The ratio of bad debts in the domestic banking system will be dropped below 3 percent by the end of 2020, making contribution to restructuring the macroeconomic policy.
Experts said that in order to deal with bad debts more effectively, local governments and management agencies need to remove obstacles quickly, proactively and actively.
The Ministry of Finance estimated that the reduction and exemption of the corporate income tax may lead to a decline of some 9.2 trillion VND (395.29 million USD) in the State budget revenue annually.
The Ministry of Industry and Trade (MoIT) has reported some positive signs in the handling of 12 major State-owned projects that have long reported losses, as some have managed to resume operations after suspensions or even record profits.
An international workshop on transfer pricing was held in Hanoi, drawing 200 delegates from the National Assembly, ministries, associations, universities, institutes, and businesses.
The Ministry of Transport has ordered GrabTaxi Vietnam Co Ltd to halt a planned expansion; the company will only be permitted to grow within the five localities in their pilot programme.
Foreign direct investment (FDI) enterprises, which have enjoyed multiple tax incentives, pay the lowest State taxes despite reporting high profits, statistics show.
As the world faces a crisis in wealth distribution, some experts doubt if the accumulation of capital will encourage innovation and investment, but instead, lead to multiple tax burdens and increase the gap between rich and poor.
The Netherlands-based ride-hailing firm Uber International Services Holding B.V has filed a lawsuit against the Ho Chi Minh City Tax Department after it decided to forcibly collect tax, Nguoi Lao Dong (Labourer) newspaper reported.
The Global Alliance for Trade Facilitation (GATF) will help Vietnam to establish a customs bond system – part of the country’s efforts to modernise and reform administrative procedures relating to import and export.
Ho Chi Minh City plans to step up enforcement against smuggling and trade fraud to cope with the increasing number of violations, especially at Cat Lai Port.
The Government Inspectorate of Vietnam has revealed that mismanagement in tax collection between 2012 and 2014 caused mounting arrears and losses of trillions of dong to the State exchequer.
Vietnam will temporarily halt the granting of Government guarantees for loans to new projects from 2017 to ensure a safe level of public debt following Prime Minister Nguyen Xuan Phuc's directive.
Border residents will be exempted from import tariffs and other taxes when buying, selling and exchanging goods valued at the maximum of 2 million VND per capita a day for four days a month.
Prime Minister Nguyen Tan Dung has instructed the Transport Ministry to
work with Ho Chi Minh City authorities to determine Uber's legal status
in Vietnam.
The Government will implement comprehensive measures to meet next year's
annual State budget collection target of 911.1 trillion VND (42.774
billion USD), notwithstanding the insignificant effect of the global oil
price decline.
Some experts are concerned about the
reduction of the State's budget next year as the export value of crude
oil, which has fallen by 30 percent to a four-year low of roughly 60 USD
per barrel, contributes significantly to the nation's coffer.
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