Foreigners to pay income tax for bond and short-term saving interests
Laws
- Foreign enterprises or individuals who
operate their businesses in Việt Nam and earn some sorts of incomes must pay
income tax for interests from their bonds and short-term saving certificates.
The
regulation was stated in recently-issued Circular 64/2010/TT-BTC of the
Ministry of Finance, which aims at modifying and complementing to the previous
circular issued in 2008.
The new
document defines two kinds of income earned by foreign entities in Việt Nam –
interests from bonds and from saving certificates - as those imposed with
corporate revenue tax.
For the
transfer of stocks, bonds, and short-term saving certificates, the income tax
will be calculated based on the total sale at the moment of transfer.
Meanwhile, in the 2008 circular, the income tax for bond interests was based on
the total sale at the time of receiving interests.
The
Circular will come into force within 45 days from the signing date.
.:: Other news
• Corporate income tax rules set to change (17/01/2012)
• Extension for corporate income tax payments (08/12/2011)
• Corporate income tax likely to be cut by 5 percent: congressman (15/11/2011)
• Personal income tax considered too high (14/11/2011)
• Income tax to be cut 30 per cent for small businesses (11/11/2011)
• Corporate income taxes may decline (07/11/2011)
• Ministry plans to simplify income tax procedures (27/10/2011)
• Decision details extension on corporate income tax payments (21/10/2011)
• Vietnam mulls tax refund for foreigners (20/09/2011)