In part two of this three-part series, we outline practical recommendations on how ROs can enhance their current tax documentation as well as mitigate future potential tax risks when shutting down. Travelling expenses for employees Costs of business trips are almost unavoidable for ROs operating in Vietnam due to the need to send their employees […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Vaibhav Modi, CA, CPA (Ire). of PGMJ & Associates. Vaibhav has joined IR as our Accounting Services member in India. The firm has been established to provide a platform for development of an institution to nurture the talent and to create a […]
As COVID-19 continues to upend nearly every aspect of life in the United States, Congress has been working to relieve suffering Americans. Having passed the Families First Coronavirus Response Act on March 18 in an effort to limit the spread of the pandemic and support relief efforts, Congress turned to stabilizing the economy. After days […]
I hope this finds you as well as possible in our current situation. I wrote this prior to the “stay at home” order that was issued, but now this takes on even more urgency because of all the unknowns that currently exist. This is a rapidly changing situation with announcements made almost daily with little advance notice. If […]
The Vietnamese government released Decree No 22/2022/ND-CP (Decree 22) amending the rules on business license tax (BLT). The regulations went into effect on February 25, 2020. BLT is an indirect tax imposed on entities that conduct business activities in Vietnam and are paid by the enterprises themselves on an annual basis. All companies, organizations or individuals (including […]
A Representative Office (RO) offers a simple and low-cost option for companies seeking to gain a better understanding of the Vietnamese market. As such, this option is among the most common for first-time entrants to the Vietnamese market and often precedes a larger presence within the country. Due to the limited scope of operations, the mandatory tax […]
If you hire someone for a long-term, full-time project or a series of projects that are likely to last for an extended period, you must pay special attention to the difference between independent contractors and employees. Why It Matters The Internal Revenue Service and state regulators scrutinize the distinction between employees and independent contractors because […]
Export Processing Enterprises (EPEs) are a popular investment vehicle for foreign investors in Vietnam. This is particularly true as Vietnam has emerged as a China plus one destination for foreign companies outsourcing operations to reduce costs and improve market share. The recent novel coronavirus COVID-19 outbreak in China has accentuated this issue, impacting businesses not only in Vietnam but […]
Social Security benefits include monthly retirement, survivor, and disability benefits; they do not include Supplemental Security Income (SSI) payments, which are not taxable. Generally, you pay federal income taxes on your Social Security benefits only if you have other substantial income in addition to your benefits such as wages, self-employment, interest, dividends and other taxable […]
IR Global, the world’s largest exclusive network of advisory firms is delighted to introduce Didier Kabwela of DEL Partners. Didier has joined IR as our exclusive Accounting Services Member in the Democratic Republic of the Congo Proximity, independence, honesty, efficacy and the observance of professional code of ethics, basic principles of our approach, guide the trustworthy […]
If you are ready to file your taxes but are missing important tax forms here’s what you should do: FORM W-2 You should receive a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2019 earnings and withheld taxes no […]
The Vietnamese Law on Accounting governs the principles for accounting, audits, and organizational structure, for businesses to stay compliant in Vietnam. The tax year in Vietnam is determined according to the calendar year, and a Vietnamese-based auditing company must conduct the audit. The financial reports should then be submitted to the local tax authority, Ministry of Finance, and […]