Category: Law Documents

4 cases of foreigners not having to participate in social insurance

4 cases of foreigners not having to participate in social insurance

According to the Law on Social Insurance 2006, foreign workers in Vietnam are not subject to compulsory and voluntary social insurance. However, according to the new provisions of the Law on Social Insurance 2014, effective from January 1, 2016, foreign workers are granted a work permit, a practice certificate or a license for employment by an employer. Vietnamese authorities are eligible to participate in compulsory social insurance in accordance with the law starting on January 1, 2018.

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When are foreigners required to participate in social insurance in Vietnam?

When are foreigners required to participate in social insurance in Vietnam?

With the policy of attracting foreign talents, the Vietnamese State ensures the regimes for foreign workers to work in Vietnam when participating in social insurance.

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Authorize payment through a third party in the transaction.

Authorize payment through a third party in the transaction.

Recently, many businesses participated in the payment of goods and materials as authorized by third parties for sale to third parties. This situation is more common in small businesses where the system and personnel of accounting are still limited. This has the potential to lead to tax administration risks that business owners have not grasped in time.

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The point to note when determining 15% of total income subject to PIT for foreigners

The point to note when determining 15% of total income subject to PIT for foreigners

Personal income tax is a direct tax on the income of each individual in society for a certain period of time (usually a year). Personal income tax is a tax of great importance in raising revenues for the budget and implementing social justice. Personal income tax is levied on both business individuals and non-business individuals. This tax is usually considered a special tax because it takes into account the circumstances of income-paying individuals through the determination of tax exemption, reduction or special exemption.

However, from the practice, the current management and declaration of personal income tax still has some limitations and objective inadequacies.

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Points to note when determining export sales

Points to note when determining export sales

In recent years, many businesses wish to adjust their accounting according to taxes to avoid discrepancies and to avoid the hassle of having to finalize the final year corporate income tax finalization.

This situation is more common in small businesses where the system and personnel of accounting are still limited. Temporarily deductible differences can create a deferred tax asset, but on prudent accounting principles, deferred tax assets are only recognized when the future taxable interest is sufficient. Large compared to deferred taxes used for deduction.
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Notes when switching from short-term loans to long-term businesses.

Notes when switching from short-term loans to long-term businesses.

When changing loan registration, businesses need to identify the specific characteristics of the loan content to avoid the fact that the registration file is not approved by the State Bank.
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