With Decree 29, the government of Vietnam instructed the local authorities to strictly supervise and evaluate foreign investments.
The Foreign Contractor Withholding Tax applies to certain payments by a Vietnamese contracting party to foreign parties earning income from Vietnam without setting up a legal entity in Vietnam.
On 23 August 2022, the General Department of Customs issued the Official Letter No. 3489/TCHQ-TXNK with new guidance on the declaration of royalty for imported goods.
Post-Covid Asia Pacific recovery promises new opportunities for businesses. However, the need to replenish coffers, the changing international tax and geo-political landscape will pose challenges for tax regulators and tax leaders.