Vietnam: Foreign Contractor Tax In Vietnam

The Government plans a white paper on tax reform within two years and will then seek a mandate at the next election.

These changes represent a government intention to crack down on foreign property investors evading tax obligations.

The Act exempts certain agreements that are cancelled and also provides for a reassessment if payment has been made.

In order to serve the nation and the community, we are putting our views on various vexed issued on GST.

Currently, Income Tax Act, 1961 (IT Act) provides for imputing income in the hands of the transferor/transferee if the transaction of transfer/receipt of unquoted shares is not at fair market value (FMV).

Import and export-related transactions come within the purview of the Customs Act, 1962, Chapter V of the Finance Act, 1994 and Foreign Trade Policy, 2015-2020 (FTP 2015 - 2020).

The implementation of GST will significantly improve the competitiveness and performance of India's manufacturing sector.

GST, which is considered as biggest tax reform since 1947 which seeks to replace a slew of taxes and levies in 29 states and aims to simplify and harmonise the indirect tax regime in the country.