Taxation

A foreign business operating in Vietnam can face the following common taxes: Corporate Income Tax (CIT), Value Added Tax (VAT), Foreign Contractor Tax (FCT), Personal Income Tax (PIT), and some other taxes. FCT is highly relevant to foreign businesses deriving income in Vietnam without permanent establishment (PE).

Although taxation is still one of the most challenging areas facing people doing business in Vietnam, both foreign and local, progresses are gradually being made. CIT has become as competitive as, if not more competitive than, other ASEAN countries (20% standard and 10-17% for incentive cases). VAT is converging to the standard tax rate of 10%. Tax treaties on Double Taxation Agreement (DTA) have been signed with more than 70 countries/ territories.

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