Vietnam-RI tax treaty

Vietnam-RI tax treaty

HANOI (AFP): Vietnam and Indonesia were scheduled to sign a treaty on the avoidance of double taxation late yesterday, a source from the Indonesian Embassy said.

Indonesian Ambassador Mohammad Ma'Ruf and Vietnamese Finance Minister Nguyen Sinh Hung would sign the accord which included personal income tax, profit tax and profit remittance tax.

The accord will help Indonesian companies and expatriates working in Vietnam better compete with other foreign entities operating here.

Indonesia is currently ranked 18th among foreign investors in Vietnam with some 13 projects worth US$241 million approved.

The accord between the two members of the Association of Southeast Asian Nations (ASEAN), to which Vietnam was admitted in 1995, is in keeping with requirements of the ASEAN Free Trade Area (AFTA) agreement.