Phuoc & Partners Vietnam International Law Firm

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Legal Update Newsletter August 2009

On August 12, 2009, the Ministry of Finance enacted Circular No.160/2009/TT-BTC dated of the Ministry of Finance guiding the PIT exemption of 2009 in accordance with Resolution No.32/2009/QH12 of the National Assembly dated June 19, 2009 and Circular No. 161/2009/TT-BTC guiding PIT with respect to certain cases of assignment, inheritance and receipts of present being real estate. Accordingly, all bonuses for the whole year 2009 (including annual bonus and 13th monthly salary) of resident individuals shall receive a 50% PIT exemption irrespective of the time of payment.

We hope that this Alert is of use to you. The full-text documents of two Circulars (Vietnamese only) are also attached hereto for your further reference.

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