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?
Short term vs long term capital gains tax
Palace sign Sako on short-term deal from West Brom The Saigon Times Daily West Bromwich Albion's Bakary Sako in action with Sheffield Wednesday's Atdhe Nuhiu at The Hawthorns, West Bromwich, Britain December 29, 2018 – PHOTO: REUTERS LONDON (REUTERS) - Crystal Palace have signed winger Bakary Sako from West Bromwich Albion until the end of the season, the Premier League team said on Sunday. The Malian spent three seasons at Palace before his contract expired at the end of the last campaign and the 30-year-old joined Championship side West Brom in October. “I’m delighted that we’ve managed to bring Bakary back to Palace,” manager Roy Hodgson said in a statement. Sako scored three league goals in 16 appearances for Palace in his final season at Selhurst Park before breaking his ankle. “He’s a player with a huge amount of talent and as he showed when he was fully fit last year, he is able to provide a boost to our attacking … [Read more...] about Palace sign Sako on short-term deal from West Brom
Short-term home rental service grows sharplyThe Saigon Times Daily An inside view of a 20-square-meter room whose house is located on Pho Duc Chinh Street in District 1, HCMC for Airbnb’s short-term lodging services instead of leasing the entire estate – PHOTO: DAO LOAN HCMC – Short-term lodging services offered through online platforms, such as Airbnb, have grown strongly, but authorities have yet to take measures to control this efficiently, thereby delivering a blow to hotels. Citing unofficial data, Sai Gon Giai Phong newspaper reported that Hanoi and HCMC have some 16,000 rooms for rent through Airbnb. Meanwhile, the number of rooms in HCMC-based hotels with two- to four-star ratings is more than 16,900. Airbnb, which stands for Air Bed and Breakfast, is an online room booking service based on the sharing economy and tourism model. Some 80% of its clients are foreigners. The service fees for tenants typically range from 10% to 15%, while Airbnb charges … [Read more...] about Short-term home rental service grows sharply
Seafood exports difficult in short termBy Thuy Dung Tra ﬁsh ﬁllet processing at a factory in the Mekong Delta. In the short term, seafood exports are meeting with difficulties, especially in U.S. and EU markets - PHOTO: TRUNG CHANH HANOI - Though a bright outlook is forecast for seafood exports in the long term, export activities in the short term are meeting with difficulties, especially in U.S. and EU markets. According to the Ministry of Industry and Trade’s Export-Import Department, the turnover of seafood exports was some US$700 million last May, up 2.3% against the previous month and equivalent to that of May 2017. In January-May, seafood exports reached US$3.1 billion, a year-on-year rise of 11%. Though seafood exports have continuously increased, there are many risks in major markets. In the U.S. market, many firms have had to leave the market due to trade barriers. According to the Vietnam Association of Seafood Exporters and Producers (VASEP), … [Read more...] about Seafood exports difficult in short term
Short-term social insurance required for foreign workersThuy Dung Foreign workers are seen at a construction site in Vietnam - PHOTO: TL HANOI – Foreign workers in Vietnam should buy short-term social insurance products like sickness, maternity, workplace accidents and occupational diseases in the immediate future, and will have to get long-term social insurance products, including pension and death insurance after 2020 or 2022, according to a draft Government decree. Under the 2014 social insurance law which came into force on January 1, social insurance is compulsory to foreign workers in Vietnam. However, such a regulation has yet to be applied as foreign business associations in Vietnam have objected to the rule and a guiding decree has not been issued. Many business associations and experts have previously proposed applying short-term or voluntary social insurance to foreign workers. Tran Hai Nam, deputy director of the Ministry of Labor, Invalids and Social … [Read more...] about Short-term social insurance required for foreign workers