Tax & Accounting
Nam Nguyen Consulting
Nam Nguyen Consulting is a boutique consulting firm founded in 2017 by Nam Nguyen. The firm specialises in taxation, customs and immigration matters relating to expats in Vietnam, and all matters relating to setting up and doing business in Vietnam.
Nam Nguyen Consulting assists expats in:
- Customs in Vietnam
- Immigration services
- Doing business in Vietnam
Tax & Accounting for Expats in Ho Chi Minh City
Expats who are planning to work and do business in Ho Chi Minh City should seek professional tax and accounting assistance as the tax system in Vietnam can be challenging as it has special regulations on expats. Sources of income like salary and wages, capital investments, capital transfer, and franchising income are subject to income tax in Ho Chi Minh City.
Key tax & accounting tips you should know as an expat in Ho Chi Minh City
- Vietnam’s personal income tax rates are relatively high for both non-residents and residents, and there is a tax-free day-count-threshold for business visitors.
- Expats who have a permanent residency in Ho Chi Minh City, those staying for 183 days or more within a 12-month period, and those who have a signed rental contract of over 183 days are considered a tax resident.
- It is helpful to know about the tax finalisation in Ho Chi Minh City. The deadline for the annual tax finalisation for tax residents is 90 days after the end of the tax year. The Vietnam tax year follows the calendar year.
Tax & accounting for expats establishing a business in Ho Chi Minh City
- Vietnam has a specific tax that applies to foreign contractors that do business and receive income in the country called “Foreign contractor tax” combined with the corporate income tax or personal income tax and value added tax.
- Profits paid to foreign shareholders are not subject to remittance tax or withholding tax. However, interests paid on certificate deposit and bonds to foreign companies are subject to 5% withholding tax.
- All accounting software used when doing business in Ho Chi Minh City must comply with the guidelines and have the approval of the Vietnamese Accounting Standards. This is the fundamental accounting system required for businesses in Vietnam.
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