VietNamNet Bridge - "Prime Minister Nguyen Xuan Phuc has quickly solved some practical problems and tried to shake the government apparatus. He started by promoting the settlement of the case related to the Xin Chao café in HCM City. That action showed the head of the Government’s attention to the fate of each individual and each small business and it is also a warning for abuse of power,” said senior economic expert Pham Chi Lan. Prime Minister Nguyen Xuan Phuc has been in office for 8 months and his actions have captured the attention of both the mainstream press and social networks. For an assessment of the PM’s acts and the challenges posed for him and his government in this term, VietNamNet talked to Ms. Pham Chi Lan, an independent economic expert and a member of the advisory group of former PM Nguyen Tan Dung. One of the first things that Prime Minister Nguyen Xuan Phuc did was have a dialogue with businesses. That action showed that he … [Read more...] about “Prime Minister trying to shake government apparatus”
Why should we pay tax to the government
Talking Shop (15-06-2006) Tax won't unfairly burden low-income earners: MoF People earning over a VND1 million(US$63) per month may have to pay income tax under the latest draft of the Law on Personal Income Tax. With the media and public widely expressing surprise and concern, Deputy Finance Minister Truong Chi Trung offers some clarification. Why did the drafters put the threshold for the income tax at such a low income as VND1 million? It is incorrect to say that every person earning VND1 million will have to pay income tax. This law is designed to be one of two 'master' tax laws, whereby organisations would be governed by the Corporate Income Tax and individuals would be subject to the Personal Income Tax. This is a model followed in most countries with complete tax legislation. So the Personal Income Tax is fundamentally different from the existing Ordinance on Income Tax for High Income Earners. Instead, it observes the principle that anyone with an income has to pay taxes to the … [Read more...] about Tax won’t unfairly burden low-income earners: MoF
The latest report of the World Bank and the World Economic Forum said that the competitiveness of Vietnamese enterprises has fallen behind Laos and Cambodia. The story of access to information and preparation for the ASEAN Economic Community partly explains that fact. VietNamNet talks with expert Pham Chi Lan, former vice chairwoman of the Vietnam Chamber of Commerce and Industry (VCCI), and Mr. Dau Anh Tuan, Head of VCCI’s Legal Department.VietNamNet: The fact that Mr. Dau Anh Tuan mentioned is alarming because according to recent information, about 10,000 small and medium sized enterprises from Thailand and Singapore and many other ASEAN countries came to Vietnam to learn about the Vietnamese market. And they did not wait until the AEC went into effect to prepare selling skills and their goods to compete with Vietnamese businesses. Meanwhile, most Vietnamese enterprises, which are mainly small and medium ones, will face direct competition from them. Why are ASEAN … [Read more...] about Why Vietnamese enterprises always wait for the state’s assistance
Last week, Viet Nam News asked readers whether they think the country should continue allowing imported cars and motorbikes to enter the country as expatriate assets. Currently, every expatriate bringing a car back to the country is exempt from both import tax and the VAT. Here are some responses. Andrew Burden, Canadian, Ha Noi As long as a Viet Kieu (overseas Vietnamese)-imported car can pass a roadworthy safety test, I see no reason why it should not be imported, providing the owner can demonstrate legal ownership. As Viet Nam continues growing its economy with foreign direct investment and encourages tourism via Southeast Asian visa integration, why not bring more hard currency and cold-hard steel in the form of consumer goods? Tax the car, register the car and insure the car. The return of overseas Vietnamese brings in a whole new set of concerns and potential conflict. You need to be careful not to swamp the local market, but if richer, more independent and successful … [Read more...] about Should imported vehicles remain tax free for expats?
Nguyen Dinh Cung, deputy director of the Central Institute for Economic Management, spoke with Tuoi Tre (Youth) about the request by the national coal group to reduce taxes on exported coal. The Viet Nam National Coal–Mineral Industries Holding Group (Vinacomin) has recently claimed that the group will suffer if the export tax is not reduced from 20 per cent to 10 per cent. Besides, around 20,000 workers might lose their jobs. What do you think? Solving the group's losses should not be the responsibility of the Prime Minister nor any other government official. The group's management board and its CEO need to recognize that taxes and fees are necessary parts of the business environment that they have to adapt to. … [Read more...] about Firms must adapt to the market