Vietnamplus

A number of changes has been proposed to Vietnam's preferential tax policies by the Ministry of Finance (MoF).

The taxation agencies of Vietnam and the Republic of Korea (RoK) have recently negotiated issues related to double taxation avoidance and the implementation of tax policies.

The Vietnam Chamber of Commerce and Industry (VCCI) recently sent an official dispatch to the Ministry of Finance, suggesting changes to tax policies to support sectors hit by the COVID-19 pandemic.

The Ministry of Finance (MoF) recently held a dialogue on tax and customs policies with the Republic of Korea (RoK)’s firms in both in-person and virtual forms.

Tax policies for the real estate sector must be carefully studied and introduced at the appropriate time to ensure feasibility and limit speculation, according to the Ministry of Finance.

The General Department of Taxation must hasten reforms to create a favourable environment for enterprises to recover their business from the ravages of the COVID-19 pandemic, which was critical to increase tax revenue, Deputy Minister of Finance Tran Xuan Ha has said.

The Vietnam Institute for Economic and Policy Research (VEPR), in coordination with Oxfam, Prakarsa, Tax and Fiscal Justice Asia (TAFJA) and Vietnam Tax Justice Alliance (VATJ), on June 25 announced research outcomes on the case of corporate tax incentives in the ASEAN towards sustainable tax policies in the ASEAN Region.

Despite the COVID-19 pandemic, the number of newly registered enterprises in the Mekong Delta province of Tra Vinh has risen this year compared to the same period last year.

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 Finance has proposed cutting corporate income tax (CIT) rates on small and micro businesses from the current 20 percent to 15-17 percent.

Specialists have recommended revisions to tax policies in order to steer the economy towards green growth and sustainable development in Vietnam.

Prime Minister Nguyen Xuan Phuc asked the financial sector to stay updated with the development of Industry 4.0 so as to expand the tax base.

The budget revenue of the General Department of Customs (GDC) surpassed 261.1 trillion VND (11.5 billion USD), or 91.6 percent of the 2017 target as of November 28.

The Vietnam National Oil and Gas Group (PetroVietnam or PVN) is striving to fulfil the target of exploiting 13.28 million tonnes of crude oil and 10.61 billion cu. m of gas in 2017, PVN Deputy Director Do Chi Thanh said at a conference in Hanoi on July 13.

Vietnam wants suggestions from its partners, including the World Bank (WB), about how to tackle difficulties in balancing the State budget as well dealing with public and bad debts.

Thailand has become Vietnam’s leading automobile exporter in the first quarter of this year, with a volume of more than 7,800 units, a 64.5 percent increase compared with the same period last year.