A mixed excise regime with a suitable roadmap is a reasonable way to increase the special consumption tax on tobacco, a conference titled “Special consumption tax – Harmonising the State budget and business development” heard in Hanoi.
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.
Relevant agencies have rolled out various solutions this year to help taxpayers cope with the adverse impact of COVID-19, a forum on tax policy held in Hanoi on December 18 heard.
The Government has submitted a proposal to the National Assembly to extend the agricultural land tax exemption policy to the end of 2025 to support farmers and encourage the development of agriculture.
The automobile market is expected to boom this year as the Government mulls a number of favourable policies to help reduce costs, improve demand and increase output.
The International Monetary Fund (IMF) on July 16 said Vietnam’s economic growth is projected to slow to 6.5 percent in 2019 from a 10-year high of 7.1 percent in 2018, reflecting weakening external conditions.
The revenue from taxes that is meant to discourage the production and consumption of products hazardous to the environment is said to have yet to make up for the losses they cause.
Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Finance (MOF) and General Department of Taxation (GDT) to study media reports on transfer pricing of foreign direct investment (FDI) enterprises and tax policy.
The changes in tax policy and investment incentives are the issues of greatest concern for foreign investors in Vietnam, said Bui Ngoc Tuan, Deputy General Director of the Audit and Advisory firm Deloitte Vietnam at a workshop on in Hanoi on July 10.
Investor confidence is forecast to soar following recent Thai economic expansion, continuously increasing stock market index and the global economic recovery.
Although FDI has played an important role in boosting Vietnam’s economy, recent changes in policies and regulations have exposed many foreign investors to considerable risks and obstacles.
Ford Vietnam saw an increase in October retail sales from the previous month to nearly 2,300 vehicles amid a slowdown in industry sales as customers delay purchases ahead of the new tax policy slated for January.
The Ministry of Finance has proposed that the Government apply a special consumption tax on pickups to be set at 60 percent of the tax on cars with nine seats or less with similar engine displacement, a move that would sharply increase their costs.
When a bill on amendments and supplements to the Law on Environmental Protection Tax is approved by the National Assembly, environmental protection taxes on HCFC (hydro-choloro-flouro-carbon) solution and plastic bags might be raised because these products have critical impacts on the environment, said a finance official.
Ca Mau province has had difficulties meeting its seafood export turnover goal of 1.35 billion USD this year, according to the provincial Association of Seafood Processors and Exporters.
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