Our group includes leading Vietnamese professionals who have filed and handled some of the country’s landmark litigation matters, including unfair competition, product liability and contract claim cases. Learn about our Pacific Alliance initiative, Explore our insight by industries, practices and locations. * You can select the heading for each column to sort the data (in ascending or descending order). Two EU countries took a broader approach: Germany reduced its standard VAT rate from 19 percent to 16 percent and its reduced VAT rate from 7 percent to 5 percent from July 1 to December 31, 2020. Ranked Band 1 by both Chambers Asia and Asia Pacific Legal, our Dispute Resolution practice represents clients at all stages of litigation, arbitration and mediation. This page provides - United Kingdom Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Below is an interactive table that shows the ease of paying taxes ranking and the four sub-indicators results for 190 economies. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. We also provide local and global advice in the following areas: Intellectual Property Vocational Training Course: Because IP law is one of the fastest-growing legal specialities in the world, we created this program to train and develop young IP industry experts in Vietnam. Value Added Tax. Participants in the program receive free training in our Hanoi office working with our intellectual property lawyers on actual cases. Our Intellectual Property practice drafted the country's first intellectual property law and continues to work towards improving IP protection and enforcement in the Vietnam market. BMVN head In order to strengthen domestic demand in Germany, the VAT rate will be reduced from 19 percent to 16 percent and the reduced VAT rate from currently 7 percent to 5 percent for a limited period from July 1, 2020 to December 31, 2020, i.e. Welcome to the 2019 edition of Guide to VAT/GST in Asia Pacific, an essential reference for a reliable summary and easy access to information on the Value Added Tax (VAT) and Goods and Services Tax (GST) systems across 17 countries in the Asia Pacific. A practical resource to support in-house teams in identifying potential antitrust risks in an increasingly complex regulatory environment. With nearly three decades of on-the-ground experience in the local market, we are the go-to firm for both local and international businesses from a wide range of industries seeking domestic and cross-border advice on a whole spectrum of legal issues. Our award-winning Product Registration team has advised numerous multinational clients on the regulatory and licensing regime for the importation, distribution and sale of various products in Vietnam, such as pharmaceutical products, cosmetics, food products, health supplements, consumer goods, children’s toys, chemicals, and more. Baker McKenzie Named International Tax Firm of the Year. The standard corporate income tax (CIT) rate is 20%. Baker McKenzie continues strong showing in World Trademark Review rankings. From regulatory and governmental policy to investments and corporate restructuring, our Insurance lawyers represent insurance and reinsurance companies, banks, finance houses, major corporations and government institutions in significant cross-border transactions. This issue covers Russia's radical reduction in corporate tax for IT companies, Saudi Arabia's increase in the VAT rate, as well as the latest development in digital services taxation in ... Asia Pacific Employment and Compensation Webinars. A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. This survey gives you an overview of fake news laws in 10 Asia Pacific jurisdictions. Kuehne+Nagel acquires Asian logistics provider Apex International Corporation. Our work includes assisting the Vietnamese government in drafting the country’s first IP law, as well as the law’s implementing decrees. Over the years, we have developed a track record of advising on some of most significant transactions in Vietnam. This is Kuehne+Nagel's largest acquisition to date. Estimated growth is forecast to be 12% to 15% in the 2015 to 2030 period. The Firm expects Private Credit to become an important source of liquidity for Asia Pacific borrowers in the post Covid-19 economy. Our most recent cases include trying numerous domain name cases before the World Intellectual Property Organization, and protecting the data privacy of a multinational automobile company in a case spanning several years and involving the successful defeat of an appeal at one of Vietnam’s higher appellate jurisdictions. Away from Based on our experience shaping policy in Vietnam by drafting securities, investment, intellectual property and competition laws for the government, we draw on our in-depth local knowledge and extensive global network to advise clients on complex domestic and cross-border transactions and legal matters. Tax, Customs & Regulatory Aspects of Vietnam’s Automobile Industry. The Firm was also awarded "Trademarks Firm of the Year" for Vietnam. To find out more about the cookies we use and how to change your settings if you do not want cookies to be placed on your device, please read our, Industrials, Manufacturing & Transportation. Asia Pacific Employment & Compensation Quarterly Update Quarter 3: 2020. BMVN's lawyers have both international and local legal experience, which allows it to maintain its broad international perspective while still retaining the characteristics of a local firm in Vietnam. A value-added tax (VAT), known in some countries as a goods and services tax (GST), is a type of tax that is assessed incrementally. Vietnam Airlines offers excess baggage with 10kg/22lb and 23kg/50lb. We offer one-stop Private Equity services, advising investors and investees through the life cycle of investments. We draw on our in-depth local knowledge — coupled with far-reaching resources in 45 other countries and territories — to create effective, innovative solutions tailored to our clients’ business strategies. We have particular industry expertise in the areas of healthcare, food and beverage, insurance, and hotels, resorts and tourism. Baker McKenzie wins 2020 Global PERE Awards for Law Firm of the Year in Asia. Comprised of some of Vietnam's most sophisticated litigators, BMVN is fully licensed to represent clients in litigation cases in local Vietnamese courts. Publish your articles and forecasts in our website. The Sales Tax Rate in Philippines stands at 12 percent. This guide is designed to address some common questions that landlords and tenants will be considering in the time of COVID-19. By virtue of Law 4756/2020, as of 1 January 2021, the above social security contributions are further reduced at 14.12% for the employee and at 22.54% for the employer. This unique dynamic allows our staff to provide innovative solutions to the cases they handle. Our IP litigation and enforcement experience is broad. Consumption taxes Value-added tax (VAT) The new VAT rate is 24% effective 1 July 2016 (previously 23%). In Philippines, the sales tax rate is a tax charged to consumers based on the purchase price of certain goods and services. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. All taxes are imposed at the national level. Established in 1993, Baker McKenzie Vietnam is one of the largest and most experienced international law firms in Vietnam — and consistently rated among the best. Ireland is the only EU country to have a zero tax rate on sanitary goods. Baker McKenzie and its member firms took home seven awards, including the coveted "Asia Pacific Firm of the Year" and "Asia Pacific Trade Mark" awards. 5.1 Energy Power. We use cookies to improve your experience on our website. We have also trained judges, customs authorities and IP officials on a range of pertinent IP matters and played a key role in the founding of the Vietnam Anti-Counterfeiting and IP Protection Association for Foreign Invested Companies. The Firm saw an increase in high level rankings from the previous year, with 93 individuals ranked compared to 80 in 2020. BMVN International LLC (BMVN) is a fully licensed law firm and IP agent dedicated to representing Baker & McKenzie’s clients before the Vietnam National Office of Intellectual Property, courts, enforcement authorities and other Vietnamese authorities. Citizen Lab Project: As part of a pro bono project for Citizen Lab Project, we developed a questionnaire to assess whether reverse engineering computer programs for academic research create intellectual property, contractual and regulatory issues. In this regional update, we provide you with a practical overview of the most notable antitrust legal developments over Q3 2020 that may affect your business. Ireland levies no value-added tax on tampons, panty liners, and sanitary towels. Revenues from the Sales Tax Rate are an important source of income for the government of Philippines. Asia Pacific Survey on Fake News and Intermediary Liability. The Hong Kong team and its Indonesian member Firm, HHP Law Firm, won "Patents Firm of the Year," while the ... Baker McKenzie Launches Private Credit in Asia Pacific Guide. Tax is rarely out of the news these days, with the focus primarily on direct taxes. Baker McKenzie's Asia Pacific Tax Practice was once again recognized for its first-rate tax advice, winning 10 awards at the 2019 International Tax Review Asia Tax Awards held in Singapore last ... Baker McKenzie advised on hotel management agreement between Nam Ninh Trading and Meliá Hotels International Group. We have organized successful raids across various industry sectors, such as computer software and equipment, electronics, and clothing and eyewear, resulting in the seizure and destruction of numerous counterfeit goods. The total dimension of the excess baggage must not exceed 158cm/62in. The third quarterly update for 2020 highlights key changes in employment laws across Asia Pacific. The benchmark we use for the sales tax rate refers to the highest rate. Power consumption in Vietnam has increased more than 5 fold between 2000 and 2012. We provide you with a practical overview of the most notable antitrust legal developments over Quarter 4 of 2020 and early 2021 that may affect your business. If the ultimate consumer is a business that collects and pays to the government VAT on its products or services, it can reclaim the tax paid. Asia Pacific Employment & Compensation Quarterly UpdateQuarter 4: 2020. T: + 84 4 3936 9398, Attorney Advertising | © 2020 Baker McKenzie, * In cooperation with Trench, Rossi and Watanabe Advogados, Access our full range of legal alerts and newsletters, Resilience, Recovery & Renewal: A Podcast Series. We conduct trainings on LGBT diversity issues in our Ho Chi Minh City and Hanoi office and participate in an LGBT Working Group comprised of representatives from Baker & McKenzie's Hong Kong, China and Vietnam offices. Offering key practical insights intended to strengthen your organization's capacity to respond, recover and thrive. 2006-2020 Data | 2021-2023 Forecast | Historical. In these webinars, our employment and compensation lawyers around Asia Pacific discuss a range of issues such as employer obligations, data privacy implications and cost-cutting measures. Enterprises operating in the oil and gas industry are subject to CIT rates ranging from 32% to 50%, depending on the location and specific project conditions. Sales Tax Rate in Philippines averaged 11.87 percent from 2006 until 2020, reaching an all time high of 12 percent in 2007 and a record low of 10 percent in 2006. LGBT issues: We were the first company to participate in the public campaign “Toi Dong Y” and publicly support same-sex marriage in Vietnam. The reduced rate on basic necessities is 13%. This handbook aims to provide an initial view of key legal aspects that affect Vietnam’s automobile industry. According to the Association of Vietnam Insurance, the health and life insurance premium revenue in the first three quarters of 2020 increased by 25.6 and 21.2 per cent, respectively, against the same period of … With lawyers and senior legal consultants focusing on the broad spectrum of IP and commercial IP transaction matters, BMVN has the depth of talent to create dedicated teams for each type of case they handle. It is levied on the price of a product or service at each stage of production, distribution, or sale to the end consumer. Passengers can read the fee as below: For tickets issued/reissued/exchanged after December 31st, 2019 and before April 1st, 2020, please click here. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. Our Pharmaceutical and Healthcare team offers comprehensive advice on regulatory, investment, licensing, IP, market access and supply chain issues, as well as unrivalled geographic coverage with the respective life science teams throughout Asia. Direct access to our calendar releases and historical data. In Germany, the amount of tax on sanitary items was cut from 19% (the basic rate) to 7% (the reduced rate) as of 1 January 2020. Baker McKenzie named "Asia Pacific Trademarks Firm of the Year" for the 11th consecutive year. The 20th edition of the Asia Pacific Insurance Newsletter covers insights, pertinent insurance-specific legal issues and significant regulatory developments in Australia, China/Hong Kong, Indonesia, ... Asia Pacific Antitrust and Competition Handbook. Established in 1993, Baker McKenzie Vietnam is one of the largest and most experienced international law firms in Vietnam — and consistently rated among the best. The Trading Economics Application Programming Interface (API) provides direct access to our data. Philippines Inflation Rate Hits 26-Month High, Philippines Budget Deficit Widens in December, Philippines Retail Prices Rise the Least in 7 Months, FDI into the Philippines Shrinks at Softer Pace, Philippines Economy Expands 5.6% QoQ in Q4, Philippines Q4 Economy Shrinks Less than Expected, Philippines Trade Gap Narrows in December, South Korea Current Account Surplus Widens, New Zealand Manufacturing Sales Lose Steam, US 10-Year Treasury Yield Hovers Near 1-Year High, Tanzania February Inflation Rate Drops to 3.3%. BMVN's franchising practice has been particularly prominent recently, with multinational and local corporations alike seeking the advice of BMVN's expert team to assist in establishing franchises and other commercial presences throughout Vietnam. Baker McKenzie has been recognized by Private Equity Real Estate (PERE) in its 2020 Global PERE Awards as Asia Law Firm of the Year (Fund Formation) and Asia Law Firm of the Year (Transactions). The fourth quarterly update for 2020 highlighting key changes in employment laws across Asia Pacific. Section 19 increased the penalty payable by a taxable person for non-remittance within the specified period from 5% to 10%. Managing IP named Baker McKenzie Asia Pacific Firm of the Year. This page provides - Philippines Sales Tax Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Download historical data for 20 million indicators using your browser. Our lawyers have a clear understanding of the complex legal and regulatory framework in Vietnam, having helped facilitate meaningful legal reform and shape policy in the country by participating in the drafting process of laws related to investment, corporates, M&A, securities, intellectual property, employment, digital, energy, and financing and competition, among others. Thanks to its strategic alliance with Baker & McKenzie, BMVN can deliver greater value to our clients as well as ensure consistency in the quality of our services. Global VAT/GST Newsletter - August 2020 Edition. In close coordination with the local enforcement authorities, we have also successfully compelled a number of shops in Vietnam that falsely portrayed themselves as official distributors to permanently remove infringing signage. As market leaders in Real Estate, Corporate & Commercial and Mergers & Acquisitions, we advise on major development, project finance, environmental and general investment matters, assisting both local and international clients on power, construction and infrastructure projects. Interest Rate in the United Kingdom averaged 7.30 percent from 1971 until 2021, reaching an all time high of 17 percent in November of 1979 and a record low of 0.10 percent in March of 2020. Our lawyers advise clients on anti-counterfeiting and anti-piracy law, IP transactions as well as copyrights, patents, and trademarks. Our areas of particular expertise include, among others, complex public and private M&A transactions, IPOs, bonds, major infrastructure projects, renewable energy projects, project finance and financial regulation, restructuring and insolvency, anti-corruption and compliance, digital transformation, from the evolving digital economy to smart city initiatives, supply chain matters from design to manufacturing to distribution and protection of intellectual property, technology, media and telecommunications. BMVN’s specific areas of focus include: For more information, please contact: Ireland reduced its standard VAT rate from 23 percent to 21 percent from September 1, 2020 … Standard rates. Voted as the leading IP Law Firm in Vietnam for the past eight years by Chambers Asia Pacific, our lawyers are some of the foremost advisers on Vietnam’s IP law, with several decades of collective experience in assisting a diverse range of multinational and local clients with inbound and outbound investment projects, successful IP registrations, cancellations, appeals, litigation and enforcement, copyrights, licensing and franchising projects. Baker McKenzie boasts a strong team of lawyers with extensive experience to assist our clients on their future plans and ongoing operations and interests in Vietnam. Tran Manh Hung We complement these areas of practice with specialist groups in the areas of employment, tax, customs, real estate and dispute settlement. Section 4 of the VAT Act has been amended by increasing the value added tax payable by consumers from 5% to 7.5%.
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