Accounting & Tax Guide

One of the first decisions that will have to be made by investors is that of banking. Several accounts may be required, including a direct investment capital account...

The Vietnamese Accounting Standards (VAS) is a book-keeping and financial reporting manual. It provides a standard chart of accounts, financial statements template, accounting books and voucher templates, as...

There are 10 types of earnings that are subject to PIT, as follows: Income from business activities; Wages received from employers; Capital investment; Capital transfer; Property transfer; Prizes;...

Vietnam Tax authorities are strictly enforcing tax deadlines and require that PIT declarations are filed for each month in the previous year. Under Decree 125, penalties for non-compliance...

Vietnam Tax Residents are taxable in Vietnam on their worldwide income, whilst Non-Tax Residents are only taxable in Vietnam on their Vietnamese sourced income. A Tax Resident is...

Individuals are subject to a calendar year as their standard tax year. Employers are required to withhold PIT from employee salaries and remit monthly or quarterly. Other taxes...

Although the definition of taxable income is broad, there are certain defined benefits that are excluded from taxation (non-taxable allowances). These allowances require supporting vouchers or company’s policies...

Social, health, and unemployment insurance contributions Mandatory employee SI, HI, and UI contributions are deductible for PIT purposes. Contributions to local voluntary pension schemes are deductible (subject to...

CALCULATING TAX ON WAGES AND BUSINESS ACCORDING TO THE PROGRESSIVE TAX TABLE The progressive method for calculating tax is abridged as follows: Level Assessable income/month Tax rate Tax...

When you file your taxes as an expat, the IRS compares the information you provide with the data they have on file. If there are discrepancies, a mismatch...