Policies to make

These policies not only introduce new tax treatments such as e-commerce transactions, re-auditing or the application of penalties, but also introduce new regulations of tax compliance and audit management.  Overview of the workshop.  A number of steps are needed for Vietnamese enterprises to comply with tax regulations and ready for changes in tax policy, as well as avoid potential non-compliance risks in a fast-growing digital business environment, according to EY Consulting Vietnam’s experts. In order to ensure the position as one of the fastest growing economies in the Asia Pacific region, Vietnam has introduced various regulatory and tax reforms to maintain its attractive business environment, to attract foreign investment and to support local private enterprises. New Law of Tax Administration in 2019, recent proposals on the application of International Financial Reporting Standards (IFRS) in Vietnam, as well as previous decrees on e-invoices and transfer … [Read more...] about Vietnamese enterprises urged to prepare for changes in tax policy

At the 3rd High-level Meeting and 1st Stakeholder Forum of the VEPG in Hanoi on December 10 (Photo: VNA) Hanoi (VNA) – As many as 40 policy recommendations for a sustainable energy future in Vietnam were introduced by the Vietnam Energy Partnership Group (VEPG) at the 3rd High-level Meeting and 1st Stakeholder Forum of the VEPG in Hanoi on December 10. The recommendations focus on five areas of renewable energy, energy efficiency, energy sector reform, access to energy, and energy data and statistics. According to Rainer Brohm, an international coordinator of the VEPG’s Secretariat, the VEPG Technical Working Groups have worked to give support in solar feed-in tariff (FIT) price and revised solar power purchase agreements (PPAs), as well as rooftop solar power programme in Vietnam. Besides, they also helped Vietnam develop electricity wholesale market and Direct Power Purchase Agreements (DPPA). However, more works need to be done to connect renewable energy to the … [Read more...] about Forum looks into sustainable energy development in Vietnam

Panel discussion on how Vietnamese enterprises need to prepare for changes in tax policy At the Tax and Law Symposium 2019, experts from EY Consulting Vietnam emphasised that apart from handling tax issues appropriately and reducing tax costs, enterprises also need to take care of potential risks of non-compliance, especially in a fast-growing digital business environment. A new Law on Tax Administration in 2019, recent proposals on the application of International Financial Reporting Standards (IFRS) in Vietnam, as well as previous decrees on e-invoices and transfer pricing all share the same goal of raising Vietnamese tax regulations to international standards in order to have a more effective system for both government authorities and taxpayers in tax administration, collection, and tax dispute resolution. These policies not only introduce new tax treatments such as e-commerce transactions, re-auditing, or the application of penalties but also propose new regulations of tax … [Read more...] about EY Consulting Vietnam: enterprises need to prepare for tax changes

Enterprises not only want to develop market share in Vietnam but also to invest in the country so as to make use of trade advantages that Vietnam is enjoying. Attraction from export turnover According to the ministry, by November this year, there were 30 export products with export turnover of above US$1 billion, accounting for 91.6 percent of total exports, mainly focusing on key product lines, including electrics, electronics, garment and textile, footwear, plastics, computers and components. Specially, there were five products with export turnover of above $10 billion, accounting for 59.6 percent. Particularly, cellphones and components had the highest export value of $48.7 billion, accounting for 20.2 percent of total exports, an increase of 5.4 percent over the same period last year. Electronics, computers and components reached export turnover of $32.4 billion, an increase of 19.4 percent. Exports of garment and textile touched $29.9 billion, an increase of 7.8 percent. … [Read more...] about Vietnamese market attractive to foreign enterprises

Production of electronic components at TPR Vietnam Co. Ltd at the Việt Nam-Singapore Industrial Park II (VSIP II) in the southern province of Bình Dương. — VNA/VNS Photo Hải Âu HÀ NỘI – There are nine key tasks that must be accomplished in 2019-20 to restructure Viet Nam’s economy, according to the Minister of Planning and Industry Nguyễn Chí Dũng. Minister Dũng told the National Assembly on Monday afternoon that the Government needed to improve the mechanisms of the market-oriented economy to restructure the economy. Private companies and people must be empowered and given more incentives and reductions in taxes and administrative procedures to nurture their business development, he said. Secondly, a competitive market must be built on two main pillars: better allocation of resources for the private sector and better practice of property rights, Dũng said. In addition, the Government has to … [Read more...] about NA talks key tasks for next stage of economic growth