pure purchase contracts whereby a Vietnamese customer signs a contract with a foreign entity to purchase goods or commodities from a foreign country (i.e. where the responsibility, cost and risk relating to the goods passes at or before the border gate of Viet...
regional or state government, state-owned enterprises, and municipal organisations) to a resident in relation to purchase of goods, work performed, and supply of services within the country. With effect from 1 September 2023, the Ministry of Planning and Finance has introduced a new WHT applicable...
When business buys goods or services from a vendor/supplier it may be required to retain a certain percentage of the payment relating to the such goods or services and pay the same to the government on behalf of the vendor/supplier. So in effect the amount deducted and paid to the governme...
A person’s tax situation can depend on factors like their marital status and income level but there are many other things that can influence it. Maryalene LaPonsieJan. 30, 2025 10 Life Events That Impact Taxes As the cost of goods and services increases, consumers change their financial hab...
A down payment is basically an Advance given to Vendor before the physical exchange of goods and services. Once the delivery of goods and services occurs, the down payment is cleared against the final invoice. Flow Diagram of a Purchase Down Payment Process. ...
Not all foreign contractors are subject to Vietnam’s FCT as the laws do provide a few non-FCT cases. For example, pure purchase contracts whereby a Vietnamese customer signs a contract with a foreign entity to purchase goods or commodities from a foreign country (i.e. where the responsibi...
Withholding also may be required on the purchase from a non-US person of an interest in US real estate (which may, for this purpose, include shares in a US company holding primarily US real estate/real property interests) or a partnership interest if the partnership is or has been engaged...
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Payable WHT Account Code Specifies the general ledger account number to which purchase WHT is to be posted. WHT Report Specifies the withholding tax report type. Bal. Prepaid Account Type Specifies the type of balancing account for sales WHT transactions. Bal. Prepaid Account No....
3.1 Use in Purchase Invoice In the following example, we have selected 'TDS - 194C - Individual' which has a single threshold of 30,000, cumulative threshold of 1,00,000 and rate of 1%.If the Supplier has the tax withholding field set, then upon selecting that Supplier, a checkbox ...