Description

The National Assembly of Vietnam has passed the Resolution in respect of the OECD’s Pillar Two Model Rules. The Resolution will come into effect from 01 January 2024.

The Resolution requires large multinational groups to pay a global minimum corporate income tax of 15% on profit in each jurisdiction in which they operate. The Resolution will have potential significant impact on the cash taxes of in-scope multinational enterprises in Vietnam, and it is also expected with tax administrative requirements and challenge for in-scope multinational enterprises.

Through this seminar, we aim to share the insights and implications of Pillar 2 adoption in Vietnam and how in-scope Korean MNEs should take action to minimize tax exposure and better adapt in the post-GloBE invironment.

Addtionally, we aims to impart practical knowledge on adjusting Corporate Income Tax (CIT) calculations, incorporating the latest regulatory updates. Attendees will gain insights into managing various expense types for CIT calculations in compliance with updated regulations. Furthermore, we will share key issues relating to Customs such as Customs Post - Clearance Audit/ Customs Inspection and case studies from recent prudent practices.

Agenda

- Overview of BEPS 2.0 

   + Sharing of GloBE Rules and key timeline

   + Explaining IIR and QDMTT

 - Impacts of Pillar 2 in Vietnam

   + Sharing content of Resolution on GMT

   + In-scope tax payers and Top-up tax calculation

   + Sharing draft Resolution on Pilot investment incentives and action plan for in-scope tax payers

- How KPMG can help clients to analyze QDMTT impact and available CIT alternative incentive options

   + Our robust technical expertise 

   + KPMG calculation model and tool

- Corporate Income Tax and Tax Audit Practice Development

   +  Legal base and types of non-deductible expenses

   + Required documents/conditions

   + Common tax audit issues

- Updates on the Customs Tax

   + Key issues of Customs Post - Clearance Audit/ Customs Inspection

   + Case studies from recent prudent practices

- Q&A

Benefits

 After completing this session you will be able to understand:

1. Overview of BEPS 2.0 

2. Impacts of GMT (Pillar 2) in Vietnam

3. Resolution of GMT and Draft Resoluion on Pilot investment incentives

4. Common tax issues upon CIT Finalization

5. Considerations to mitigate tax risk

6. Key issues of Customs Post - Clearance Audit/ Customs Inspection

7. Case studies from recent prudent practices

Meet the Speakers

Ethan has more than 15 years of FTA practical experience. In KPMG Vietnam, Ethan has led Intergrated International Tax team specilized in Customs & Trading to handle several projects mainly focus on Customs advisory, Post-clearance audit support, EPE conversion, AEO application, etc. Ethan directly involved in every project as Engagement Partner and has gained extensive hands-on experience in supporting client with diverse Customs issues in a variety of industries such as automotive, components for machines, healthcare and chemical. 

His portfolio includes experiences consulting for Samsung entities, LG entities, HTMV, etc

Youngsik Seol joined KPMG Korea in 2012 and has lead Korean desk in KPMG Vietnam - Hanoi from Nov, 2022. He has more than 10 years of profestional experience providing audit service for various industries in Korea such as ship building, manufacturing, wholesale, holding company, etc. 

After joining KPMG Vietnam, Steve is responsible for connecting KPMG technical teams with Korean clients in a number of projects including audit service, tax inspection & tax audit support service, TP audit support, tax advisory, tax ruling service.

Shinmok Kang joined KPMG Korea in 2012 and recently became Korean desk Manager in KPMG Vietnam - HCM Office. He has more than 10 years of professional experience, specilizes in audit in banking industries, financial advisory services including IFRS adoption & conversion, SOX testing and SEC Filing, providing due diligence services through various financial industry sectors. 

Shinmok has worked with a wide-range of financial institutions in Korea, including commercial banks, investment banks, and non-banking financial institutions.