Payment deadlines for value added tax (VAT), corporate income tax, personal income tax, and land rent in 2024 are set to be extended, involving a total tax value of nearly 84 trillion VND (3.3 billion USD).
The tax sector collected more than 1,048 trillion VND (nearly 43 billion USD) for the State budget in the first nine months of 2023, equivalent to 76.3% of the estimate for the whole year and 94.9% compared to the figure in the same period last year, the General Department of Taxation reported on October 4.
The Thai government has decided to waive personal income tax for foreign actors when working in Thailand in the next five years, in a fresh bid to attract foreign crews to the country.
Two decrees on the extension of deadlines for payment of taxes and land rental fees will take effect immediately after the Government’s approval, according to Dang Ngoc Minh, Deputy Director of the Ministry of Finance (MoF)’s General Department of Taxation.
E-commerce platforms must be electronically connected with tax management agencies from the beginning of next year, not from next month, as the tax watchdog aims to better collect taxes from sellers operating on the platforms.
The Vietnam e-Commerce Association (Vecom) said that a number of regulations in Circular 40 were not yet feasible, which could impact activities of hundreds of thousands of individuals doing business on e-commerce floors.
The Ministry of Finance has submitted a proposal to the Government seeking approval to create a decree expanding the timeframe for tax and land lease payments.
The Ministry of Planning and Investment has asked for corporate income tax (CIT) to be cut for small and medium-sized enterprises (SMEs) by half this year in an effort to boost growth when the COVID-19 pandemic eases.
The latest proposal to tax an individual’s income from the interest accrued from the savings deposited in banks has become a bone of contention between the parties concerned.
The Ministry of Finance (MoF) has introduced a draft of amendments to laws on Value Added Tax, Special Consumption Tax, Corporate Income Tax, Personal Income Tax and Natural Resources Protection Tax.
Small and home-based business owners who use the Facebook platform to sell products and have revenue of more than 100 million VND (4,500 USD) per year will be taxed at five percent.
Foreign experts working on aid projects for foreign non-governmental organisations (NGOs) and Vietnamese nationals employed by UN organisations in Vietnam will be exempted from personal income tax.
