After collecting US$11.6 million from violations since early 2020, the General Department of Taxation (GDT) said it would reduce regular tax checks at businesses to help them focus on production to overcome the COVID-19 pandemic.
Prime Minister Nguyen Xuan Phuc has requested ministries, ministerial-level agencies, localities, and associations promote the effective implementation of the law on supporting small-and medium-sized enterprises (SMEs).
The Ministry of Planning and Investment has asked for corporate income tax (CIT) to be cut by half this year for small and medium-sized enterprises (SMEs) in an effort to boost growth when the COVID-19 pandemic eases.
About 700,000 enterprises are expected to enjoy a cut in corporate income tax (CIT) to between 15-17% from July 1 this year, down from the current rate of 20%.
The spread of the COVID-19 pandemic in almost all countries and territories worldwide is likely to force automobile manufacturing and assembly firms in Vietnam to scale down operations and even close their factories.
Small- and medium–sized enterprises (SMEs) are advised to identify their difficulties in the context of rapid international integration in order to develop in a sustainable manner, heard a forum held in Hanoi on May 9.
The Ministry of Finance has proposed cutting corporate income tax (CIT) rates on small and micro businesses from the current 20 percent to 15-17 percent.
The changes in tax policy and investment incentives are the issues of greatest concern for foreign investors in Vietnam, said Bui Ngoc Tuan, Deputy General Director of the Audit and Advisory firm Deloitte Vietnam at a workshop on in Hanoi on July 10.
Just within one year, the Ministry of Finance (MOF) proposed raising a series of taxes, citing international practices and the goal of increasing tax collections for the state.
The stock market has shown positive reactions to the disclosure of the government’s intention to slash the corporate income tax (CIT) from 20-22% to 15-17%.
In the latest draft of Law on Corporate Income Tax (CIT), the Ministry of Finance has raised a regulation aimed at preventing multinational companies with related-party transactions from evading taxes.
Amid complaints about foreign firms receiving more government incentives unfairly and overshadowing domestic peers, experts claim that all Vietnamese policies are equal for domestic and foreign enterprises.
The Government has issued a decree defining special mechanisms and policies for the Hoa Lac Hi-Tech Park in Hanoi, including a 10% corporate income tax in 30 years for new projects with an investment from VND4 trillion (US$176 million).
State-owned enterprises (SOEs) remain the biggest tax payers in Vietnam as they make up nearly 60 percent of the total value of corporate income tax paid by the top 1,000 enterprises of tax contribution (V1000) in 2016.
Significant changes in the newly-released draft decree on transfer pricing and tax erosion avoidance is grabbing companies’ attention on the matter of compliance.
Two subsidiaries of Samsung Electronics in Vietnam earned huge profits of VND70 trillion in 2015, but did not have to pay VND13 trillion in corporate income taxes as it enjoys tax incentives.
Vietnam plans to impose a 17% corporate income tax (CIT) for four years from January 1, 2017, on businesses making less than VND20 billion (US$893,000) in revenue.
Vietnam will provide special tax incentives to enterprises in the science and technology and agriculture sectors.
The government of Vietnam does not intend to give up the dream of developing an automobile industry, even though it has failed to do so in the last two decades.
(VOV) - The Ministry of Finance (MoF) will abolish unnecessary tax and customs procedures in an effort to facilitate business operations, said MoF Minister Dinh Tien Dung.