Vietnam's no. 5 ranking in TMF Group's Financial
Complexity Index 2017 is driven largely by the burden of reporting,
and a 'confusing' VAT system.
Vietnam is the most complex country in Asia Pacific for
Accounting and Tax compliance – just beating its giant and
complex neighbour, China - according to TMF Group's inaugural
Financial Complexity Index 2017.
The ranking of 94 jurisdictions across Europe, the Middle East,
Africa, Asia Pacific and the Americas - with 1 being most complex -
saw
Vietnam take the no. 5 spot, driven largely by the burden of
reporting and a 'confusing' VAT system.
Tax is a real issue for businesses operating in Vietnam. The VAT
system requires expertise to understand its exemptions, deductions,
refunds, the various VAT rates and proper filing of VAT. Businesses
must correctly determine which VAT calculation method best suits
the business, noting that VAT applies to all business transactions
in every part of the chain - and ensure tax
