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Vietnam Investment Review, August, 2004

What are the changes in VAT applicable to services provided to export processing enterprises?

The government issued Decree 148/2004/ND-CP, dated July 23, 2004 amends Decree No. 158/2003/ND-CP, dated December 10, 2003. The major amendment is to apply a VAT of 0% to a range of services provided to export processing enterprises. These services include insurance, banking, telecommunications, consulting, accounting, auditing, transportation, loading and unloading of goods, and leasing of office, warehouse and site. While the new decree is effective from August 15, 2004, there is still some uncertainty as to whether the zero rating provisions will be retrospectively applied.

How will taxpayers determine taxable housing benefits in-kind from July 1, 2004?

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