Cross-border M&A deals cause unsolved tax issues, illustration photo Cross-border headaches In recent years, along with the general rise in mergers and acquisitions (M&A) deals in Vietnam, overseas companies have been conducting more high-profile deals among themselves for assets based in the country. And, most of the time, tax confusion and controversies follow these transactions. The latest example is ConocoPhillips and Perenco, which do not want to pay nearly $180 million in taxes levied on the sale of its assets in Vietnam to Perenco six years ago. ConocoPhillips argued it cannot be taxed because the transaction was conducted between two foreign entities “with no taxable presence in Vietnam”. This case harkens back to the controversial Uber and Grab merger in April this year. Singapore-based Grab, the buyer of Uber’s Southeast Asian business, said it would not be responsible for taxes owed by Uber to the Ho Chi Minh City government, which reached $2.3 … [Read more...] about Cross-border M&A deals cause unsolved tax issues
Income tax lawyer
Trump’s ex-campaign chief Manafort found guilty of tax, bank fraud
File photo of Paul Manafort arriving for a hearing at US District Court on June 15, 2018 in Washington, DC. (MANDEL NGAN/AFP) The guilty verdicts on eight counts are a victory for special counsel Robert Mueller's investigation into Russian election interference and possible collusion between the Trump campaign team and Moscow. Trump, who has repeatedly maligned the Mueller probe, views it as a stain on his presidency and has pushed for it to be ended, described Manafort's conviction as "very sad." US District Judge T.S. Ellis declared a mistrial on 10 counts on which the jury was unable to reach a unanimous verdict. But the jurors found Manafort guilty of the remaining eight counts: five of making false income tax returns, two of bank fraud and one of failure to report foreign bank and financial accounts. While the 69-year-old Manafort could theoretically live out the remainder of his years in prison as a result of the convictions, a legal expert told AFP that his time behind bars … [Read more...] about Trump’s ex-campaign chief Manafort found guilty of tax, bank fraud
Trump’s ex-lawyer Cohen pleads guilty to fraud, campaign finance violations
Michael Cohen, former personal attorney for US President Donald Trump. (Drew Angerer/GETTY IMAGES NORTH AMERICA/AFP) The former lawyer and businessman pleaded guilty to five counts of tax fraud, one of bank fraud and two counts of violating campaign finance laws during the hearing before US District Judge William Pauley in Manhattan. Questioned by the federal judge, Cohen said he had paid sums of US$130,000 and US$150,000 each to two women who claimed they had affairs with Trump, acting at his boss's request, in a bid to buy their silence "with the purpose of influencing the election." Cohen did not specify the women's names, but the sums correspond to a payment known to have been made to porn star Stormy Daniels just before the election to silence her claims of a one-night stand with Trump - and another destined for former Playboy model Karen McDougal. Cohen's explosive assertion - which suggests Trump may have committed a crime - was all the more spectacular coming from a man who … [Read more...] about Trump’s ex-lawyer Cohen pleads guilty to fraud, campaign finance violations
Tax investigation removed from draft tax management law
Tax investigation removed from draft tax management lawBy Minh Tam Customers are seen buying goods at a supermarket. Regulations on tax investigation have now been removed from the latest draft version – PHOTO: TL HCMC - Regulations on tax investigation, which were included in the draft of the tax management law last year, have now been removed from the latest version. When the Ministry of Finance proposed assigning tax investigation duties to the tax authority last November, many enterprises, experts and lawyers voiced their concerns. The Ministry of Finance wanted the tax authority to have the power to demand that agencies, organizations and individuals provide information and materials to facilitate inspections and investigations into violations of tax regulations and tax evasion. Besides this, in the previous proposal, if there is evidence of violations, heads of inspection teams should be able to seal goods, storehouses and documents and take violators into … [Read more...] about Tax investigation removed from draft tax management law
Electronics retailer owes $6.42m in fines, back taxes over past decade
Viet Nam News HÀ NỘI — HCM City-based electronics retailer Nguyễn Kim has been asked to pay nearly VNĐ150 billion (US$6.42 million) in fines and tax arrears after it was found to have been improperly manipulating the amount of personal income tax its employees had to pay over the past 10 years. The whopping sum includes VNĐ104.74 billion (US$4.5 million) in personal income tax arrears, a VNĐ19.41 billion fine for administrative violations and another VNĐ24.18 billion penalty for late tax payment, according to the HCM City tax department. The city’s taxman launched an inspection into Nguyễn Kim, in which Thailand-based Central Group holds a 49 per cent stake, on May 28 and announced the results on June 29. Last year, the employees of Nguyễn Kim authorised the company to settle the tax bill but Nguyễn Kim dodged the payment of personal income tax for its executives and employees by shifting its employees’ … [Read more...] about Electronics retailer owes $6.42m in fines, back taxes over past decade