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Tax Newsletter updates tax policies on Funds for real estate investment (“the Funds”), Personal Income Tax (“PIT”) imposed on brokerage activities, business cooperation with individuals and Business Licenses for commercial trading activities and other activities directly related to purchase and sale of goods by Foreign Invested Enterprises (“FIE”) in Vietnam.

Mergers and Acquisitions continue to be buoyant Vietnam continues to see foreign interest in the M & A market, with significant interest and completed deals in 2016, from Thai firms, in particular. Of the US$24.4 billion committed last year in Foreign Direct Investment US$ 3.4 billion was from M & A, according to the General Statistics Office.

If you live in Vietnam or visit the country, particularly the major cities, have you ever wondered about the apparent level of disposable income relative to the reported average per capita income of US$ 2,200 per annum or less than US$ 200 per month. The average figures for Hanoi and HCMC are over US$ 5,000 per annum. Overseas remittances to Vietnam are running at a level of US$ 12-13 billion per annum or about 80-90% of the remitted foreign direct investment. This is also equivalent to more than 7% of GDP.

ASEAN: an emerging hotspot

Grant Thornton looks at the potential impact of IFRS 15 'Revenue from Contracts with Customers' for revenue recognition in the construction industry.

Developers, property companies, investors and homeowners suffered disproportionately during the financial crisis. But now, finally, expectations for profitability, jobs and orders are all on the rise.

The presence of fraud and corruption in construction can take many forms; from falsely representing the number of hours a contractor works, through to collusion when bidding for contracts or paying bribes to secure a contract. These inevitably increase costs and, in the case of bribes, inflate the contract price.