Report income tax evasion

Spokeswoman for the Ministry of Foreign Affairs Le Thi Thu Hang (Photo: VNA) Hanoi (VNA) – Spokeswoman for the Ministry of Foreign Affairs Le Thi Thu Hang provided more information about a woman recently found guilty of tax evasion, and rejected rumours she was penalised for climate change activities. Speaking at the ministry’s regular press conference, Hang said the Hanoi People’s Court on June 17 held the first-instance trial and sentenced Nguy Thi Khanh to 24 months in prison for tax evasion under Article 200 of the Penal Code. The investigation and hearing was carried out in line with law, the trial was held publicly, and the defendant had all her rights guaranteed in accordance with law, the spokeswoman noted. “Vietnam adamantly fights against and strictly deals with law violations in accordance with legal regulations. All citizens are equal before the law,” she stressed, adding that Vietnam has carried out communications and education measures to gradually … [Read more...] about Climate activist prosecuted for tax evasion pleads guilty: spokeswoman

Ngụy Thị Khanh, former head of NGO GreenID and known for advocating the reduction of coal-fired power in Vietnam, was handed a prison sentence for economic crimes, not her environmental activism, spokesperson for the foreign ministry Lê Thị Thu Hằng said on Thursday. Ngụy Thị Khanh, director of Vietnam’s Green Innovation and Development Centre (GreenID), has been arrested for tax fraud. — Photo courtesy of Hanoi Police During the regular press briefing held in Hanoi, Hằng said that on June 17, the People's Court of Hanoi opened a first-instance trial and had subsequently sentenced the 46-year-old Ngụy Thị Khanh to 24 months in prison for tax evasion under Article 200 of the Penal Code. She was arrested earlier in February by the Hanoi's police. The investigation and trial process were conducted in accordance with the provisions of law, Hằng said, adding that the trial was held in public and the defendant’s rights were fully guaranteed as prescribed by … [Read more...] about Environmentalist prosecuted for tax evasion, not her activism: Foreign ministry

Bangkok (VNA) - The Thai government has decided to waive personal income tax for foreign actors when working in Thailand in the next five years, in a fresh bid to attract foreign crews to the country. Deputy Government Spokesperson Rachada Dhnadirek said on June 21 that the tax incentive is part of the government’s efforts to develop the country’s soft power. Thailand earned an average of 3.5 billion THB a year from foreign film crews from 2017 to 2021, with the revenue increasing to 5 billion THB last year. Incentives provided to foreign film crews include cash rebates of 15-20% of the expenses incurred in Thailand, with limits capped at 75 million THB, said Rachada adding that actors have been required to pay personal income tax while they were working in Thailand , despite the fact that they have to pay personal income taxes in their home countries as well. With the income tax exemption, Thailand expects to gain an average of 3.5 billion THB in revenue per annum … [Read more...] about Thailand to exempt income tax for foreign actors

It said in a new decree that low-income and ethnic people should get land-use tax and fee cuts. Information about property be publicized and transaction should increasingly be made cashless to ensure a healthy market and prevent speculation, it said. The decree only allows land acquisition after a plan to relocate and support inhabitants is approved. It stipulates that relocation areas should be built first and relocated people should have an equal or better quality of life in the new area. It abandons the use of official land prices, and said instead they would be determined by the market. … [Read more...] about Tax people based on how many properties they own: Party decree

A customer buys petrol at a petrol station of Vietnam National Petroleum Group (PLX) in Ha Noi. Deputy Minister of Finance Ta Anh Tuan speaks to local media about this issue. Since the beginning of the year, gasoline prices have fluctuated greatly. What measures has the MoF introduced to stabilise petrol prices? World petroleum prices have had complicated fluctuations from the beginning of 2022 until now, due to the recovery of large economies in the world along with impacts from the Russia-Ukraine conflict and Covid-19 pandemic. The MoF, a price managing agency of the Government, is very worried about the impact of increased gasoline prices on controlling inflation in 2022. To stabilise gasoline prices and minimise the negative effects of the petrol price increases, the ministry has recommended that Government and the National Assembly Standing Committee reduce some kinds of tax imposed on gasoline products. The ministry has submitted proposals to the National Assembly … [Read more...] about MoF proposes further cut to environmental protection tax for petrol

Deputy Minister of Finance Ta Anh Tuan To control increases in petrol prices, the Ministry of Finance (MoF) has proposed to reduce the environmental protection tax for petrol products to the floor level. The reduction will be from VND550-1,100 per litre, depending on the kind of petrol. Deputy Minister of Finance Ta Anh Tuan speaks to local media about this issue. Since the beginning of the year, gasoline prices have fluctuated greatly. What measures has the MoF introduced to stabilise petrol prices? World petroleum prices have had complicated fluctuations from the beginning of 2022 until now, due to the recovery of large economies in the world along with impacts from the Russia-Ukraine conflict and COVID-19 pandemic. The MoF, a price managing agency of the Government, is very worried about the impact of increased gasoline prices on controlling inflation in 2022. To stabilise gasoline prices and minimise the negative effects of the petrol price increases, the ministry … [Read more...] about MoF proposes further environmental tax cut for petrol

Hanoi Metro, the operator of Hanoi’s Cat Linh-Ha Dong metro line, posted losses of over VND63.7 billion (US$2.7 million), inclusive of VND12.2 billion ($525,000) in corporate management costs, in 2021 since the metro line was put into service in November last year. The firm had already been operating at a deficit given the VND22.7 billion ($976,120) loss it incurred in 2020, prior to the metro line’s inauguration. According to its 2021 audited financial report, Hanoi Metro earned just VND5.3 billion ($228,220) from ride fares for the Cat Linh-Ha Dong metro line. During the year, its income from financial activities jumped 133 percent from 2020 to VND2.1 billion ($90,400). Its expenses, however, amounted to more than VND58.9 billion ($2.5 million), including VND43.7 billion ($1.88 million) in labor costs. This loss, plus its corporate management costs of VND12.2 billion, took Hanoi Metro’s total losses for the year to VND63.7 billion in 2021. Hanoi Metro’s total losses … [Read more...] about Hanoi’s first metro line posts over $2.7mn loss in 2021 audited financial report

Vietnamese influential climate activist Nguy Thi Khanh was jailed for tax evasion, the Ministry of Foreign Affairs confirmed on Thursday, refuting the rumor that she was criminally charged for her climate-related activities. Khanh was sentenced to 24 months in prison for tax evasion during her trial at the Hanoi People’s Court on June 17. The investigation and hearing were carried out in line with the law, and the trial was held publicly, spokesperson for the Ministry of Foreign Affairs Le Thi Thu Hang answered the questions from foreign media during a regular press meeting on Thursday. The defendant had all her rights guaranteed in accordance with the law, Hang added. Vietnam is determined to fight and strictly deal with violations of the law in accordance with regulations, the diplomat stressed, adding that all citizens are equal before the law. Khanh was investigated and indicted for her economic offense, particularly breaking the rules on tax management, and she pleaded … [Read more...] about Vietnam refutes rumor that prize-winning environmentalist was jailed for climate-related activities

Businesses are in dire need of funds post-pandemic to buy raw materials. (Photo: nld.com.vn) Ho Chi Minh City (VNS/VNA) — A Ho Chi Minh City programme to link banks and businesses has seen around 93 trillion VND (3.97 billion USD) disbursed so far this year to help revive the economy which was battered for two years by the COVID-19 pandemic. Tran Du Lich, a member of the prime minister's economic advisory group, said the programme was one of the best ways to help businesses access resources to fund their recovery. Analysts say credit growth has risen sharply, indicating the efforts made by credit institutions to supply the economy with capital, and some banks have reported using up their full-year quota in just four to five months. Amid the rapid economic recovery, many businesses say they need more funds to supplement their working capital and expand. For small and medium-sized enterprises, banks remain the main source of capital, and it does not help their … [Read more...] about Government seeks to resolve businesses’ capital shortage

Shipping upgrades targeted for 2030-illustration photo, freepik.com The Vietnam Maritime Administration (VMA) has asked the Ministry of Transport (MoT) to implement procedures to approve the development of Vietnam’s international shipping fleet over the next few years. Currently, Vietnamese ships transport freight within the country’s waters only, without a strong capacity for international routes. The VMA has proposed policies to develop Vietnam’s international shipping fleet and increase its market share in the next five years, involving combined incentives related to VAT, import tax, personal income tax (PIT), and concessional loans. To reduce the financial burden for shipping owners, it is necessary to remove the application of 10 per cent VAT according to current regulations for imported freight ships until the end of 2026, the VMA suggested in a document sent to the MoT. Its figures show that VAT on imported ships was VND234 billion ($10.1 million) in 2020 and VND109 … [Read more...] about Shipping upgrades targeted for 2030