Trade between Vietnam and the United Kingdom will continue to be able to enjoy preferential treatment post-Brexit via the UK-Vietnam Free Trade Agreement (UKVFTA), which is intended to replicate the benefits of the European Union – Vietnam Free Trade Agreement (EVFTA).
Vietnam’s automotive industry has experienced steady progress in recent years. With Vietnam having a population of nearly 100 million and a sustainable economy, this growth trend is expected to continue. The development of Vietnam’s automotive industry remains one of the government’s main focuses, with new laws and policies to promote…
Vietnam’s automotive industry has experienced steady progress in recent years. With Vietnam having a population of nearly 100 million and a sustainable economy, this growth trend is expected to continue.
The development of Vietnam’s automotive industry remains one of the government’s main focuses, with new laws and policies to promote the development of this industry.
Baker McKenzie’s new publication, Tax, Customs and Regulatory Aspects of Vietnam’s Automobile Industry, aims to provide an initial view of key legal aspects that affect Vietnam’s automobile industry.
After almost a decade of negotiations, the RCEP was finally signed on 15 November 2020 by 10 ASEAN countries, along with Australia, China, Japan, New Zealand and South Korea. India was originally party to the RCEP negotiations, but it left the deal in 2019 due to concerns over the protection…
After almost a decade of negotiations, the RCEP was finally signed on 15 November 2020 by 10 ASEAN countries, along with Australia, China, Japan, New Zealand and South Korea. India was originally party to the RCEP negotiations, but it left the deal in 2019 due to concerns over the protection of its national interests and local industries.
The RCEP is the largest regional free trade agreement (FTA) outside the WTO. Its member states account for approximately 30% of the world’s gross domestic product (USD 26.3 trillion) and 30% of the world’s population (2.3 billion). Key developments that are expected from the implementation of the RCEP include further liberalization of trade, removal of non-tariff trade barriers and increased trade facilitation, removal of barrier to services sectors, as well as overall enhanced business environment through regulations relating to intellectual property protection, government procurement practices, e-commerce and more.
On 5 November 2020, the government issued Decree No. 132/2020/ND-CP (“Decree 132”) providing tax administration for enterprises with related party transactions.
Decree 132 will take effect on 20 December 2020 and it will replace Decree 20/2017/ND-CP (“Decree 20”) and Decree 68/2020/ND-CP (“Decree 68”). Decree 132 is applicable for the corporate income tax year 2020 onward.
On 19 October 2020, the government issued Decree No. 126/2020/ND-CP guiding some provisions of the Law on Tax Administration (“Decree No. 126”), to be effective on 5 December 2020.
Decree No. 126 covers, the tax declaration and calculation; timeline for tax declaration and payment; tax assessment; tax refund; late payment interest and fines; rights and obligations of tax authorities and taxpayers; obligations of commercial banks and payment intermediary service providers in withholding and paying tax on behalf of offshore e-commerce suppliers; enforcement; and other issues.
On 18 September 2020, the Government issued Decree No. 111/2020/ND-CP on Vietnam’s Preferential Export Tariffs and Special Preferential Import Tariffs for the implementation of Vietnam’s commitments on opening the market for goods under the Free Trade Agreement between the Socialist Republic of Vietnam and the European Union (“EVFTA”) for the period 2020 – 2022 (“Decree No. 111”).
On 20 August 2020, the Trade Remedy Authority (TRA) of the Ministry of Industry and Trade (MOIT) – the Investigator – received a petition for an anti-dumping and countervailing investigation (AD) with regard to cane sugar under HS code 1701.13.00, 1701.14.00, and 1701.99.10, originating from Thailand.
The Prime Minister issued Directive No. 11/CT-TTg on 04 March 2020 to assign the relevant ministries to implement action plans to support businesses experiencing difficulties due to the impact of COVID-19. Among those, the Ministry of Finance is required to present action plans on the following: granting deferral of tax…