Around 80 countries have tax treaties with Vietnam. The United States is Vietnam’s only major trading partner that does not. An initial agreement for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income (Double Tax Treaty or “DTT”) between the US and Vietnam was signed in July 2015. Then in February 2017, Vietnam ratified the DTT and its protocol. We understand, however, that the US is working to renegotiate parts of the agreement and AmCham has urged the Biden Administration to complete these negotiations quickly. We have also asked that the Government of Vietnam not impose double tax on our companies and citizens while negotiations and ratification continues.
Vietnam implemented new rules this year which may lead to double taxation for US tax residents due to the absence of a treaty in-force between the US and Vietnam. The will lead to greatly increased tax-related costs on the individuals. The new tax rules put US companies at a similar disadvantage, subjecting them to double taxation on income starting this year. Businesses and citizens from countries with tax treaties are protected from double taxation.
Join AmCham on Thursday morning to hear the status of the treaty negotiations. Our guest speaker is Henry Louie from the International Tax Counsel Team in the Office of Tax Policy at the United States Department of the Treasury. Mr. Louis joined the Treasury Department in 1996. His principal work areas encompass negotiating bilateral income tax treaties on behalf of the United States; coordinating the development of United States model tax treaty policies; and representing the United States at international bodies. Mr. Louie received a degree in Economics from Duke University and a BA degree from Georgetown University.
DATE: Thursday, October 13
TIME: 8:00am – 9:00am
Don’t miss this opportunity to learn something useful. Please register your participation by clicking on the button below or by calling the AmCham office (84) 24 3934 2790.