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Official Gazette

Monday, July 6, 2020
Tags: Personal Income Tax
Shaping a legal framework for cryptoassets in Vietnam Shaping a legal framework for cryptoassets in Vietnam
For the time being, there has been no unified definition of “cryptoasset” or “digital asset” or “virtual asset” in the world. According to the Financial Action Task Force (FATF), a global money laundering and terrorist financing watchdog, “a virtual asset is a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes.”[1] Canada’s model legislation regarding digital assets, the Uniform Access to Digital Assets by Fiduciaries Act, defines “a digital asset” as “a record that is created, recorded, transmitted or stored in digital or other intangible form by electronic, magnetic or optical means or by any other similar means.”[2] Cryptocurrency (or virtual currency) is a form of cryptoassets (or virtual assets). There is also no unified definition of this term in the world.
Fundraising through new channels - opportunities and legal challenges Fundraising through new channels - opportunities and legal challenges
The Fourth Industrial Revolution helps create new products and services as well as business models in an open atmosphere without any distance between the reality and cyber space. However, Vietnam’s existing legal framework still fails to meet the demand for realizing these products, services and models. It is not yet mature for the application of novel forms of raising funds from angel investors or venture investment funds. So far, there is no legal corridor for innovative startups, particularly fintech ones. This article introduces new fundraising channels and their legal challenges and puts forward recommendations for formulating a regulatory sandbox applicable to these channels.
Vietnams policies to lure foreign skilled workers Vietnam’s policies to lure foreign skilled workers
The fourth Industrial Revolution increases the demand for skilled workers, resulting in a shortage in the labor market. As the national education system is unable to satisfy the local demand, many countries around the world have adopted policies to attract foreign workers to offset the deficiency. This article analyzes Vietnam’s policies on attraction of foreign workers and proposes policy solutions to lure foreign scientists and technologists to work in the country.
Draft law grants more rights to taxpayers Draft law grants more rights to taxpayers
Taxpayers would be compensated for damage caused by tax administration agencies or their staff.
Lawmakers still anxious about taxing unexplained assets of officials Lawmakers still anxious about taxing unexplained assets of officials
Measures to handle the assets of potentially corrupt officials remained the focus of debates about the revised draft Law against Corruption at the 25th session of the National Assembly (NA) Standing Committee which took place in Hanoi from July 11-13.
Tax and investment changes concern foreign firms Tax and investment changes concern foreign firms
The changes in tax policy and investment incentives are the issues of greatest concern for foreign investors in Vietnam, said Bui Ngoc Tuan, deputy general director of the Audit and Advisory firm Deloitte Vietnam at a workshop on Tuesday in Hanoi. 
MOF proposes freezing tax arrears for difficulty-hit taxpayers MOF proposes freezing tax arrears for difficulty-hit taxpayers
The Ministry of Finance (MOF) is working on a draft resolution on handling tax arrears and irrecoverable fines for submission to the National Assembly.
Two options on revision of personal income tax proposed Two options on revision of personal income tax proposed
The Ministry of Finance (MOF) has recently made two options on revision of the Personal Income Tax (PIT) Law.
Exclusive incentives proposed for special economic zones Exclusive incentives proposed for special economic zones
The Ministry of Planning and Investment has submitted to the Government a draft law on special administrative-economic units, proposing a series of land and tax incentives to attract more investment for three special economic zones in Quang Ninh, Khanh Hoa and Kien Giang provinces.
Five tax laws proposed to be revised Five tax laws proposed to be revised
Deputy Prime Minister Vuong Dinh Hue has given his opinions on the proposal to revise five tax laws.

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