Foreigners earning incomes from providing services in Vietnam, what are their tax liabilities? Income earned by foreigners from rendering services in Vietnam is taxed in Vietnam regardless of their residence status. However, the tax implications are different depending on various factors that are specified in this article to help the foreigners to comply with the tax regulations in Vietnam as well as mitigate the risks of additional tax, penalties and interests on late tax payment. Regulation on residence status in Vietnam According to the current tax regulation, an individual is regarded as a Vietnamese tax resident if: Being present in Vietnam for a period of 183 days or more within one western calendar year or 12 consecutive months from the date of first arrival in Vietnam; or Having a registered place of “permanent residence” in Vietnam; or Having a rented house (including hotels, guesthouses, motels, offices) with a lease term of 183 days or more in a tax year. In … [Read more...] about Foreigners earning incomes from providing services in Vietnam, what are their tax liabilities?
Pre tax vs post tax calculator
The 70 per cent decrease in 2018 pre-tax profit reduced Kido Corporation’s (Kido) share value in recent transaction sessions. Kido reports 70 per cent in pre-tax profit According to the business statement of the fourth quarter of last year, Kido reported VND1.89 trillion ($82.2 million) in net revenue, down 2 per cent on-year due tobleak performance in the ice-cream and yoghurt segment. For the whole year, Kido acquired VND7.6 trillion ($330.4 million), up 8 per cent, while pre-tax profit decreased by 70 per cent to VND200 billion ($8.7 million). At the beginning of the year, the company set the target to acquire VND12 trillion ($521.7 million) in revenue and VND800 billion ($34.8 million) in pre-tax profit. On the transaction session of January 25, Kido’s shares fetched VND20,550 ($0.89) per share, only half of their valuation last year. The company’s capitalisation was estimated at VND4.43 trillion ($192.6 million). For the whole year, Kido … [Read more...] about Kido reports 70 per cent decrease in pre tax profit
NCB reports triple pre-tax profit rise However, the bank’s handsome profit did not come from its net interest income, which dropped by 12% over 2017. By December 31 last year, NCB’s total assets had reached more than VND72.4 trillion, a slight increase of 0.8% versus early last year. Of which, loans increased 11.1% to hit VND35.3 trillion, while its deposits and lending at other credit institutions fell 29% to some VND6.7 trillion. The bank mobilized nearly VND 47.1 trillion from depositors last year, up 3.1% against 2017. NCB’s impressive business results prove its efforts in restructuring and diversifying its services. Its service fees and net revenue from services grew by a staggering 40%. The bank’s bad debt ratio was 1.67%. The impressive business results have boosted customers’ confidence in the bank. Last year, NCB won multiple awards, including the Vietnam excellent brand award from Vietnam Economic Times for the fourth consecutive year, the … [Read more...] about NCB reports triple pre-tax profit rise
The Hanoitimes - VNG saw its selling expense up by 72% year on year to VND853 billion (US$36.4 million) and administrative spending increased by 27% on-year during the period. Vietnam`s leading technology firm VNG posted pre-tax profit in the first nine months of 2018 at nearly VND500 billion (US$21.34 million), down 52% year-on-year, according to the firm’s quarterly consolidated financial statement. Illustrative photo. During the January – September period, there were no significant changes in VNG’s revenue and gross profit, reaching VND3.1 trillion (US$132.3 million) and VND1.8 trillion (US$76.81 million), respectively. Nevertheless, the IT firm saw its selling and administrative expenses increase by 72% and 27% year-on-year during the period at VND853 billion (US$36.4 million) and VND382 billion (US$16.3 million), respectively. Moreover, losses incurred by its affiliates amounted to VND152 billion (US$6.48 million), doubling the … [Read more...] about Vietnam leading IT firm VNG posts pre-tax profit down 52% in Jan-Sep
Many banks have reported good business performance in the first nine months of the year thanks to decreasing provision costs and rising income from services. According to the consolidated financial statement of Joint Stock Commercial Bank for Foreign Trade of Vietnam (Vietcombank), its net profit in the first nine months of the year was VND16.68 trillion (US$712.86 million), up 34 per cent against the same period last year. Thanks to a decline in provision costs for risky loans from 36.2 per cent to 29.9 per cent, the bank’s pre-tax profit in the period surged by 47 per cent year-on-year to VND11.68 trillion, surpassing the pre-tax profit gained in the whole of 2017. Vietcombank’s impressive result was also thanks to a high growth in the bank’s two core business segments, of which net profit from credit rose by 26 per cent to VND2.04 trillion and net profit from services surged by 34 per cent to VND2.63 trillion. Vietcombank’s outstanding loans in the first … [Read more...] about Banks post strong performances in first 9 months