Prime Minister Nguyen Xuan Phuc at the sixth GMS Summit “We have been working to meet our commitments to protect intellectual property rights, innovative ideas, and the inventions of startups. We will continue to boost tax policy reforms and corporate income tax will be decreased to 15-17 per cent from the current 20-22 per cent,” stated Prime Minister Nguyen Xuan Phuc at the sixth Greater Mekong Subregion (GMS) Summit. At the summit, the PM said that in 2017, Vietnam continued to maintain one of Asia’s highest economic growths, with inflation controlled at 3.5 per cent. The country’s interest and exchange rates remained stable, trade turnover reached a record $425 billion, and foreign reserves have exceeded $60 billion. According to the World Bank, Vietnam’s Ease of Doing Business Index last year jumped 14 places to stand 68th among 190 economies. The World Economic Forum (WEF) placed Vietnam’s Global Competitiveness Index (GCI) at 55th out of … [Read more...] about PM promises 5 7 per cent corporate income tax cuts at GMS Summit
Corporate
Mitsubishi Corporation aims for multi sectoral expansion in Vietnam
Japan's Mitsubishi Corporation is looking to expand investment in transport infrastructure, airport, seaport, energy, and renewable energy sectors in Vietnam. Mitsubishi Corporation has ambition to expand its operation in Vietnam This was announced by Takehiko Kakiuchi, chairman cum general director of Mitsubishi Corporation, at the meeting with Prime Minister Nguyen Xuan Phuc on March 26. At the meeting, the prime minister proposed Mitsubishi to invest in the above sectors and Takehiko Kakiuchi agreed, saying that expansion in these directions would be suitable with the firm’s long-term development plan in Vietnam. Besides, Mitsubishi also eyes the manufacturing sector and the automobile industry in Vietnam. Signing the MoU is an important initiative demonstrating Mitsubishi Motors' strong commitment to accelerating the adoption of sustainable automotive technologies across rapidly developing markets such as Vietnam. In the latest movement, in a meeting between … [Read more...] about Mitsubishi Corporation aims for multi sectoral expansion in Vietnam
Corporate partners cut cord with NRA as ground shifts in gun debate
More than half a dozen U.S. companies have abruptly cut ties with the National Rifle Association as gun safety activists on Friday intensified calls for a boycott in the wake of last week's Florida high school massacre. The social media-fueled campaign has led a range of corporations, from a major insurer to three car rental brands, to sever relationships with the gun rights advocacy group. Amazon.com Inc and other online streaming platforms are also facing demands to drop the online video channel NRATV, featuring programming produced by the group. Moms Demand Action for Gun Sense in America, founded after 20 first-graders were shot and killed at a school in Connecticut in December 2012, sent letters to Apple Inc, AT&T Inc , Amazon, Alphabet Inc's Google and Roku Inc on Friday, asking them to drop NRATV from their products. None of the companies immediately responded to requests for comment on the letters. "We have been just disgusted by NRATV since its beginning," Shannon … [Read more...] about Corporate partners cut cord with NRA as ground shifts in gun debate
Northern Power Corporation spreads the light
Lê Quang Thái, deputy director general of the EVN Northern Power Grid, talks to the Nông thôn Ngày nay (Countryside Today) about his corporation’s resolve to do their best to supply electricity to all households in northern mountainous provinces. What did the EVN Northern Power Grid achieve in 2017? The EVN Northern Power Corporation (NPC)’s target to have electricity to light up all rural areas nationwide has been running for many years. Now, almost 100 per cent of communes in northern Việt Nam are connected to the national grid. Though facing many challenges in 2013-2017, the EVNNPC worked closely with 27 provincial and city authorities to mobilise nearly VNĐ6.5 trillion (US$285 million) to invest in a dozen projects to bring electricity to rural and remote areas. Many villages and communes in remote areas still do not have electricity. Do you have any plan to solve this problem? In reality, it is quite different from people living in … [Read more...] about Northern Power Corporation spreads the light
New corporate income tax law aims to halt tax evasion
In the latest draft of Law on Corporate Income Tax, the Ministry of Finance has raised a regulation aimed at preventing multinational companies with related-party transactions from evading taxes. Tax experts expect that the cap on interest expense for tax reduction would help prevent transfer pricing and tax evasion. (File Photo)According to the proposed regulation in the amended draft, the part of interest expense that exceeds 20 percent of the company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) will not be subject to tax deduction.The ministry said several foreign-invested companies operating in real estate, trade and services, for example, reported losses despite posting growths in revenue and expanding their businesses.Looking at their financial reports, the ministry found that one of the reasons for the loss was the huge sum of interest expense the parent companies needed to pay.Experts said the cap on interest expense for tax reduction would … [Read more...] about New corporate income tax law aims to halt tax evasion