Businesses need to be aware of the pitfalls in “substance-over-form” in transfer pricing Decree No.20/2017/ND-CP issued by the government (Decree 20) prescribing tax administration for taxpayers engaging in RPTs and Circular No.41/2017/TT-BTC issued by the Ministry of Finance (Circular 41) providing guidelines for implementing some provisions of Decree 20 have been in effect for nearly two years. These prevailing regulations introduced some new principles to determine transfer prices in RPTs, contributing to certain achievements in conducting transfer pricing audits and inspections, especially a minimisation of tax losses and avoidance of base erosion and profit shifting in companies. There is a principle, which has been perceived for years by taxpayers but has only been recently legalised, for assessing the arm’s length nature of RPTs, namely “substance-over-form.” In the followings some common circumstances and risks typically faced by taxpayers … [Read more...] about “Substance over form” in transfer pricing – facts and risks
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ADB supports Indonesia’s recovery and rehabilitation of Lombok and…
The loan will provide immediate funding for the government’s recovery and rehabilitation action plans, targeting urgent needs such as temporary shelters, social protection and social services, as well as economic recovery through cash assistance, credit schemes, and skills improvement programs.“ADB’s emergency assistance loan provides timely and flexible financing to help mitigate the devastating impacts of the recent disasters,” said ADB’s Director for Public Management, Financial Sector, and Trade Division for Southeast Asia Ms. Sona Shrestha. “The quick-disbursing loan modality will help ensure that post-disaster recovery and rehabilitation expenditures are met without compromising critical economic and social development expenditures in the national budget.”The loan, named Emergency Assistance for Recovery and Rehabilitation from Recent Disasters, is part of ADB’s response to two recent disasters that hit Indonesia including a … [Read more...] about ADB supports Indonesia’s recovery and rehabilitation of Lombok and…
VN’s economic growth to support banks’ operating environment: Moody’s
Moody’s has changed its 12-18 month outlook on the banking system in Vietnam to stable from positive (Photo: Eximbank) Hanoi (VNA) – Moody’s Investors Service has changed its 12-18 month outlook on the banking system in Vietnam (Ba3 stable) to stable from positive. It released the report “Banking System Outlook – Vietnam: Economic growth and improving asset quality support stable outlook”, on November 8. The stable outlook is based on Moody's assessment of six drivers: operating environment (stable); asset risk (improving), capital (stable); funding and liquidity (stable); profitability and efficiency (improving); and government support (stable). With the operating environment, Moody's says that strong economic growth in Vietnam will support the banks' operating environment. The credit rating agency expects Vietnam's real GDP growth to remain one of the strongest in ASEAN, at 6.7 percent in 2018 and 6.5 percent in 2019, driven by improved … [Read more...] about VN’s economic growth to support banks’ operating environment: Moody’s
Online wildlife trade needs to be better monitored
Illegal online trade of wildlife is occurring on websites that end with “.vn” and “.com” domain names, including social media websites.(Photo: VNA) HCM City (VNS/VNA) - Vietnam’s illegal online trade of wildlife is occurring on websites that end with “.vn” and “.com” domain names, including social media websites, according to a study released recently by TRAFFIC. The study “Vietnam Online: A Rapid Assessment of E-commerce Wildlife Trade in 2017” monitored 13 websites ending in “.vn” by using keyword searches for products ranging from elephants, leopards, pangolins, rhinos, Saiga Antelopes, marine turtles and tigers. Of the websites surveyed, 30 percent had advertisements for wildlife species’ parts. From March to October in 2017, 14 of the advertisements offered a total of 1,072 selected wildlife products, but 90 percent of them were listed in just one advertisement. All but six of the … [Read more...] about Online wildlife trade needs to be better monitored
Study highlights need for monitoring of online wildlife trade
Viet Nam News HCM CITY — Việt Nam’s illegal online trade of wildlife is occurring on websites that end with “.vn” and “.com” domain names, including social media websites, according to a study released recently by TRAFFIC. The study “Việt Nam Online: A Rapid Assessment of E-commerce Wildlife Trade in 2017” monitored 13 websites ending in “.vn” by using keyword searches for products ranging from elephants, leopards, pangolins, rhinos, Saiga Antelopes, marine turtles and tigers. Of the websites surveyed, 30 per cent had advertisements for wildlife species’ parts. From March to October in 2017, 14 of the advertisements offered a total of 1,072 selected wildlife products, but 90 per cent of them were listed in just one advertisement. All but six of the advertised products were made from elephant ivory, with the remainder coming from tigers. This was in contrast to previous surveys that included … [Read more...] about Study highlights need for monitoring of online wildlife trade