Circular 103/2014/TT-BTC, issued by Vietnam's Ministry of Finance on 6 August 2014, revises the rules for the Foreign Contractors Withholding Tax (FCWT).
FCWT is the method for applying enterprise income tax (EIT) and value added tax (VAT) on certain business carried out in Vietnam by foreign companies or Individuals that have no licensed business presence in the country. FCWT also applies if a foreign company or individual has a permanent establishment in Vietnam, unless certain conditions are met.
The changes include the scope of application and the various tax rates applied.
The revised rules apply from 1 October 2014.
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