laws are enacted based on a white paper from the empowered committee of state finance ministers that provided the basic design. While the basic design is harmonized, states have freedom for variations consistent with the design. The purpose of VAT introduction was to harmonize tax structures across states and rationalize the overall tax burden.
This document provides an unofficial translation of the Federal Decree-Law No. (7) of 2017 on Excise Tax in the United Arab Emirates. Some key points:
- It establishes an excise tax on specified goods produced in or imported to the UAE. The tax also applies to goods released from designated zones or held in stockpiles.
- A cabinet decision will determine the tax rates and calculation method, not to exceed 200% of the excise price.
- Those involved in taxable activities must register for taxation purposes. Designated zones are generally treated as outside the country for tax purposes.
- The law outlines tax periods, returns, payments, exemptions,
This document provides an overview of key concepts related to sales tax in Pakistan including definitions, scope, registration requirements, return filing, rates, invoices, records, input/output tax, refunds, appeals, and audits. Some key points:
- Sales tax applies to goods and certain services, as well as imports. Exempt items are listed in the Sixth Schedule.
- Registration is required for importers, wholesalers/distributors, manufacturers, retailers over a certain threshold, and others. Registration involves providing business details and obtaining a certificate.
- Returns must be filed monthly, quarterly, or annually depending on the taxpayer. Electronic filing is also available. Penalties apply for late filings
The document discusses customs duties in India. It outlines that [1] customs duties are levied on imports and exports according to the Customs Act of 1962 and Customs Tariff Act of 1975, [2] basic customs duty is charged on all imported goods at rates specified in the Customs Tariff Act, and [3] additional duties include an additional countervailing duty equal to internal excise duties and an education cess.
Procedures to claim refund, rebate and duty drawback under customsDVSResearchFoundatio
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the procedures to be followed while claiming refunds, rebate and duty drawback under customs law.
The document discusses interest liability under the GST Act. Section 50 deals with interest payable for delayed tax payments. Per the section and various court judgments, interest is typically levied on the net tax amount owed after considering available input tax credits. However, a recent Telangana High Court judgment dismissed a writ petition and held that interest should be calculated on the full gross tax liability until returns are filed to claim credits. Stakeholders now face uncertainty as amendments aligning the law with the intent of compensating the government for delayed net amounts have not been enacted.
The document discusses the role of customs under the GST regime and procedures related to export. There are two options for export under GST - export under bond/LUT without IGST payment and claiming refund of unutilized credits, or export with payment of IGST and claiming refund of the tax paid. The document outlines the procedures for each option, including requirements for furnishing an LUT/bond, validation processes for IGST refunds, and changes to drawback rules and rates under the new regulations. It also covers self-sealing and electronic sealing procedures for exports.
Kingdom of Saudi Arabia (KSA) Value Added Tax (VAT) Law (with Index)Pankaj S. Jain
Pleased to share a curated version of KSA VAT Law with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the KSA.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
A comparative study of Sales Tax Acts of the Provinces. The Constitutional Backing and issues involved. Also included are changes introduced through Finance Acts 2016 of the Provinces
The Cabinet Secretary for National Treasury in his Budget speech announced enactment of he long awaited VAT Regulations 2017. This, after thee first drafts were published in 2014.
The subsidiary legislation seeks to streamline the VAT Act with the Tax Procedures Act 2015 and will assist in interpretation and implementation of the VAT Act 2013. These regulations took effect from 4 April 2017.
The document discusses key aspects of Pakistan's Sales Tax Act of 1990. It defines important terms like input tax, output tax, taxable supply, zero-rated supply, and exempt supply. It also explains the differences between zero-rated and exempt supplies. Furthermore, it provides an example to illustrate how sales tax is calculated at different stages of the supply chain from manufacturer to retailer to customer.
Regular requirements of income tax to be complied be companies branch office-...Masum Gazi
Regular requirements of Income Tax required to comply by a company/Branch office/Liaison office/Bank/Non-Banking Financial Institutions/Insurance company/NGOs etc. according to the Income Tax Ordinance and Income Tax Rules 1984
Sales Tax Rules in Pakistan and Types of RefundsAhmadAli644
This document discusses sales tax in Pakistan. It defines sales tax and who is required to register and pay it. Persons who must register include manufacturers, retailers, importers, wholesalers and distributors. It also discusses taxable supplies, input tax and output tax. Registered persons must issue sales tax invoices, file regular returns by the 15th of each month, and maintain records for 5 years. The sales tax rate is currently 17% with exemptions for some goods and refunds provided if input tax exceeds output tax.
The document provides an introduction and overview of the Central Sales Tax Act of 1956 in India. Some key points:
1. CST is levied by the central government but administered and collected by state governments. It applies to inter-state trade or commerce between registered dealers.
2. The tax is collected by the state from which the goods are sold or dispatched. Registered dealers must file CST returns with the notified authority in their registered state.
3. The Act establishes different tax rates for declared goods versus other goods and provides for voluntary or compulsory dealer registration, tax assessment and collection procedures, exemptions, and penalties for non-compliance.
K. Vijaya Kumar, Assistant Commissioner of Central Tax in Belgaum, summarized the key provisions around refunds under the GST Act. Section 54 allows refund claims for excess tax paid within two years of the relevant date, and also provides for refund of unutilized input tax credit. Section 55 covers refunds on notified supplies, while Section 56 provides for interest payment on delayed refunds. Sections 57-58 establish a Consumer Welfare Fund for amounts otherwise refundable, to be used for consumer welfare. The document outlines timelines and documentation required for different refund types such as exports, SEZ supplies, and provisional assessments.
In a typical business, the supplier supplies goods and collects VAT on behalf of the customers, which is later paid to the government. However, the UAE VAT Law and Executive Regulations notifies certain type of supplies on which VAT need to be charged on Reverse Charge Mechanism; by which the buyer or end customer pays the tax directly to the government.
Under reverse charge mechanism, on certain notified supplies, the recipient or the buyer of goods or services is responsible to pay the tax to the Government, unlike in the forward charge, where the supplier is liable to pay the tax. The key change is the shift in the responsibility of paying tax, which is moved from the supplier to the buyer. The recipient will have to record the VAT on purchases (input VAT) and the VAT on sales (output VAT) in their VAT return each quarter.
The purpose of this is to outline the specific rules that apply to goods imported into the UAE, including goods which enter designated zones and the rules which apply when such goods leave those zones.
This document discusses Tax Collected at Source (TCS) under the Indian Income Tax Act of 1961. It provides details about:
1) TCS applies to certain goods and services at defined rates, including alcoholic liquor, timber, tendu leaves and scrap metals. It is collected by the seller from the buyer.
2) The nature of goods covered under TCS, along with the applicable rates. Rates range from 1-5% depending on the good.
3) Key terms related to TCS including sellers, buyers, and the issuance of TCS certificates documenting the tax collected from buyers.
This document contains an answer key for a Business Taxation supplementary examination with multiple choice and long answer questions. Some key points:
1. Indirect taxes include taxes on private consumption and transfers of property that are collected through higher prices. In contrast, direct taxes have no impact on prices and conform to equity principles.
2. Central excise duty is levied on manufacture of goods where the incidence generally falls on consumers. Excise duties exempt certain persons like SSI units.
3. Imported goods valuation for customs duty follows a hierarchical method using transaction value of identical or similar goods, and then deductive, computed, and residual valuation methods.
This document discusses Vietnam's potential to become the next China due to its relatively cheap labor force and specialized exports like rice and coffee. It notes that a 2010 World Bank study predicted Vietnam would be the fastest growing export market in coming years. However, Vietnam faces challenges from infrastructure deficiencies, especially in its port system. Over 85% of Vietnam's imports and exports are shipped by sea, but most of its ports are small and have outdated facilities. Improving port infrastructure is seen as critical for Vietnam to sustain its economic growth and competitiveness as an export-oriented nation.
Vietnam has a regulated media sector with strict controls on foreign participation. Foreign investors are permitted to supply foreign TV channels through authorized local agencies for pay TV or satellite TV. They can also participate in certain audiovisual services like film production through joint ventures with up to 51% foreign ownership, subject to licensing. Regulations governing the media sector were amended following Vietnam's WTO accession to allow some foreign investment and channels, but government oversight remains tight, with all content subject to censorship or editing.
This document provides an unofficial translation of the Federal Decree-Law No. (7) of 2017 on Excise Tax in the United Arab Emirates. Some key points:
- It establishes an excise tax on specified goods produced in or imported to the UAE. The tax also applies to goods released from designated zones or held in stockpiles.
- A cabinet decision will determine the tax rates and calculation method, not to exceed 200% of the excise price.
- Those involved in taxable activities must register for taxation purposes. Designated zones are generally treated as outside the country for tax purposes.
- The law outlines tax periods, returns, payments, exemptions,
This document provides an overview of key concepts related to sales tax in Pakistan including definitions, scope, registration requirements, return filing, rates, invoices, records, input/output tax, refunds, appeals, and audits. Some key points:
- Sales tax applies to goods and certain services, as well as imports. Exempt items are listed in the Sixth Schedule.
- Registration is required for importers, wholesalers/distributors, manufacturers, retailers over a certain threshold, and others. Registration involves providing business details and obtaining a certificate.
- Returns must be filed monthly, quarterly, or annually depending on the taxpayer. Electronic filing is also available. Penalties apply for late filings
The document discusses customs duties in India. It outlines that [1] customs duties are levied on imports and exports according to the Customs Act of 1962 and Customs Tariff Act of 1975, [2] basic customs duty is charged on all imported goods at rates specified in the Customs Tariff Act, and [3] additional duties include an additional countervailing duty equal to internal excise duties and an education cess.
Procedures to claim refund, rebate and duty drawback under customsDVSResearchFoundatio
OBJECTIVE
Import of all kinds of goods and on the export of goods on certain situations attracts customs duty. The Customs Act,1962 contains provisions which govern the levy of customs duty. In this webinar, we shall understand the procedures to be followed while claiming refunds, rebate and duty drawback under customs law.
The document discusses interest liability under the GST Act. Section 50 deals with interest payable for delayed tax payments. Per the section and various court judgments, interest is typically levied on the net tax amount owed after considering available input tax credits. However, a recent Telangana High Court judgment dismissed a writ petition and held that interest should be calculated on the full gross tax liability until returns are filed to claim credits. Stakeholders now face uncertainty as amendments aligning the law with the intent of compensating the government for delayed net amounts have not been enacted.
The document discusses the role of customs under the GST regime and procedures related to export. There are two options for export under GST - export under bond/LUT without IGST payment and claiming refund of unutilized credits, or export with payment of IGST and claiming refund of the tax paid. The document outlines the procedures for each option, including requirements for furnishing an LUT/bond, validation processes for IGST refunds, and changes to drawback rules and rates under the new regulations. It also covers self-sealing and electronic sealing procedures for exports.
Kingdom of Saudi Arabia (KSA) Value Added Tax (VAT) Law (with Index)Pankaj S. Jain
Pleased to share a curated version of KSA VAT Law with an index for ease of reading and reference. An index is a basic yet important element to give an overview of all the provisions of the law.
This document is intended for CFOs, finance controllers, finance managers, lawyers and tax professionals involved in the VAT implementation in the KSA.
We are a team of tax and accounting professionals, advising & assisting companies/businesses on VAT implementation in the UAE and Saudi Arabia. Please feel free to contact us on info@AskPankaj.com
A comparative study of Sales Tax Acts of the Provinces. The Constitutional Backing and issues involved. Also included are changes introduced through Finance Acts 2016 of the Provinces
The Cabinet Secretary for National Treasury in his Budget speech announced enactment of he long awaited VAT Regulations 2017. This, after thee first drafts were published in 2014.
The subsidiary legislation seeks to streamline the VAT Act with the Tax Procedures Act 2015 and will assist in interpretation and implementation of the VAT Act 2013. These regulations took effect from 4 April 2017.
The document discusses key aspects of Pakistan's Sales Tax Act of 1990. It defines important terms like input tax, output tax, taxable supply, zero-rated supply, and exempt supply. It also explains the differences between zero-rated and exempt supplies. Furthermore, it provides an example to illustrate how sales tax is calculated at different stages of the supply chain from manufacturer to retailer to customer.
Regular requirements of income tax to be complied be companies branch office-...Masum Gazi
Regular requirements of Income Tax required to comply by a company/Branch office/Liaison office/Bank/Non-Banking Financial Institutions/Insurance company/NGOs etc. according to the Income Tax Ordinance and Income Tax Rules 1984
Sales Tax Rules in Pakistan and Types of RefundsAhmadAli644
This document discusses sales tax in Pakistan. It defines sales tax and who is required to register and pay it. Persons who must register include manufacturers, retailers, importers, wholesalers and distributors. It also discusses taxable supplies, input tax and output tax. Registered persons must issue sales tax invoices, file regular returns by the 15th of each month, and maintain records for 5 years. The sales tax rate is currently 17% with exemptions for some goods and refunds provided if input tax exceeds output tax.
The document provides an introduction and overview of the Central Sales Tax Act of 1956 in India. Some key points:
1. CST is levied by the central government but administered and collected by state governments. It applies to inter-state trade or commerce between registered dealers.
2. The tax is collected by the state from which the goods are sold or dispatched. Registered dealers must file CST returns with the notified authority in their registered state.
3. The Act establishes different tax rates for declared goods versus other goods and provides for voluntary or compulsory dealer registration, tax assessment and collection procedures, exemptions, and penalties for non-compliance.
K. Vijaya Kumar, Assistant Commissioner of Central Tax in Belgaum, summarized the key provisions around refunds under the GST Act. Section 54 allows refund claims for excess tax paid within two years of the relevant date, and also provides for refund of unutilized input tax credit. Section 55 covers refunds on notified supplies, while Section 56 provides for interest payment on delayed refunds. Sections 57-58 establish a Consumer Welfare Fund for amounts otherwise refundable, to be used for consumer welfare. The document outlines timelines and documentation required for different refund types such as exports, SEZ supplies, and provisional assessments.
In a typical business, the supplier supplies goods and collects VAT on behalf of the customers, which is later paid to the government. However, the UAE VAT Law and Executive Regulations notifies certain type of supplies on which VAT need to be charged on Reverse Charge Mechanism; by which the buyer or end customer pays the tax directly to the government.
Under reverse charge mechanism, on certain notified supplies, the recipient or the buyer of goods or services is responsible to pay the tax to the Government, unlike in the forward charge, where the supplier is liable to pay the tax. The key change is the shift in the responsibility of paying tax, which is moved from the supplier to the buyer. The recipient will have to record the VAT on purchases (input VAT) and the VAT on sales (output VAT) in their VAT return each quarter.
The purpose of this is to outline the specific rules that apply to goods imported into the UAE, including goods which enter designated zones and the rules which apply when such goods leave those zones.
This document discusses Tax Collected at Source (TCS) under the Indian Income Tax Act of 1961. It provides details about:
1) TCS applies to certain goods and services at defined rates, including alcoholic liquor, timber, tendu leaves and scrap metals. It is collected by the seller from the buyer.
2) The nature of goods covered under TCS, along with the applicable rates. Rates range from 1-5% depending on the good.
3) Key terms related to TCS including sellers, buyers, and the issuance of TCS certificates documenting the tax collected from buyers.
This document contains an answer key for a Business Taxation supplementary examination with multiple choice and long answer questions. Some key points:
1. Indirect taxes include taxes on private consumption and transfers of property that are collected through higher prices. In contrast, direct taxes have no impact on prices and conform to equity principles.
2. Central excise duty is levied on manufacture of goods where the incidence generally falls on consumers. Excise duties exempt certain persons like SSI units.
3. Imported goods valuation for customs duty follows a hierarchical method using transaction value of identical or similar goods, and then deductive, computed, and residual valuation methods.
This document discusses Vietnam's potential to become the next China due to its relatively cheap labor force and specialized exports like rice and coffee. It notes that a 2010 World Bank study predicted Vietnam would be the fastest growing export market in coming years. However, Vietnam faces challenges from infrastructure deficiencies, especially in its port system. Over 85% of Vietnam's imports and exports are shipped by sea, but most of its ports are small and have outdated facilities. Improving port infrastructure is seen as critical for Vietnam to sustain its economic growth and competitiveness as an export-oriented nation.
Vietnam has a regulated media sector with strict controls on foreign participation. Foreign investors are permitted to supply foreign TV channels through authorized local agencies for pay TV or satellite TV. They can also participate in certain audiovisual services like film production through joint ventures with up to 51% foreign ownership, subject to licensing. Regulations governing the media sector were amended following Vietnam's WTO accession to allow some foreign investment and channels, but government oversight remains tight, with all content subject to censorship or editing.
Lawyer in Vietnam Oliver Massmann Taxation Permanent EstablishmentDr. Oliver Massmann
The document discusses several issues related to taxation in Vietnam and proposes requests to the Vietnamese government and Ministry of Finance. It addresses topics such as investment protection, expenses related to parent company service contracts, warranty terms in sale contracts with foreign contractors, determining permanent establishment for tax exemption, management fees, customs procedures for export processing enterprises, VAT rates on imported raw materials, and VAT refund issues. The document seeks consistent guidance and policies from the government to address these taxation issues and create a favorable business environment for foreign investors and enterprises operating in Vietnam.
The Trans Pacific Partnership Agreement – Commitments above WTO Level - An A...Dr. Oliver Massmann
The Trans-Pacific Partnership Agreement (TPP) aims to liberalize trade and investment and address new trade issues among 12 Pacific Rim countries that account for 40% of global GDP. It establishes a free trade zone with commitments beyond the World Trade Organization (WTO) level, including further tariff reductions, opening services sectors, strengthening investment protections, and setting dispute settlement procedures. Vietnam would significantly benefit from the TPP, with projections of a 13.6% boost to GDP by 2025. Finalization of the agreement took many rounds of tough negotiations, and it will take effect once 6 countries ratifying 85% of the bloc's GDP approve it, which is projected for 2018.
The document discusses areas for improvement across various sectors in India to make the country better. It suggests simplifying processes across government, political, economic, educational, legal, social, environmental, police, industrial, agricultural, transportation, and healthcare sectors. Some key points discussed are treating citizens with respect, ensuring basic needs for all, reducing corruption, increasing transparency, and putting common people at the core of decision making.
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One needs to be owner & responsible for apt. growth & it is applicable from childhood
Earthsoft Foundation of Guidance (EFG) is working as an NGO/NPO for students - Education & Career
guidance and for Professionals for soft skills enhancements. I am working on speading , sharing
knowledge; experience globally.It has uploaded important presentations at http://myefg.in/downloads.aspx.
Also https://dl.dropbox.com/u/83265908/Links-events.xls has links for all ppt files.
Read http://tl.gd/jm1gh5
Be mentor using your education, knowledge & experience to contribute for a social cause & do conduct
free training/ workshop seeking help of existing platforms like rotary,etc
Kindly spread to your friends.Thank you!
- Earthsoft Foundation of Guidance
Let us make earth little softer..
Livro um tratado sobre batismo infantil. (joão wesley)pdfPaulo Dias Nogueira
O documento discute o batismo cristão, defendendo que:
1) A Bíblia não determina se o batismo deve ser por imersão ou aspersão;
2) O batismo limpa a culpa original, nos une a Cristo e à Igreja, e nos regenera como filhos de Deus;
3) Cristo quis que o batismo permanecesse como o meio de entrada na Igreja para sempre.
Presentación que el profesor E. Hanushek (Universidad de Stanford) realizó el día 6 de mayo de 2013 en el MECD con el título “The Economics of International Differences in Educational Achievement”.
O documento fornece 4 maneiras de otimizar o tempo: 1) Organize a vida em uma agenda, 2) Estabeleça prioridades, 3) Tenha foco, 4) Produza mais em menos tempo. Antes disso, enfatiza a necessidade de comprometimento, disciplina e definir organização, foco e prioridades.
Av Ingemar Pongratz
Vi väntar in våren just nu nu. Vädret har blivit sämre, typiskt Aprilväder så det pendlar mellan rätt kallt till varmt och så kallt igen. Så man kan säga att det är lite av allt just nu.
Men vi jobbar på och det är en del möten inne i stan så jag passar på att promenera runt en del inne i stan för att komma igång.
Mer från Ingemar Pongratz finns på:
http://ingemarpongratz.tumblr.com/
How can partners support one another to prevent perinatal depression and anxi...Pam Pilkington
Copyright Partners to Parents 2016.
Award winning speech presented at the Australasian Marce Society for Perinatal Mental Health 2015 Conference.
Findings used to create www.partnerstoparents.org
Hoe toekomstig werk eruit ziet toont zich in de taken van de toekomst. Wat is straks nog mensenwerk en wat niet meer? Hoe houden we werk nog betekenisvol? Voor werkgevers die proactief willen inspringen op de toekomst heeft TNO een ‘Taken van de Toekomst’ – aanpak ontwikkeld. De TvdT-aanpak wordt daarbij ondersteund door een nieuwe digitale applicatie - baananalyse.nl - die zowel de vraagkant als de aanbodkant van werk met elkaar verbindt.
The document discusses practical generative programming. It defines generative programming as automatically manufacturing customized products from reusable components using configuration knowledge. It describes the key elements and steps of generative programming. It discusses strategies for implementing generative programming in C++, including using templates and traits classes to configure generic components. It provides an example of how to capture configuration metadata in XML to define attributes like port ranges and generate C++ code.
1) The UAE introduced a 5% VAT in 2018 to diversify government revenue beyond oil.
2) Businesses must register for VAT if their supplies and imports exceed AED 375,000 annually, or can optionally register if between AED 187,500-375,000.
3) VAT registered businesses must file VAT returns every 3 months if over AED 150M annual turnover, or monthly if over. Fines apply for late filings.
Lawyer in Vietnam Oliver Massmann Legal Update August 2016Dr. Oliver Massmann
Decree 100 provides details on amendments to Vietnam's Value Added Tax, Excise Tax, and Tax Administration laws. Key changes include exempting elderly care services from VAT, clarifying fuel costs included in exported resources, and restricting VAT refunds for some investment projects. Decree 96 supplements conditional business sectors regarding security and order, including trading guns and providing debt collection services. Official Letter 3273 specifies tax obligations when automobiles are imported as gifts, requiring taxes based on market prices if later resold. A draft decree proposes regional minimum wage increases of approximately 7% for 2017.
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Taxation of foreign agents and distributors
1. LAWYER IN VIETNAM OLIVER MASSMANN VIETNAMESE TAXATION OF
FOREIGN AGENTS AND DISTRIBUTORS
Oliver Massmann
A foreign organization or individual conducting profit-generating business in Vietnam is
subject to Vietnamese tax. However, whether the sale of goods in Vietnam through local
agents or distributors by foreign organizations and individuals is subject to Vietnamese tax is
still questionable. The tax implications for foreign organizations and individuals selling
goods in Vietnam through local agents or distributors are gradually becoming clearer,
enabling foreign exporters to plan their sales to Vietnam in a more predictable and tax
efficient manner.
I. Background
The tax exposure of foreign exporters to Vietnam has changed significantly as a result of the
following legal developments:
• Law on Enterprise Income Tax No. 14/2008/QH12 (issued by the National Assembly
on 03 June 2008, amended by Law No. 71/2014/QH13 dated 26 November 2014);
• Law on Value- added Tax No. 13/2008/QH12 (issued by the National Assembly on
03 June 2008, amended by Law No. 71/2014/QH13 dated 26 November 2014);
• Law No. 71/2014/QH13 Amending and Supplementing Certain Provisions of Tax
Laws (“Law No. 71”) (issued by the National Assembly on 26 November 2014); and
• Circular No. 60/2012/TT-BTC Providing Guidelines for the Tax Regime Applicable
to Foreign Organizations and Individuals Operating Businesses in Vietnam or
Generating Income in Vietnam (“Circular No. 60”) (issued by the Ministry of Finance
on April 12, 2012).
II. Definitions
1. Contractor tax
Vietnam tax advisors often refer to the term “Contractor tax” when assessing the tax
liabilities of foreign exporters. Circular No. 60 does not actually use the term “contractor
tax.” The scope of application of Circular No. 60 includes other entities besides contractors,
which are foreign organizations and individuals providing goods in Vietnam by means of on
spot import and having income derived in Vietnam according to the contract signed between
them and the Vietnamese entities. However, it has become a matter of practice to use the term
“contractor tax” to refer to taxes imposed on foreign individuals and organizations
conducting business in Vietnam under forms not provided for in the Law on Investment, Law
on Petroleum and Law on credit Institutions.
Generally, “contractor tax” refers to value added tax (“VAT”) and enterprise income tax
(“CIT”).
2. 2. Agents
A sales agent is defined in the Commercial Law as a merchant who purchases and sells goods
in its own name for a principal in order to enjoy remuneration.P0F
1
P The Commercial Law
stipulates a number of types of agents such as a “commission agent,” “underwriting agent,”
“sole agent,” and “general agent.” However, these classifications are not relevant for tax
purposes. Instead, the commission is the basis for any tax determination for a sales agent.
3. Distributors
The term “distributor” is not defined in the Law on Value Added Tax, the Law on Enterprise
Income Tax, the Civil Code, or the Commercial Law.
Practically speaking, a distribution arrangement may be defined so that a Vietnamese
distributor may act as an agent or it may purchase goods from foreign merchants.
III. Sale of goods in Vietnam through agents or distributors – TAXABLE OR NOT
TAXABLE
In accordance with Circular No. 60, “foreign organizations with or without a permanent
establishment in Vietnam, and foreign individuals whether or not residing in Vietnam
(“Foreign Contractors”) doing business in Vietnam or deriving income in Vietnam according
to a contract, an agreement or commitment between Foreign Contractors with foreign
organizations or individuals, or between Foreign Contractors and Foreign Sub-contractors”
will be subject to contractor tax.P1F
2
P An agent is defined as a permanent establishment of foreign
entity.P2F
3
Contractor tax does not apply to the following entities:P3F
4
- Foreign organizations and individuals providing goods to Vietnamese
organizations and individuals without any service performed in Vietnam in
either of the following ways: (i) goods delivery at foreign port; and (ii) goods
delivery at Vietnamese port.
- Foreign organizations and individuals deriving income from services supplied
and consumed outside Vietnam; and
- Foreign organizations and individuals providing transport means repair
services, advertisement and marketing services (except for advertisement and
marketing on the internet), investment and trade promotions services, and
brokerage services on goods sales and service supply overseas
Agents are responsible for declaring tax payments and paying taxes on behalf of the foreign
merchant. The agents must withhold VAT and CIT before remitting payments to foreign
merchants.
1
Commercial Law, Articles 166.
2
Circular No. 60, Article 1.1.
3
Law on Enterprise Income Tax, Article 2. 3(d).
4
Circular No. 60, Article 4.
3. IV. Tax withholding
Once a Vietnamese organization or individual is deemed to be selling goods for a foreign
merchant under an agency arrangement, it is required to register for tax payment, withhold
contractor tax (VAT and CIT), and pay taxes on behalf of the foreign merchant before
making payments to the foreign merchant.
The remuneration received by the agents or distributors will be accounted for as other
revenue during their business course and will be subject to CIT (i.e. subject to the standard
CIT rate of 22% after deduction of legitimate business expenses).
Vietnamese agents may register to pay their VAT by the deduction method; rate fixing
method or mixed method. The method of paying VAT will affect the method for tax
withholding by the agents.
1. Agents registering to pay tax by the deduction and declaration method
Foreign Contractors meeting the below requirements can pay tax by the deduction method:
(i) having permanent establishment in Vietnam (i.e., agents in the current case);
(ii) the business duration in Vietnam under a contractor or sub-contractor contract of
183 days or more from the effective date of such contract; and
(iii) applying Vietnam Accounting System.
a. UWith respect to VAT
Payable VAT = output VAT- input VAT
Output VAT = turnover x tax rate
Input VAT = the tax indicated on value added invoice for sold goods or services
The law on VAT stipulates three tax rates: 0%, 5% and 10%. The classification depends on
the type of servicesP4F
5
P:
• The tax rate of 0% applies to exported goods and services except for, among others,
international transportation, credit and bank services and, above all, technology
transfers and intellectual property transfers to foreign countries.
• The tax rate of 5% applies, for example, to scientific services, husbandry, trade and
equipment, teaching and study aids and children’s toys.P5F
6
• And finally, the tax rate of 10% applies to all other goods and services, among others,
to petroleum business, commercial power trading, paper, legal advice, cosmetics,
hotel, tourism and gastronomy.
b. UWith respect to CIT
5
Law on Value-added Tax, Article 8.
6
Law on Value-added Tax, Article 2.8.
4. Revenue for CIT calculation defined as total revenue less reasonable and legal
expenditures. These expenditures include depreciation, salaries and wages, rent and
materials as well as insurance premiums.
Payable CIT = Revenue for CIT calculation x CIT tax rate
The general tax rate is 22%. The rate of CIT applicable to enterprises conducting
exploration of natural resources is generally higher and may be set by the licensing
authority at its sole discretion between 32% and 50%.P6F
7
2. Agents registering to pay tax by the rate fixing (or direct) method
Agents registering to pay tax by the direct method will withhold, declare, and pay VAT and
CIT on behalf of foreign merchants in accordance with Section 3, Chapter 2 of Circular No.
60. VAT and CIT will be paid on the deemed AV (added value) and CI (corporate
income). The deemed AV and CI will be a certain proportion of the “revenue for tax
calculation” stipulated by the Ministry of Finance for each business industry.
Revenue for tax calculation is not the amount that is paid to the foreign merchant but the
amount based on which withheld VAT and CIT is calculated. Revenue for tax calculation
includes all taxes and expenses that the agent pays on behalf of the foreign merchant.
Circular No. 60 provide a formula for calculating revenue for tax calculation (RTC) as
follows:
a. UWith respect to VAT
Revenue not including VAT
Revenue for VAT calculation = -----------------------------------------------------------
1- % VAT on RTC x VAT rate
The tax rates are determined by the general VAT law and range between 0%, 5%, 10% and
20%. The special thing here is that under Circular 60 the added value must be determined.
Added values are fixed and vary subject to business lines.
No. Business line Value added rate as %
of taxable turnover
1 Services (excluding petroleum drilling services) ,
machinery and equipment leasing
business and insurance
50
2 Petroleum drilling services 70
3 (a) Construction and assembly and installation
where the tender included supply of materials,
machinery and equipment in the construction
work
30
(b) Construction and assembly and installation
where the tender did not include supply of
materials, machinery and equipment in the
50
7
Law on Corporate Income Tax, Art. 10. 2.
5. construction work
4 Transportation and other business and
production
30
b. UWith respect to CIT
Agents will declare and pay CIT in accordance with Article 13, Section 3, Chapter 2 of
Circular No. 60. The corporate income for CIT calculation will be the deemed income
excluding VAT received by Foreign Contractors, not yet deducting taxable income. Revenue
for tax calculation includes all taxes and expenses that the agent pays on behalf of the foreign
merchant.
Revenue not including CIT
Revenue for CIT calculation = -----------------------------------------------------------
1- % CIT on RTC
No. Business line CIT rates as % of taxable
turnover
1 Trading: distribution and supply of goods, raw
materials, supplies, machinery and equipment
associated with services in Vietnam (including supply
of goods under on spot export-import (excluding the
processing of hoods for foreign entities or individuals);
supply of goods under DDP, DAT, DAP delivery terms
(international commercial terms – Incoterms))
1
2 Services, lease of machinery and equipment, lease of
drilling rig
5
3 Restaurants, hotels, casino management services 10
4 Lease of aircraft, aircraft engines, aircraft spare, ship 2
5 Construction and assembly and installation
where the tender included or did not include supply of
materials,
machinery and equipment in the construction
work
2
6 Other production or business activities and
transportation (including sea and air
transportation)
2
7 Assignments [transfer] of securities, offshore
reinsurance, reinsurance transfer commission
0.1
8 Derivative financial services 2
9 Loan interests 5
10 Income from royalties 10
Under an agency arrangement, an agent’s remuneration will be counted as revenue of the
agent for calculation of CIT in accordance with the Law on CIT, like other revenue of the
Vietnamese agent.
6. 3. Agents registering to pay tax by the mixed method
Foreign Contractors meeting (i) and (ii) in Section IV, Part 1 above and adopts an accounting
system according the regulations on accounting and guidance of the Ministry of Finance will
pay VAT by the deduction method mentioned in Section IV, Part 1 and CIT by the direct
method mentioned in Section IC, Part 2.
V. Tax reduction
In certain circumstances to deal with difficulties faced by entities and individuals, the
Government provides a VAT and/ or CIT exemption or reduction for a number of goods and
services. Foreign merchants doing business in such goods or services in Vietnam through
agents are also entitled to such preferential treatment.
VI. Conclusion
VAT and CIT are the heaviest tax burden on Foreign Contractors. The size, location and
scope of work that Foreign Contractors do in Vietnam are of great importance. Foreign
Contractors who manage the contract implementation via agents or distributors in Vietnam
have the possibility to choose the Vietnam Accounting System. They have to apply to the
Ministry of Finance for registration in order to receive the necessary permit. In this context it
needs to be taken into consideration that the process of applying for the permit to use the
Vietnam Accounting System is very complicated and time consuming. The foreign contractor
is then liable to pay both VAT and CIT. Vietnam Accounting System
***
Please do not hesitate to contact Oliver Massmann under Uomassmann@duanemorris.comU if
you have any questions on the above. Oliver Massmann is the General Director of Duane
Morris Vietnam LLC.
INTERESTED IN DOING BUSINESS IN VIETNAM? VISIT: Uwww.vietnamlaws.xyzU
THANK YOU VERY MUCH!