How to reduce how much you owe in taxes

As foreign direct investment (FDI) business representatives and analysts gathered at an investment forum Wednesday morning, Deputy CEO of Deloitte Vietnam Phan Duc Hoang said that the new global minimum corporate tax was designed to block multinationals from tax avoidance. Starting next year Vietnam is set to apply a 15% tax on profits from multinationals with total revenues of at least EUR750 million ($819 million) in two of the preceding four years. Hoang said if a South Korea-based company that has a factory in Vietnam is paying taxes for less than 15% of its profits, it will be taxed in South Korea to ensure the 15% level is achieved. If South Korea does not also implement the extra tax on the company, other countries that have approved the new global minimum corporate tax, such as Indonesia and Thailand, will have the rights to impose the tax, he added. For this reason, Do Thien Anh Tuan from the4 Fulbright School of Public Policy and Management, forecast that Vietnam will … [Read more...] about Don’t rely on tax incentives for FDI: analysts

A press conference was held by the General Statistics Office (GSO) on Wednesday. Viet Nam’s gross domestic product (GDP) expanded by 3.32 per cent in the first quarter of 2023. — VNS Photo Linh Anh Viet Nam’s gross domestic product (GDP) expanded 3.32 per cent in the first quarter of 2023, the General Statistics Office (GSO) said yesterday. The expansion is nearly the lowest in 13 years, with Q1 of 2020, which recorded growth of 3.21 per cent. Speaking at a press conference, officials from the GSO said that the agro-forestry-fishery sector expanded by 2.52 per cent and contributed 8.85 per cent to the GDP growth. The industry and construction sector contracted by 0.4 per cent, leading to a 4.76 per cent decline in the growth, and the service sector increased by 6.79 per cent to contribute to 95.91 per cent of the overall expansion. In the agro-forestry-fishery sector, agriculture saw a year-on-year increase of 2.43 per cent in added value, forestry 3.66 per cent, and … [Read more...] about Viet Nam’s economy grew 3.32% in Q1, near the 13-year quarterly lowest

A bank employee handles cash. The corporate bond market has flourished with an estimated annual issuance value of over VND500 trillion (US$21.9 billion) in 2021. — VNA/VNS Photo The State Bank of Viet Nam has unveiled a preliminary revision to Circular 16, requesting public input on proposed modifications that would permit credit institutions to procure corporate bonds as a means of boosting liquidity in the corporate bond market. The revision corresponds to Decree 08 of the Government, which went into effect on March 5 and aims to address bottlenecks in the corporate bond market. Circular No. 16/2021/TT-NHNN, issued on November 10, 2021, delineated principles for the acquisition and sale of corporate bonds by credit institutions. The preliminary revision aims to clarify and expound on various components of Circular 16 to avoid ambiguities and gaps. The notable changes include more specific regulations for banks in investing in corporate bonds, such as banks’ responsibility … [Read more...] about SBV’s draft regulations encourage banks to support corporate bond market