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Tag Archive for ‘Tax’

Low VAT rates in Vietnam benefit the rich more than the poor: World Bank

Despite widespread public opposition to raising VAT rates, a World Bank chief economist argues otherwise. Moving forward with tax reforms is important for Vietnam to ensure sustainable growth and macroeconomic stability.Vietnam’s tax-to-GDP ratio has fallen over recent years, from 23.5% of GDP in 2010 to 19.1% of GDP in 2015. This is mainly because of […]

Hanoi, HCM City copy Dong Thap’s ‘businessmen café model

On August 24, a new ‘Businessmen’s Café’ opened in the northern province of Quang Ninh. Such special cafes have opened in many cities and provinces throughout the country, acting as a rendezvous point for local authorities and business people. In Dong Thap province, at a corner of the provincial People’s Committee office’s campus, some stone […]

Modern bond project launched to facilitate customs clearance in Vietnam

A project on customs bond was launched by the Global Alliance for Trade Facilitation (GATF) and the Vietnam Private Sector Forum (VPSF) on September 1, aimed at facilitating customs clearance in Vietnam. This is the start of the GATF Technical Assistance Project with the Government of Vietnam to provide a viable solution for the country […]

PetroVietnam to begin large-scale divestment

Vietnam National Oil and Gas Group (PetroVietnam) will complete the divestment from several subsidiaries by 2020, according to newswire Petrotimes. Accordingly, PetroVietnam is permitted to retain its entire holdings in only three subsidiaries, namely the parent company PetroVietnam, National Southern Spill Response Centre (Nasos), and PetroVietnam Manpower Training College. PetroVietnam will have to divest part […]

Vietnam businesses report huge profit for H1 2017

Businesses in the finance and banking sector continued to prosper in the first six months of the year. Listed companies have released their financial reports for the first half of the year. About 50 percent of businesses have reported growth in net profit, 40 percent have reported decreases in profit, and less than 10 percent […]

Grab and Uber fined, Mai Linh and Vinasun losing value

From early 2017, nearly 100 Grab and Uber drivers have been financially penalized for nearly VND350 million (15,400) due to lack of listed identification information, such as name and phone number of the companies. At the same time, both Grab and Uber still enjoy substantial growth in customer base, while traditional taxi operators Mai Linh […]

Tax agencies in Vietnam ramp up anti-transfer pricing measures

The more aggressive enforcement of transfer pricing laws may make life harder for multinational companies in Vietnam who do not carefully follow the tax authority’s guidance. Having entered into force on May 1, the government’s Decree No.20/2017/ND-CP provides specific guidance on the tax administration of enterprises with related party transaction. The decree is expected to […]

Vietnam finance ministry drafts auto part tax cuts

The Ministry of Finance plans to cut import taxes on auto parts, in line with the World Trade Organisation (WTO)’s rules. finance ministry drafts auto part tax cuts hinh 0 Its WTO commitments require Vietnam to maintain a tax level on import auto components between zero percent and 30 percent. Officials say the tax changes […]

Vietnam proposes big breaks for special economic zones

The Ministry of Planning and Investment (MPI) has proposed major incentives including prolonged income tax exemptions for businesses and individuals working in special economic zones in three provinces. The investment incentives are contained in a draft Law on Special Administrative-Economic Units that the ministry has prepared for submission to the Government and the National Assembly […]

Vietnam to establish legal framework to manage virtual assets and digital currency

Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Justice (MOJ) to establish a legal framework to manage virtual assets and digital currency. Accordingly, the MOJ is tasked with reviewing the current status of laws concerning virtual assets and digital currency in Vietnam and examining international experience in a number of economies such as […]