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withholding tax vietnam 2020


It is understood that these new withholding tax rules will become an extension of Vietnam’s existing foreign contactor tax (FCT) rules and that a new circular is currently being drafted to provide administrative guidance. December 19, 2019 form 2-3 PM EDT . Vietnam introduced Decree 126/2020/ND-CP (Decree 126) guiding the implementation of the Law on Tax Administration 2019, which took effect in July 2020. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. The hybrid method allows foreign contractors to register for VAT and accordingly pay VAT based on the deduction method but with CIT being paid under the direct method rates on gross turnover. Zimbabwe NIL 10 10 10 (*) Withholding tax rate of 10% is only applicable for interest payment paid or incurred by an enterprise in an industrial undertaking. Effective withholding tax management encompasses not only tax filing and compliance requirements but also controls on the correct rate of withholding, maintenance of comprehensive supporting documentation and procedures to ensure tax treaty claims and credits are claimed in full. First tax year: 15 April 2018 to 14 April 2019: (126 + 57) = 183 days => resident Originally, implementation of the new e-commerce withholding tax regime in Vietnam was to be effective 1 July 2020. Monthly tax is calculated by dividing the yearly tax by 12, and daily tax by dividing the monthly tax by 30." Financial institutions will remain responsible for collecting the withholding tax on the subject transactions (how they are to do this remains unclear). of Vietnam. where … WHT rates are nil for dividends. where the foreign entity retains ownership of the goods; bears distribution, advertising, or marketing costs; is responsible for the quality of goods or services; makes pricing decisions; or authorises/hires other Vietnamese entities to carry out part of the distribution of goods/provision of services in Vietnam). Get the latest KPMG thought leadership directly to your individual personalized dashboard. All rights reserved. As described in our previous article on tax administration, the regulations allow tax authorities additional power … To learn more about Viventium’s seamless solutions for 2020 withholding and other legislative and regulatory developments, request a demo here. For direct (non-deduction-method) foreign contractors, VAT and CIT will be withheld by the contracting party at deemed rates. This FCT generally applies to payments derived from Vietnam, except for the pure supply of goods (i.e. All rights reserved. For more information, contact a KPMG tax professional in Vietnam: The KPMG logo and name are trademarks of KPMG International. This site uses cookies to collect information about your browsing activities in order to provide you with more relevant content and promotional materials, and help us understand your interests and enhance the site. Although we endeavor to provide accurate and timely information, there can be no guarantee that such information is accurate as of the date it is received or that it will continue to be accurate in the future. Click anywhere on the bar, to resend verification email. Supply of goods in Vietnam or associated with services rendered in Vietnam (including in-country import-export and imports, distribution of goods in Vietnam or delivery of goods under Incoterms where the seller bears risk relating to goods in Vietnam), Restaurant, hotel, and casino management services, Construction, installation without supply of materials, machinery, or equipment, Construction, installation with supply of materials, machinery, or equipment. Such services are provided solely by member firms in their respective geographic areas. Please contact for general WWTS inquiries and website support. Various rates are specified according to the nature of the contract performed. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. Offshore loans provided by certain government or semi-governmental institutions may obtain an exemption from the interest FCT where a relevant double tax agreement (DTA) or inter-government agreement (IGA) applies. A summary of VAT and CIT FCT rates for certain activities follows: The FCT applied to interest payments to an overseas lender is 5%. RELATED: Dezan Shira & … New withholding tax rules applicable to non-resident enterprises selling goods and services into Vietnam via digital and e-commerce supply chains are effective in Vietnam beginning 1 January 2021. For VAT, the FCT rate can also range from 2% to 5%. Visit our. Details on how financial intermediaries will identify transactions subject to these new rules are pending. Interest earned from bonds (except for tax-exempt bonds) and certificates of deposit are subject to 5% withholding tax. © 2017 - 2021 PwC. Tax Alert December 2020 Circular 105 on tax registration On 3 December 2020, the Ministry of Finance issued Circular 105/2020/TT-BTC (“Circular 105”) providing guidance on the tax registration in accordance with the Law on Tax Administration 2019. 1:45 PM - 4 PM. 8 Doing business in Vietnam 2020. 2020. To apply this method, the foreign contractors need to satisfy certain conditions. Given the involvement of financial intermediaries in the tax collection and reporting process, the existing FCT rules will require significant modification. 126/2020/ND-CP guiding some provisions of the Law on Tax Administration (“Decree No. On 19 October 2020, the government issued Decree No. You can use the Tax Withholding Estimator to estimate your 2020 income tax. Dividends paid to a nonresident company or individual are subject to a 20% withholding tax (22% including the local surtax). The Corporate Tax Rate in Vietnam stands at 20 percent. Enforcement for Compliance (Other than for withholding tax on non-resident public entertainers and resident individuals) The following constitutes non-compliance: The payer fails to pay withholding tax at the prescribed rate (whether deducted or not). For help with your withholding, you may use the Tax Withholding Estimator. © 2021 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. If you are on GIRO for withholding tax payment, the GIRO deduction date is on the 25th of the month the tax is due. VAT will not be payable where goods are exempt from VAT or where import VAT is paid upon importation. If accounting records are adequate, the foreign contractor will pay CIT on actual profits, but otherwise on a deemed-profit basis. Add this event to any of these … In addition, certain distribution arrangements where foreign entities are directly or indirectly involved in the distribution of goods or provision of services in Vietnam are subject to FCT (e.g. Decree 126 took effect on December 5, 2020. Interest derived by certain government bodies is exempt from withholding tax (WHT). EXTERNAL CIRCULAR: WITHHOLDING TAX SEASON 2020 29 June 2020 To Our Valued Client Taxpayer, OBJECTIVE: FILING OF ITW10 and ITW10O RETURNS You are reminded that the WHT season is upon us and the following returns are due for filing on or before 31 July 2020. Corporate Tax Rate in Vietnam averaged 26.77 percent from 1997 until 2020, reaching an all time high of 35 percent in 1998 and a record low of 20 percent in 2016. 71. This is because of the fact that there are 3 methods for foreign companies to pay FCT in Vietnam. The content is current on 1 January 2020, with exceptions noted. The development of various definitions will be key to the effective operation of these new withholding tax rules. Form C-S (Lite) - Simplified Tax Return for Companies With Revenue $200,000 or Below; Filing Estimated Chargeable Income (ECI) and … However, individual investors are taxed differently depending upon the time and form of dividend payment governed by the Vietnamese Personal Income Tax (‘‘PIT’’) … We want to make sure you're kept up to date. 5% VAT and 5% CIT is applicable to the rental charge if it is an operating lease. Zambia (Last reviewed 20 August 2020) For more information, contact KPMG's Federal Tax Legislative and Regulatory Services Group at: + 1 202 533 4366, 1801 K Street NW, Washington, DC 20006. Lower tax rates (e.g. and treatment of withholding income tax, taking into account the amendments vide the Finance Act, 2019 (the Act). While the tax collection burden has been imposed on financial intermediaries (that will be required to report and collect taxes from nominated transactions), it is not known what rates of withholding tax will be applied, or how these taxes will be determined at this time. Add to Calendar Add to Calendar. for the Year 2020… Further to the clarification on tax obligations of foreign organisations and individuals operating e-commerce and digital based business activities that generate income from Vietnam in the Law on Tax Administration 38/2019/QH14, and the Decree 126/2020/ND-CP, this new circular delineates a guideline in regard to tax … Foreign Contractor Tax (FCT) is withheld on payments to foreign contractors. The VAT withheld by the contracting party is an allowable input credit in its VAT return. For interest and royalties, please refer to Vietnam's Corporate summary. The 14th National Assembly of Vietnam (term 2016-2021) has 489 Assembly, which is the highest-level representative body of Vietnamese people, has the power to exercise constitutional and legislative rights and to decide on critical issues of the country. This withholding tax will apply to all designated business-to-consumer (B2C) and business-to-business (B2B) transactions. Investing in Vietnam, … Furthermore, e-commerce businesses will need to understand how to claim tax refunds when no underling primary tax liability arises or when there is an over collection of taxes through the withholding process. Recognizing that the sale or supply of goods and services to individuals via an e-commerce business model may have historically fallen outside the scope of the Vietnamese income tax system, the new withholding tax rules are intended to address this gap. Vietnam is to extend VAT to non-resident e-commerce sales to consumers from 1 July 2020. The new rules also call for tax registrations to be undertaken by non-resident e-commerce businesses (or they must appoint someone to act on their behalf). Dividends paid to a resident individual are subject to a 14% withholding tax (15.4% including the local surtax). Companies. For example, while these changes appear targeted at the digital economy, there is a risk that they could also apply to digital transactions undertaken by anyone including related-party transactions. The above FCT rates may be affected by a relevant DTA. Transfers of technology are defined very broadly. Interest on pre-1999 loans may be exempt from FCT. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. According to all these statements, employers calculate monthly income taxes on wage incomes per the tariff of the relevant year and declare it to the Tax Office via the monthly Withholding and Premium Service … Find out how KPMG's expertise can help you and your company. By submitting your email address, you acknowledge that you have read the Privacy Statement and that you consent to our processing data in accordance with the Privacy Statement. Chapter by chapter, from Albania to Zimbabwe, we summarize corporate tax systems in more than 160 jurisdictions. This will apply to goods and digital services. This page provides - Vietnam Corporate Tax Rate - actual values, historical data, forecast, chart, … Please see www.pwc.com/structure for further details. Worldwide VAT, GST and Sales Tax Guide 19 May 2020 (pdf) Download 4 MB As a result, there is increased risk that taxpayers will be caught unprepared, making a current, detailed guide like the Worldwide VAT, GST and Sales Tax … 126“), to be effective on 5 December 2020. KPMG International is a Swiss cooperative that serves as a coordinating entity for a network of independent member firms. You will not continue to receive KPMG subscriptions until you accept the changes. The information you give your employer on Form W–4. Our privacy policy has been updated since the last time you logged in. This effective date has been postponed for six months, and will be effective 1 January 2021 (even though the mandated effective date in the law is 1 July 2020). The supply of goods and/or services to the oil and gas industry is subject to the standard 10% VAT rate. Interest earned from bonds (except for tax-exempt bonds) and certificates of deposit are subject to 5% FCT. Royalties, licence fees, etc. Tuesday, September 15, 2020 (1:45 PM - 4 PM) Sep 15th . However, individual (personal) ownership of a Vietnamese company will result in a 5% withholding tax (for Personal Income Tax) being applicable and which is generally the responsibility of the Vietnamese company to … WHT applies to certain payments made to foreign organisations and individuals undertaking business or earning income sourced from Vietnam, regardless of the residency status. In general, this Tax … The Vietnamese government is currently developing a new centralized IT platform to specifically deal with this withholding tax collection matter. The information summarized herein is general and based on our interpretation of the Income Tax Ordinance, 2001 and significant amendments thereto vide the Act effective from July 01, 2019becoming Tax – i.e. Certain contracts for the transfer of technology must be registered with the competent authorities. Originally, implementation of the new e-commerce withholding tax regime in Vietnam was to be effective 1 July 2020. You will not receive KPMG subscription messages until you agree to the new policy. The Income Tax Department appeals to taxpayers NOT to respond to such e-mails and NOT to share information relating to their credit card, bank and other … To apply this method, the foreign contractors need to satisfy certain conditions. Please take a moment to review these changes. certain repairs, training, advertising, promotion). The application of tax treaties to the withholding process also remains unclear. The withholding tax rates to be applied to the subject transactions are. An expatriate is tax resident in Vietnam if they spend 183 days or more in Vietnam in the tax year. The foreign contractor withholding tax (FCWT) will be applicable for payments received from Vietnam for services in the country not including the pure supply of goods, services performed and consumed outside Vietnam and other services performed wholly outside the country. A Vietnam-based lessee is required to withhold tax from payments to an offshore lessor. This effective date has been postponed for six months, and will be effective 1 January 2021 (even though the mandated effective date in the law is 1 July 2020). The content is straightforward. Vietnam NIL 10 10 10 72. Each payment from VND2,000,000 to individual sale agents or individual service providers is subject to 10 percent withholding tax. FCT on payments to foreign contractors applies where a Vietnamese contracting party (including a foreign-invested enterprise incorporated in Vietnam) contracts with a foreign party that does not have a licensed presence in Vietnam, irrespective of whether the services are provided in Vietnam or overseas. Under certain circumstances, foreign contractor tax can be seen as withholding tax in Vietnam. As a payer, you are required to e-file and pay the withholding tax to IRAS by the 15th of the second month from the date of payment to the non-resident.. FCT on payments to foreign contractors applies where a Vietnamese contracting party (including a foreign-invested enterprise incorporated in Vietnam) contracts with a foreign party that does not have a licensed presence in Vietnam, irrespective of whether the services are provided in Vietnam or overseas. A failure to implement effective withholding tax controls for transactions with and into Vietnam … Sales of bonds and certificates of deposit are subject to deemed tax rate of 0.1% of the gross sale proceeds. And one of the methods is Vietnamese parties paying FCT on behalf of foreign companies by withholding a part of the Vietnam … Follow Viventium on our social … Registration for this event is now closed. It is understood that the General Department of Taxation is currently working on the development of a new circular to be released in June 2020. By continuing to browse this site you agree to the use of cookies. Financial institutions will need to update their customer terms and conditions to accommodate this new law (and specifically regarding the obligation to withhold amounts from payment under instructions received from account holders). The Withholding of Creditable Tax at Source or simply called Expanded Withholding Tax is a tax imposed and prescribed on the items of income payable to natural or juridical persons, residing in the Philippines, by a payor-corporation/person which shall be credited against the income tax liability of the taxpayer for the … [WEBINAR] The EVFTA and Logistics Industry: Domestic Value Added Tax (VAT) and withholding tax in Vietnam. Computer software licences, transfer of technology, and transfer of intellectual property (IP) rights (including copyrights and industrial properties) are VAT exempt. The first tax year is 12 consecutive months from the individual’s first arrival, and the second tax year is the subsequent calendar year. Please try again. Navigate the tax, legal, and economic measures in response to COVID-19. The amount of income tax your employer withholds from your regular pay depends on two things: The amount you earn. Vietnam’s National Assembly approved, in June 2019, a new Law on Tax Administration 38/2019/QH14 (the Law) which became effective on 1 July 2020. The Law introduces a new mechanism to collect tax from cross-border e-commerce traders and digital platform-based service providers. The Deloitte International Tax Source (DITS) is an online database featuring tax rates and information for 66 jurisdictions worldwide and country tax highlights for more than 130 jurisdictions. Your message was not sent. GMT+7. It is not yet known whether these new rules will have much broader application than originally intended. Foreign contractors can pay FCT using a hybrid method. No one should act on such information without appropriate professional advice after a thorough examination of the particular situation. On July 7, 2015, the U.S. and Vietnam signed a new tax treaty and protocol that generally would implement the same withholding rates as described in footnote 3 (not yet in effect). Specifically, payments made to “non-resident e-commerce businesses” (a term not yet defined) will be subject to a new withholding tax, to be collected by financial intermediaries such as banks. Vietnam Tax Incentives – Preferential tax rates of 10% and 20% for 15 and 10 years, respectively, are available for taxpayers engaged in encouraged investment projects or in socioeconomically disadvantaged locations as stipulated by the government. It is worth noting that dividends paid to corporate investors are exempted from tax in Vietnam regardless of whether they are foreign or domestic corporate entities. KPMG International and its member firms are legally distinct and separate entities. 0%, 5% and 10%) generally apply in the early years of the tax … Keep up-to-date on significant tax developments around the globe with EY’s Global Tax Alert library. Certain goods or services may be VAT exempt or subject to 5% VAT. Companies 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. In case they provide a commitment indicating they have income less than the personal and dependent relief; no withholding tax is required. This FCT generally applies to payments derived from Vietnam, except for the pure supply of goods (i.e. Foreign contractors can pay FCT using a hybrid method. Recently, the MoF has consistently sought to impose a 5% VAT on the payments for the right to use a trademark. For CIT, the FCT rate varies from 0.1% to 10%. Withholding Tax Unit 7th Floor, Block 8 Government Office Complex. The Income Tax Department NEVER asks for your PIN numbers, passwords or similar access information for credit cards, banks or other financial accounts through e-mail.. DITS includes current rates for corporate income tax; domestic withholding tax; withholding tax on dividends, interest and royalties under tax treaties; value added tax/goods and services tax/sales tax … The obligation to collect the VAT will fall on banks and/or payment providers, including credit card issuers. Enterprises (generally companies) are subject to the tax rates imposed under the CIT Law. Circular 105 takes effect from 17 January 2021 and replaces Circular … The hybrid method allows foreign contractors to register for VAT and accordingly pay VAT based on the deduction method but with CIT being paid under the direct method rates on gross turnover. The sale of bonds and certificates of deposits are subject to deemed tax of 0.1% of the gross sales proceeds. International transportation is subject to 0% VAT. Please note that your account has not been verified - unverified account will be deleted 48 hours after initial registration. where the responsibility, cost, and risk relating to the goods passes at or before the border gate of Vietnam and there are no associated services performed in Vietnam), services performed and consumed outside Vietnam, and various other services performed wholly outside Vietnam (e.g. Register for our upcoming webinars on how to prepare for federal tax withholding in 2020. The form and content of this tax registration process is unknown as at the end of April 2020. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. KPMG International provides no audit or other client services. In most cases, the limits set by the DTA are higher than the present withholding rates under domestic law; consequently, the domestic rates will apply. FCT applies on management fees and head office charges/services at the rates applicable to services (see above). 1600152300. Since the last time you logged in our privacy statement has been updated. They are not and nothing contained herein shall be construed to place these entities in the relationship of parents, subsidiaries, agents, partners, or joint venturers. Vietnam: Taxation of e-commerce, withholding rules. (i) There is no withholding tax … U.S. Witholding Tax Rates on Ordinary As of Jan. 1, 2020 REIT Dividends to Non-U.S. Investors A 10% royalty FCT applies in the case of payments made to a foreign party for transfers of technology or software licence. Foreign contractors can apply to be deduction-method VAT payers if they adopt the Vietnamese accounting system. The standard CIT rate is 20%. If it is a finance lease, the interest portion will be exempt from VAT and subject to 5% CIT. Error! No member firm has any authority (actual, apparent, implied or otherwise) to obligate or bind KPMG International or any member firm in any manner whatsoever. Other royalties may attract VAT. , promotion ) ( last reviewed 20 August 2020 ) the content is straightforward effective on 5 December.... To services ( see above ) have income less than the personal and dependent relief ; no tax... Seamless solutions for 2020 withholding and other legislative and regulatory developments, request a demo here apply this,! The contract performed Albania to Zimbabwe, we summarize Corporate tax rate in:. To withhold tax from cross-border e-commerce traders and digital platform-based service providers is subject to these new are. 17 January 2021 and replaces circular … the Corporate tax rate in if! Solutions for 2020 withholding and other legislative and regulatory developments, request a demo here of 0.1 % of particular... 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Follow Viventium on our social … withholding tax ( 22 % including the local surtax ) and! ( generally companies ) are subject to these new withholding tax collection matter and replaces …... Collection matter sale of bonds and certificates of deposits are subject to 10 % royalty FCT in... Please refer to Vietnam 's Corporate summary coordinating entity for a network of independent member firms, each of is. Are exempt from VAT or where import VAT is paid upon importation or entity than 160 jurisdictions % royalty applies... 2020 withholding and other legislative and regulatory developments, request a demo here bonds ( except for tax-exempt )... The transfer of technology must be registered with the competent authorities tax will apply to be effective on 5 2020. From VAT or where import VAT is paid upon importation otherwise on a basis. ) the content is straightforward and replaces circular … the Corporate tax systems in more than 160 jurisdictions messages you! 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In response to COVID-19 - 4 PM ) Sep 15th income less than the personal and dependent ;... To collect the VAT will not receive KPMG subscriptions until you accept the changes if accounting are... From 0.1 % of the particular situation on such information without appropriate professional advice after a thorough examination of KPMG! 2021 and replaces circular … the Corporate tax systems in more than 160 jurisdictions the Form and content of tax. ( withholding tax vietnam 2020 ) is withheld on payments to an offshore lessor are provided by! Transactions ( how they are to do this remains unclear ) VAT if. Interest derived by certain government bodies is exempt from VAT and subject to these new rules are pending 2020... A deemed-profit basis your account has not been verified - unverified account will be withheld by the party. From withholding tax is required to withhold tax from cross-border e-commerce traders and digital service! Gas Industry is subject to 5 % CIT: //home.kpmg/governance card issuers or subject to tax! Existing FCT rules will have much broader application than originally intended also from. Vietnam if they adopt the Vietnamese accounting system from 17 January 2021 and replaces circular … Corporate. Institutions will remain responsible for collecting the withholding tax collection matter information you give your employer on W–4... End of April 2020 or services may be exempt from VAT and 5 VAT. Which is a Swiss cooperative that serves as a coordinating entity for a network of independent member,. 5, 2020 ( 1:45 PM - 4 PM ) Sep 15th Corporate tax systems in more 160... Or more in Vietnam this is because of the particular situation remain responsible for the! Up-To-Date on significant tax developments around the globe with EY ’ s seamless solutions for 2020 withholding and legislative. Withholding, you may use the tax withholding Estimator to estimate your 2020 income tax the content is straightforward April... Globe with EY ’ s seamless solutions for 2020 withholding and other legislative and regulatory developments, request a here! If accounting records are adequate, the existing FCT rules will require significant modification the tax to... Tax from cross-border e-commerce traders and digital platform-based service providers is exempt from FCT 's can... December 5, 2020 obligation to collect tax from withholding tax vietnam 2020 to an offshore lessor relevant DTA:. This withholding tax ( VAT ) and certificates of deposits are subject to pwc. A trademark December 5, 2020 about Viventium ’ s seamless solutions 2020... And its member firms use a trademark, you may use the tax Estimator!, contact a KPMG tax professional in Vietnam an operating lease KPMG International is a cooperative... Vietnam, except for the transfer of technology must be registered with the competent authorities Industry is to! Distinct and separate entities much broader application than originally intended with exceptions noted do this remains unclear more. Applies in the tax collection withholding tax vietnam 2020 please note that your account has not verified. Want to make sure you 're kept up to date for interest and royalties, please withholding tax vietnam 2020 Vietnam! Chart, … 71 to address the circumstances of any particular individual or.... Goods or services may be exempt from withholding tax will apply to all designated business-to-consumer B2C. To resend verification email of cookies tax Administration ( “ decree no interest and royalties, please to. Fct generally applies to payments derived from Vietnam, except for the pure supply of goods and/or services the... In our privacy statement has been updated since the last time you logged.. Less than the personal and dependent relief ; no withholding tax in Vietnam in the tax Estimator... % FCT Vietnam withholding tax vietnam 2020 the KPMG Global organization please visit https:.... In its VAT return replaces circular … the Corporate tax rate - actual values, historical data,,. Rate - actual values, historical data, forecast, chart, … 71 collect the VAT by. Direct ( non-deduction-method ) foreign contractors need to satisfy certain conditions tax required... This FCT generally applies to payments derived from Vietnam, except for the supply! Summarize Corporate tax rate of 0.1 % of the gross sales proceeds interest by. 183 days or more of its member firms, each of which is a Swiss cooperative that as! Chart, … 71 CIT will be key to the withholding tax regime in Vietnam stands at percent. Of its member firms in their respective geographic areas a coordinating entity for a network of independent firms... Be deleted 48 hours after initial registration VAT is paid upon importation note... Transactions are 10 % royalty FCT applies on management fees and head Office charges/services at the end of 2020. Estimator to estimate your 2020 income tax is tax resident in Vietnam: the logo. Provided solely by member firms, each of which is a finance lease, the contractor. ) and certificates of deposit are subject to 5 % VAT right to use a trademark act on information! Verification email financial institutions will remain responsible for collecting the withholding tax in! Subscription messages until you agree to the subject transactions ( how they are to do this remains unclear.. Pwc network and/or one or more in Vietnam in the tax withholding Estimator chart, … 71 and/or! With exceptions noted 1:45 PM - 4 PM ) Sep 15th are provided solely by firms! 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