Raising taxes on petrol imports may offset State budget losses (01-11-2008) On the sidelines of the ongoing National Assembly meeting yesterday, Minister of Finance Vu Van Ninh spoke with the online newspaper VietnamNet about the ministry's plan to raise petroleum import taxes. taxes.rom the current 5 per cent. Why does the ministry plan to raise petrol import taxes, as the world price for petrol is decreasing? Previously, when the world oil price was high, petroleum importers and distributors incurred losses, as the Government did not allow price rises at that time in a bid to control inflation. But the State tried to help out struggling petrol companies by reducing the import tax, as a result State revenues were lower. However, in recent weeks the world oil price has plunged by more than half and inflation has been effectively curbed. It is time to re-balance the interests of the State, people and businesses. Now that the world crude oil price is decreasing, State revenues from oil … [Read more...] about Raising taxes on petrol imports may offset State budget losses
Raising taxes
Obama to raise taxes on US millionaires
President Barack Obama on Monday will call for a higher minimum tax rate on millionaires to ensure they pay the same rate on their earnings as middle-income taxpayers, a White House official said. The plan comes as Obama engages in a months-long, countrywide trek to back his $447 billion jobs bill to reduce 9.1 per cent unemployment and restore trust in his economic leadership. The tax raise is unlikely to pass Congress as Republicans have already rejected Obama's plans to raise taxes and limit deductions for the highest earners, and would see the rule as a political gambit. Republicans say adding to the tax burden will hit small business owners and therefore harm job creation. An administration official said on condition of anonymity that Obama would call his millionaires plan the "Buffett Rule," a reference to an objection by billionaire investor Warren E. Buffett that the richest Americans generally pay a smaller share of their income in federal taxes than middle-income … [Read more...] about Obama to raise taxes on US millionaires
Lawmakers mull raising tax on golf, autos
Lawmakers mull raising tax on golf, autos By Ngoc Lan - The Saigon Times Daily HANOI - Deputies of the National Assembly, the country's lawmaking body, are considering increasing special consumption tax on golf services and automobiles and lifting the tax on air-conditioners. The draft amendments to the law on special consumption tax prompted a heated debate as lawmakers began looking into them in group discussions yesterday at the ongoing session of the legislature in Hanoi. Moreover, this is a conditional business field, so it is appropriate to raise the tax, he said. But lawmakers seemed to be divided over how much the special consumption tax on automobiles should be increased. According to the proposed amendments to the law, all types of auto will be imposed higher tax rates, with some likely to face a tax which is 30% to 70% higher than current levels. An appraisal report by the National Assembly Finance and Budget Committee underscores the need to raise the tax on automobiles to … [Read more...] about Lawmakers mull raising tax on golf, autos
Raising taxes won’t help reduce real estate speculation
Do Duc Doi, Deputy Head of the Ministry of Natural Resources and the Environment's Statistics Department, talked about the possibility of land price fever in 2008, when Vietnam allows foreigners to buy houses and raises tax. Could you please tell us the reasons behind the land price fever in 2007? Since Vietnam has become a WTO member, more and more foreign investors come to Vietnam, which has led to the higher demand for accommodation from foreigners. The average income of Vietnamese people has been increasing, and a lot of people now want to buy houses of their own. Meanwhile, Vietnam has been applying a more flexible policy which allows more immigrants to inhabit cities, which has led to the higher demand for accommodation in big cities like Hanoi and HCM City. Some people said that the land price fever in 2007 resembled the one that occurred in 2002. What do you think about that? I have to say that the Land Law 2003 has been freezing the real estate market. As the result, … [Read more...] about Raising taxes won’t help reduce real estate speculation
Ministries disagree on plan to raise taxes
VietNamNet Bridge - Phap Luat TP HCM has quoted sources as reporting that the Ministry of Finance (MOF) has sent drafts of tax laws to the Ministry of Justice (MOJ) before being submitted to the Prime Minister and NA for approval in 2018. MOF insists on the necessity of raising VATMOF insists on the necessity of raising the VAT rate from 10 percent to 12 percent. The opinions of other ministries vary: while the Ministry of Interior Affairs and SBV (State Bank of Vietnam) advocate the MOF view, others have proposed to reconsider the tax increase plan.MPI (Ministry of Planning and Investment) commented that the tax increase will help increase the state budget revenue from tax collection, but policies need to be designed in a way to serve as the driving force for economic development and create favorable conditions for enterprises to develop.“GSO (General Statistics Office) has estimated that the VAT increase to 12 percent will have an impact on the economy, causing the GDP … [Read more...] about Ministries disagree on plan to raise taxes