Factory workers change shifts at the Thang Long Industrial Park outside of Hanoi. The government is seeking approval from the National Assembly to suspend tax collection from those with a monthly income of less than VND9 million (US$440). … [Read more...] about Tax break proposal aims at practical inflation relief
Paying estimated taxes late
VietNamNet Bridge - Delayed tax filing by businesses has put pressure on both tax agencies and the enterprises themselves. Last - minute payments have been an ongoing problem for years despite efforts to urge companies to pay their taxes early. Reports from several tax departments in Ha Noi said that there was always a long queue of businesses waiting to pay their taxes in the last days of every month. March is peak tax season, a time when multiple tax types come due, including corporate income tax, personal income tax and financial statements. … [Read more...] about Slow tax payments create headaches
Massive revenue without having to pay taxesThe Ho Chi Minh City Department of Taxation has recently issued an ultimatum for Uber B.V Netherlands Co., Ltd. to pay VND66.68 billion ($2.90 million) in tax arrears within 10 days of December 13.Previously, in September, the taxation department asked Uber B.V to pay the tax arrears which included personal and corporate income tax, withholding tax, and value-added tax (VAT), as well as late payment fines. However, Uber B.V refused to pay, arguing that the Double Taxation Avoidance Agreement between Vietnam and the Netherlands gives them exemption.In another case, Le Thi Ai Lien, representative of Saigon Mui Ne, said that the company signed a co-operation contract with international booking site Booking.com. According to regulations, Booking.com will have to deduct a part of its benefits (including profit from business activities in Vietnam) for Saigon Mui Ne so that it can pay corporate income tax (CIT). However, Booking.com … [Read more...] about Thousand billions in lost tax from foreign enterprises
Vietnam’s General Department of Taxation has requested Central Group to pay the regulated tax arrears incurred by the transfer of Big C Vietnam supermarket chain, after failing to collect its dues from previous owner Groupe Casino. In a recently signed document sent to Big C Thang Long International Trade and Supermarket Service Company, one of the companies managing the supermarket chain, the department said the Central Group subsidiary that had received the transferred assets is responsible for paying the tax. However, because the company is a foreign entity not subject to the Vietnamese Laws on Enterprises and Investment, companies currently managing the Big C Vietnam chain will have to file and pay the tax, because they are established according to Vietnamese laws. The department said that in case these companies delay payment, besides having to pay the full tax amount, they will be fined for 0.05 per cent of the tax arrears a day if they are late for 90 days or less, and … [Read more...] about Central Group to shoulder the tax for buying Big C Vietnam?
Deputy Finance Minister Huynh Quang Hai speaks with Nhan Dan (People) newspaper about how the Government has improved tax collection. What makes you confident that the Ministry of Finance will meet its revenue collection goals for 2015? It is estimated that in the first seven months of 2015, a total of VND 404.36 trillion (US$18.5 billion) in state revenue was collected, an increase of 15.7 per cent compared to the same period last year. The sum accounts for 63.3 per cent of the 2015 State budget collection goal. There are various factors contributing to this success, particularly increases in the private business sector tax; environmental protection tax; personal income tax and housing and real estate tax. Meanwhile, tax collection from the state owned enterprises and foreign invested enterprises, in the period under review, also recorded remarkable successes compared to the same period last year. This is an indication showing that production has gradually been restored and … [Read more...] about Tax revenue surges in first half of 2015