Leasehold improvements under new tax law

To promote the management of real estate transfer activities, the Ministry of Finance has sent an official dispatch to the People's Committees of provinces and centrally-run cities, to co-ordinate and implement solutions to prevent losses. — VNA/VNS Photo Thành Đạt HÀ NỘI — Organisations and individuals buying, selling and transferring real estate under two separate prices, meaning that the actual purchase price is lower than that on the notarised contract, is increasingly common and has caused great losses of revenue to the State budget. The tax industry has implemented many solutions, recommending that taxpayers need to be honest in declaring actual prices to protect their own interests. In real estate transfer activities, there are still cases in which the house prices declared on real estate transfer contracts with notarised certification, are much lower than the actual prices. There are also contracts of purchase and sale of houses and … [Read more...] about False declaration of prices in transferring real estate cause losses

Positive prospects Total consolidated revenue of the Vietnam National Textile and Garment Group (Vinatex) in the first quarter of 2022 reached nearly VND4.9 trillion, a year-on-year increase of 45 percent. Its pretax profit reached VND376.7 billion, up 74 percent compared with the first quarter of 2021, and equivalent to 39.6 percent of the annual projection. Many textile and garment companies have received orders to maintain exports until the end of the third quarter of 2022 Vinatex attributed these results to the fact that most yarn companies of the group received orders in 2021 to maintain exports in 2022 and to the forecast about cotton price increases resulting in a large volume of low-priced cotton in stock. In early 2022, member companies of Vinatex achieved satisfactory business results and many received orders for the first three quarters of the year. The yarn sector so far has fulfilled 63 percent of its annual business plan. Garment companies have … [Read more...] about Q1 reports of Vietnamese enterprises reflect economic recovery

Deputy Minister of Finance Nguyễn Đức Chi. The State authorities have recently taken a number of measures to strengthen the management and supervision of the securities market, including replacing the head of the State Securities Commission and taking disciplinary measures against leaders of the two national stock exchanges and the Việt Nam Securities Depository. Deputy Minister of Finance Nguyễn Đức Chi, who was appointed to take the charge of the State Securities Commission from May 19, spoke to the media about solutions to ensure the stable and safe operation of the securities market in the future. What is the view of the Ministry of Finance on the recent violations of the State management agencies in the securities market? Recently, authorities inspected activities on the stock market as well as State management agencies in charge of the market and have discovered the shortcomings and weaknesses of officials and civil servants in the … [Read more...] about Different plans to be prepared for safe and effective operation of the securities market

Illustrative photo (Source: VNA) Hanoi (VNA) - The Bank for Investment and Development of Vietnam (BIDV) and the Asian Development Bank (ADB) on May 25 co-organised a workshop to announce a report on Vietnam’s financial market in 2021 and its 2022 outlook. BIDV Senior Executive Vice President Tran Phuong said it is a result of research by a team of ADB and BIDV experts. This is the first time a Vietnamese financial institution has collaborated with ADB to make a comprehensive assessment report on the Vietnamese financial market, covering the fields of banking, securities, and insurance, he noted. Looking back at 2021, the report states that the world economy recovered quite quickly along with a rapid increase in inflation due to the majority of countries reopening socio-economic activities. The global financial market continued its fast recovery given the new normal condition and strengthened confidence. In that context, Vietnam's economy recovered quite … [Read more...] about BIDV, ADB release report on Vietnam’s financial market