Acclime Vietnam’s Post

This is the #mondayquote from Acclime Vietnam, covering the topic "Tax registration, declaration and payment provisions for overseas suppliers" Please see further insights in the comment below. Follow Acclime Vietnam to learn more about the business requirements in Vietnam and stay updated with relevant changes.

This is the #mondayquote from Acclime Vietnam, covering the topic "Deciphering tax and business incentives in Vietnam." Please see further insights in the comment below. Follow Acclime Vietnam to learn more about the business requirements in Vietnam and stay updated with relevant changes.

#EuropeanUnion EU SME VAT Scheme: Cross-Border Changes for 2025 and How to Apply Abroad - - EU SME VAT scheme aims to simplify VAT compliance for small and medium-sized enterprises. - Eligible SMEs can be exempt from VAT if their annual turnover stays below a set threshold. - Businesses in the scheme do not need to charge VAT on sales or file VAT returns. - Businesses cannot reclaim VAT paid on purchases under the scheme. -Starting from 2025, SMEs established in other Member States can benefit from the VAT exemption. - Conditions for eligibility include total turnover in the EU not exceeding EUR 100,000. - Member States can grant tax exemptions to companies from other EU countries. - Member States have flexibility to establish different thresholds for VAT exemption. - Businesses must notify their home country in advance to benefit from the scheme abroad. - Many EU countries are adapting their regulations to align with the new directive for SME VAT schemes. #marosaVAT #EUVAT #VATUpdate

Find out what's new in our localisations 🚀🌐   🇱🇻 Latvia : A NEW LOCALISATION has been added to our Deveho legislation pack. Contact us to find out more about the Latvian legislation guide. 🇸🇰 Slovakia : A major tax reform is being prepared for 2025. Adjustments to VAT rates are planned, with a new super-reduced rate of 5% and the introduction of a new tax on financial transactions. We will keep you updated on the impact of these changes on Sage X3.   🇷🇴 Romania : The monitoring of SAF-T cross-checks and e-VAT is evolving with new reporting requirements. We are working hard to help users integrate these changes.   🇭🇺 Hungary : Implementation of FIFO for foreign currency payments, now available in Sage X3 for optimum compliance.   💻Get all the news and details of our legislation pack on our website💻https://lnkd.in/d7Jmyq_6 Follow us to make sure you don't miss any of our upcoming legislation updates !   #DevehoConsultingGroup #localisations #legislation #SageX3 #business #glocal

❌ No Agreement on EU's VAT in the Digital Age (ViDA) Proposals Yet During today's ECOFIN meeting (May 14th), EU member states failed to reach a unanimous agreement on the revised ViDA proposals. 🇪🇪 Estonia raised concerns about the deemed supplier rules for platforms, particularly the potential impact on small businesses and consumers. Their main worry is that SMEs providing services through platforms wouldn't be able to deduct input VAT, leading to increased costs. Estonia proposed to make the deemed supplier regime voluntary. However, Estonia did not object to the other proposed measures: Digital Reporting Requirements (DRR) and Single VAT Registration. 🇧🇪 The Belgian presidency, aiming to finalize the package deal before their term ends in June, is pushing for continued negotiations instead of separating the proposal into individual parts. The ECOFIN press conference and public session can be viewed at: https://lnkd.in/eRZJFKqr

ViDA proposal blocked by Estonia (again) The adoption of the VAT in the Digital Age (ViDA) package was yet again postponed at the ECOFIN meeting of 21 June 2024, despite the amendments and compromises made to the proposed text. While there was apparent agreement on two of the three pillars of the proposal, including the digital reporting requirements, Estonia continued to veto the deemed supplier rules for the platform economy. According to the Estonian delegation, the deemed supplier provision would result in collecting VAT for the small and medium-sized enterprises (SMEs) that would not have to charge VAT otherwise. There have been negotiations about allowing SMEs to remain untaxed as long as they use the new pan-European VAT registration special scheme that will apply from 2025. However, such negotiations have not concluded, and Estonia remains unwilling to implement the deemed supplier regime. This stance blocks the implementation of all pillars as the ViDA proposal is not broken down to separate elements and can only be voted as a whole.

Similar to Moana's transformative trip in Moana 2, the CREATE MORE Act is bringing significant improvements to VAT zero-rating for businesses focused on exports, marking a shift in the Philippine tax system. This signifies the government’s commitment to improving business ease and lowering compliance burdens. Donna discussed the amendments to the VAT zero-rating system for export-oriented enterprises under the CREATE MORE Act in the Philippines. Read the full story in the comments. #PAGrantThornton #GrowWithUs #GreatPlaceToGrow

⚖️ 𝐌𝐚𝐣𝐨𝐫 𝐓𝐚𝐱𝐞𝐬 𝐭𝐨 𝐂𝐨𝐧𝐬𝐢𝐝𝐞𝐫 𝐖𝐡𝐞𝐧 𝐃𝐨𝐢𝐧𝐠 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐢𝐧 𝐕𝐢𝐞𝐭𝐧𝐚𝐦 🌱 Are you planning to expand your business into Vietnam? Understanding the local tax landscape is crucial for your success. Here are the major taxes you need to consider: 💼 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 (𝐂𝐈𝐓): Levied on profits earned by companies in Vietnam, the standard CIT rate is generally 20%, although some industries may be subject to different rates. 🏢 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐋𝐢𝐜𝐞𝐧𝐬𝐞 𝐓𝐚𝐱: This annual fee is necessary for legal business operations in Vietnam, with the amount varying according to registered capital and the nature of the business. 📈 𝐕𝐚𝐥𝐮𝐞-𝐀𝐝𝐝𝐞𝐝 𝐓𝐚𝐱 (𝐕𝐀𝐓): Typically set at 10%, VAT applies to most goods and services. A solid understanding of VAT is crucial for effective pricing and compliance. 📑 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 (𝐏𝐈𝐓): Charged to individuals working in Vietnam, PIT rates range from 5% to 35% based on income levels. Employers must efficiently manage PIT obligations for their employees. 🌍 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐨𝐫 𝐖𝐢𝐭𝐡𝐡𝐨𝐥𝐝𝐢𝐧𝐠 𝐓𝐚𝐱: This tax applies to payments made to foreign contractors and is usually withheld at the source, with rates varying depending on the type of services rendered. 📦 𝐈𝐦𝐩𝐨𝐫𝐭 – 𝐄𝐱𝐩𝐨𝐫𝐭 𝐓𝐚𝐱: Companies engaged in international trade need to account for import and export taxes, as these can significantly affect cost structures and pricing strategies. -------------------------------------- 🔔Looking for a better way to navigate Vietnam's legal landscape? Let Launch JDI be your trusted partner! ✨ As a leading market expansion service provider in Vietnam, we deliver strategic business development solutions to drive rapid, profitable growth and long-term success. 🚀 Contact us today to kickstart your journey: https://lnkd.in/dfCKyTjn #JDI #LaunchJDI #tax #legal #business #vietnam #marketexpansion

🚨❌ No Consensus Reached on EU's VAT in the Digital Age (#ViDA) Proposals Yet During today's #ECOFIN meeting (May 14th), EU member states failed to achieve unanimous agreement on the updated ViDA proposals. 🇪🇪 Estonia's Concerns: Estonia raised concerns regarding the deemed supplier rules for platforms, particularly highlighting potential adverse effects on small businesses and consumers. Their primary apprehension revolves around the possibility that SMEs offering services through platforms may face difficulties in deducting input VAT, ultimately leading to increased expenses. Estonia suggested making the deemed supplier regime voluntary. However, Estonia did not express objections to the other proposed measures: Digital Reporting Requirements (DRR) and Single VAT Registration. 🇧🇪 Belgian Presidency's Approach: The Belgian presidency, aiming to finalize the comprehensive package deal before their term concludes in June, advocates for ongoing negotiations rather than splitting the proposal into separate components. Catch the ECOFIN press conference and public session here: https://lnkd.in/eSaVcCgk 📺

📜 𝐕𝐢𝐞𝐭𝐧𝐚𝐦'𝐬 𝐌𝐚𝐣𝐨𝐫 𝐓𝐚𝐱𝐞𝐬 𝐄𝐯𝐞𝐫𝐲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐒𝐡𝐨𝐮𝐥𝐝 𝐊𝐧𝐨𝐰! 🌐 The Vietnamese tax system is centralized, with all taxes imposed at the national level without any local, city, or provincial variations. 🔍 Businesses will need to be aware of their various tax obligations to ensure compliance and avoid any potential penalties or legal issues. 💡 For companies planning to establish their presence in Vietnam, they will be subjected to the following major taxes: 🔸 𝐏𝐞𝐫𝐬𝐨𝐧𝐚𝐥 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 (𝐏𝐈𝐓) 🔸 𝐕𝐚𝐥𝐮𝐞-𝐀𝐝𝐝𝐞𝐝 𝐓𝐚𝐱 (𝐕𝐀𝐓) 🔸 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞 𝐈𝐧𝐜𝐨𝐦𝐞 𝐓𝐚𝐱 (𝐂𝐈𝐓) 🔸 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐋𝐢𝐜𝐞𝐧𝐬𝐞 𝐓𝐚𝐱 (𝐁𝐋𝐓) 🔸 𝐅𝐨𝐫𝐞𝐢𝐠𝐧 𝐂𝐨𝐧𝐭𝐫𝐚𝐜𝐭𝐨𝐫 𝐓𝐚𝐱 (𝐅𝐂𝐓) 🏛️ Each of the taxes listed above targets specific areas of business operations to ensure that companies fulfill their tax obligations as mandated by the Vietnamese government. ----------------------------------------------------- 🌟 Interested in expanding your business into Vietnam? Contact Launch JDI today! ✨ As the leading market expansion service provider in Vietnam, we offer top-tier business development strategies for rapid, profitable growth and long-term success. 🚀 Reach out to us today to kickstart your journey: https://lnkd.in/dfCKyTjn #JDI #LaunchJDI #Vietnam #Market #businessexpansion #Tax