The General Department of Taxation (GDT) has proposed to erase 12 trillion VND (516 million USD) out of total 30 trillion VND irrecoverable tax debts.
Prime Minister Nguyen Xuan Phuc has assigned the Ministry of Finance (MOF) and General Department of Taxation (GDT) to study media reports on transfer pricing of foreign direct investment (FDI) enterprises and tax policy.
Many firms in Vietnam, both local and domestic, will face tax audits this year.
Despite previous refusals, the General Department of Taxation has once again proposed that it gain the powers of investigation and prosecution, triggering business concerns over tax pressures and transparency.
The General Department of Taxation (GDT) is considering asking the Ministry of Finance to postpone the compulsory application of e-invoices until July 2019, instead of early next year.
Vietnam’s long-standing efforts to tackle the practice of transfer pricing as a tax avoidance ploy have gained sharper legal teeth with a new decree.
The government is set to increase State budget collections from the domestic sector to offset lower collections from imports and exports.
Tax authorities have been told to collect tax debts of enterprises totalling VND23.5 trillion (over US$1 billion), or an 18.8% year-on-year increase, by the end of July, the General Department of Taxation (GDT) reported.
Government officials and experts have mixed views about the collection of taxes from Uber, Coca-Cola and Big C.
VOV.VN -A workshop themed “Improving the Business Environment through Tax Reforms” was held by the Ministry of Finance’s General Department of Taxation (GDT), in cooperation with the USAID Governance for Inclusive Growth (GIG) Program in Hanoi on June 21.
Inspections over possible transfer pricing activities have continued to be a key task for the General Department of Taxation (GDT) this year.
The Ministry of Finance is likely to reimburse the tax arrears collected from numerous firms on income generated by additional investment during the period of 2009-2013.