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Tax inspection has put considerable pressure on business owners as the tax environment becomes more complicated and challenging. With the aim to support businesses to tackle the tax audit issues, on June 14, RSM Vietnam held the webinar RSM Tax Inspection 2022 to assist enterprises in successfully managing tax inspections. The webinar successfully attracted more than 150 participants from different companies. According to Le Khanh Lam, head of Tax & Consulting Services at RSM Vietnam, the COVID-19 pandemic had certain impacts on the number of tax adjustments and tax inspections in the first four months of 2022. The tax adjustments resulting from tax audits have declined as compared to the same period in 2021. Meanwhile, only 15 per cent of tax inspections have been completed according to the year’s plan. He added that due to the low number of tax audits in early 2022, the tax authorities would be likely to increase inspection in the second half of this year. Therefore, … [Read more...] about What businesses should prepare for the tax inspection

In the past two months, Vietnam’s retail fuel prices have set up new records five times. Curbing the rise of petrol prices are essential for Vietnam to contain inflation, stabilize macro-economic conditions, and support economic recovery, for which scrapping excise tax on this product should be considered. A petrol station in Hanoi. File photo The Vietnam Chamber of Commerce and Industry (VCCI) gave its view on the draft resolution of the Ministry of Finance (MoF) on revising the tax rates for petroleum products. The move, however, could only be seen as a long-term solution, as any decision on the cut of excise and value-added taxes for petrol products are subject to the ratification of the National Assembly, with the upcoming session scheduled to take place in late 2022. In this regard, the VCCI expressed its support for MoF’s suggestion to further cut the environmental protection tax on fuels and gas products, saying such a move could be done right in … [Read more...] about VCCI proposes to scrap excise tax on petrol

The Hanoi housewife of four years knows however they will not be as fresh as earlier in the day. "Since the prices of everything have gone up, I have to change my shopping habits and doing so helps me able to buy produce at lower prices," the 28-year-old says. She and her husband, Tinh, had their first son more than a year ago before having a pair of twins. Tinh is the sole breadwinner and he had to stay at home for three months when Covid-19 broke out last year. "We even had to sell our gold wedding rings to stay afloat," she says. After Covid subsided he reopened his store distributing beverages, but barely makes a profit since gasoline prices have been soaring since April. Besides, many of his customers have greatly reduced their purchases. Some grocery stores only order a few five-liter bottles of water, but he still must travel dozens of kilometers by truck to deliver them. "If you do not keep prices low, customers will leave," he explained once to his wife when she … [Read more...] about Vietnamese turn frugal as prices soar

Speakers at a conference titled ‘UK Market: Unlocking great potential by leveraging advantages of the UKVFTA’ held in HCM City on Thursday. — VNS Photo Bo Xuan Hiep Viet Nam has emerged as a major Southeast Asian supplier of farm produce and aquaculture products to the UK following the UK-Vietnam Free Trade Agreement (UKVFTA) they signed, speakers said at a conference on Thursday. Speaking at ‘UK Market: Unlocking great potential by leveraging advantages of the UKVFTA,’ Oliver Todd, British consul general in HCM City, said Viet Nam could replace other countries such as India and Indonesia as a major supplier of agricultural and aquaculture products to his country. Todd, who is also director of UK Trade and Investment in Viet Nam, said Vietnamese exporters should be well prepared if they want to boost exports to the choosy market. It is important to learn about import demand and standards and requirements for exporting to the British market, he said. Chris Milliken, vice … [Read more...] about Viet Nam becomes major supplier of farm produce to UK

Bac Giang's Public Administration Service Centre . (Photo: VNA) Bac Giang (VNA) – Bac Giang continues to improve the efficiency of administrative reform, focusing on reviewing, reducing and simplifying administrative procedures serving people and businesses, according to Vice Chairman of the provincial People’s Committee Mai Son. In June 2022, Bac Giang improved its standing on the Vietnam Provincial Governance and Public Administration Performance Index ( PAPI ). The province has also promoted the implementation of online public services at Level 3 and Level 4 in order to ensure that the rate of online public services generating dossiers reaches 85 percent, and the rate of administrative procedures handled online reaches 50 percent. This year, Bac Giang aims to reduce at least 10 percent of administrative procedures to reduce wait times to an average of 20 minutes per transaction. At least 60 percent of administrative procedures can be paid online, in which the … [Read more...] about Bac Giang pushes administration reforms

Although the summer holiday has just started, travel firms and agents have already completed 60-70 percent of their business plan while air carriers have also increased their flights to meet high travel demand. However, travel firms and agents are facing new difficulties: increasing tour prices because of rising fuel prices and a shortage of human resources. Millions of tourists ready for their trips Tran Quoc Bao, deputy director of Saigontourist Travel Company, said the company has expected to serve more than 280,000 tourists this summer. The number of tourists will be higher as tourist demand at home and abroad is surging. Three-to-eight-day domestic tours offered by Saigontourist are available nationwide. The most popular ones are tours of beaches, tours of northeastern and northwestern regions, 'green' tours, and community tours. “As summer is the peak season, we have prepared financial and human resources to diversify and better our services to meet market … [Read more...] about Vietnam’s travel firms see explosion of summer tours

Vietnam plans to cut its Most Favoured Nation (MFN) tariff on gasoline to 12% from 20% to help ease inflationary pressure, the government said on Thursday. The move will also help Vietnam diversify its sources of gasoline imports and reduce its reliance on its key suppliers including South Korea and its neighbours in Southeast Asia, the government said in a news release. The MFN tariff is a standard rate applied in trading between World Trade Organization (WTO) members, unless a separate trade agreement exists. Under free trade deals between Vietnam and South Korea and within the 10-member Association of Southeast Asian Nations, the import tariff on gasoline is about 8%. Vietnam, a regional manufacturing hub, reported gross domestic product growth of 7.72% in the second quarter this year, but like many of its neighbours is facing a mounting pressure on inflation with higher prices for energy and food. The government said it also plans to cut special consumption tax, … [Read more...] about Vietnam plans to cut MFN tariff on gasoline to fight inflation

The working session between the delegation of the Home Affairs Ministry with HCMC People’s Committee (Photo: SGGP) Finally, he suggested that the Home Affairs Ministry not reduce 10 percent of the staff in state-owned organizations, including those in the educational, medical fields, but increase the annual proportion of autonomous state-owned organizations to be independent of state budget. Director of the HCMC Home Affairs Department Huynh Thanh Nhan informed that at present, the total number of civil servants and public servants in the city according to the Resolution of HCMC People’s Council is 14,470 and 99,985 employees respectively, compared to the allocated quantity by the Central Government of 10,869 and 95,923 workers. The city has asked the Central Government to recognize these numbers for many years, but there is no approval yet. As to difficulties in applying the urban government model, Director of the HCMC Finance Department Pham Thi Hong Ha shared that many … [Read more...] about HCMC determinedly addressing issues in urban government establishment

The program inspires and provides practical instructions and tools for developing business roadmap for circular transition. More than 100 businesses from the Northern, Central, and Southern regions of Vietnam have benefited circular economic capacity building program provided by the United Nations Development Programme (UNDP) in Vietnam and the Netherlands Embassy in Hanoi. Participants share business capacity building models. Photos: UNDP Vietnam The businesses representing various industries, including agriculture, plastics, environment and waste management, building materials, cuisines, and fashion join the program which is aimed to inspire and provide practical instructions and tools for building, applying the recommended circular business models and developing enterprises’ roadmap for the circular transition. The “Circular Economy Capacity Building Program for Enterprises in Vietnam” (#CECapacityBuilding) also provides information on circular economy … [Read more...] about UNDP, Netherlands boost circular economy capacity building for Vietnam businesses

Workers lining up for VNĐ10,000 meals in front of the Goodwill Rice Stall in 175 Trần Bình Trọng, HCMC. — Photo tienphong.vn HCM CITY — As inflation rises, the number of workers who turn to free meal stalls and goodwill restaurants for cheaper meals increases. But the sustaining of these models is facing many difficulties. At 10am every day in front of the "Goodwill rice stall" at 175 Trần Bình Trọng in HCMC, dozens of workers stand in line to either receive free meals or purchase meals at a cheaper price. Over the past year, this rice station has sold subsidised rice and distributed 600-1,000 free meals to the disadvantaged. Having just received a free meal with meat from the Goodwill rice stall, Nguyễn Thị Dinh, from Phú Yên, said that she returned to HCMC to sell lottery tickets earlier this year after staying for a long time in her hometown due to the pandemic. Recently, her business had not been very smooth, and as prices increase daily, her life is even harder. … [Read more...] about Goodwill restaurants struggle with inflation