Explore our insights

On Thursday, 12 November 2020 the Department for International Tax Cooperation of Cayman Islands set out an extension to the deadlines for reporting period and Economic Substance reporting. The detail are presented in more detail below.

The RCEP was signed last week in Hanoi, via phone call, by 15 countries (ASEAN and 5 non-ASEAN members being Australia, China, Japan, New Zealand and South Korea). Negotiations started in 2012, and needs further ratification by each country and RCEP will not become effective until this is done by at least 6 ASEAN and 3 Non ASEAN member countries.

In this November tax newsletter, Grant Thornton Vietnam would like to update out valued customers on important legal policies that have just been issued recently.

After more than three years of implementing Decree No. 20/2017/ND-CP ("Decree 20") and other amending and guiding documents such as Decree No. 68/2020/ND-CP ("Decree 68") and Circular No. 41/2017/TT-BTC ("Circular 41"), on 5 November 2020, the Government has officially issued Decree No.132/2020/ND-CP ("Decree 132") to replace Decree 20 and Decree 68 prescribing tax administration for enterprises engaged in Transfer Pricing.

Nguyen Hung Du and Tran Nguyen Mong Van, of Grant Thornton Vietnam, discuss the stimulus solutions for Covid-19 announced by the Vietnamese government.

Valerie Teo and Nguyen Tan Tai, of Grant Thornton Vietnam, discuss the tax incentives in Vietnam in renewable energy and the issues to consider before making an investment.

The European Union (EU) announced on 6 October the removal of the Cayman Islands from its list of non-cooperative tax jurisdictions. The list is a tool of the EU that aims to tackle external risks of tax abuse and unfair tax competition in low and tax neutral jurisdictions.

Internal Audit plays a key part in the corporate governance. With effort to enhance corporate governance in Vietnam market, the Government issued Decree 05/2019/ND-CP (“Decree 05”) on Internal Audit (IA) which came into effect on 1 April 2019.

Singapore is highly regarded as a sound legal and regulatory jurisdiction, anchored within a stable political and economic environment The Singapore Variable Capital Companies (“VCC”) legislation has recently created a framework that aims to attract funds, asset management firms and investors to expand their activities in Singapore.

Vietnam is implementing a series of important changes in terms of policies to alleviate post-COVID-19 difficulties as well as enhance the business environment, unfold social power to attract and take advantage of available opportunities when major markets in the world are gradually reopening and expanding their supply chains to minimize risks and disruptions.

Vietnam has announced its ambition to be a high income country by 2045, which some may consider to be a major challenge. It is true that Vietnam has shown remarkable growth in per capita income from around US$ 100 per year at the end of the 1980’s to almost US$ 2,800 last year, but to achieve high income status we are talking about a figure of over US$ 12,000 (World Bank 2018 figures).

Our specialists explore how private equity firms are now working with their portfolios and how the mid-market can benefit from investment.

Nervous about partnering with Private Equity? We explore some of the common myths we come across when speaking to mid-market businesses about PE investment.

When the global COVID-19 pandemic stormed across the globe in early 2020, the private equity sector was hit hard but deals are coming back to the market.

This year 2020 has been a particularly challenging year for the hospitality industry with the occurrence of the Covid-19 pandemic, which command the implementation of social distancing and travel restriction measures.

Nguyen Dinh Huy and Nguyen Hung Du, of Grant Thornton Vietnam, explain how businesses need to prepare for a tax audit in Vietnam, looking at the common areas likely to be challenged by the tax authorities.