Tax authorities

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

Incentives are being offered to allure new businesses into Danang Hi-Tech Park On June 17, Danang Hi-Tech Park and Industrial Zones Management Authority (DHPIZA) approved the planning for the $60 million Micro-Electro-Mechanical Systems (MEMS) factory, to be funded by Vector Fabrication Inc. from the United States. Covering an area of 40,000 square metres, the factory will produce printed circuit boards while simultaneously studying and producing MEMS. Construction is expected to start this year and the factory’s first phase will come into operation in early 2025. DHPIZA director Pham Truong Son said that since borders reopened in March, many foreign-invested enterprises (FIEs) have begun to look for investment opportunities in the city’s hi-tech park and industrial zones (IZs). “Thanks to outstanding advantages, our IZs are considered a trusting destination by investors. Since early this year, Danang has granted investment registration certificates for 10 projects worth over … [Read more...] about Danang high-tech parks achieving wider attention

Illustrative image (Photo: travelpluto.com) Singapore (VNA) – Singapore on June 21 announced a support package worth 1.5 billion SGD (about 1.08 billion USD) to provide immediate relief for vulnerable people and businesses amid rising inflation . Vulnerable households will receive an additional goods and services tax (GST) Voucher - Cash Special Payment of up to 300 SGD in August and a 100-SGD utilities credit. Eligible taxi main hirers and private-hire car drivers will get a one-off relief of 150 SGD in August to offset higher fuel costs. For businesses, there are higher subsidies for the Progressive Wage Credit Scheme. Accordingly, the co-funding share of eligible wage increases for local lower-wage workers under the scheme in 2022 will go up from 50 percent to 75 percent for resident employees with gross monthly wages up to 2,500 SGD. For wages above 2,500 SGD and up to 3,000 SGD, the co-funding will be raised from 30 percent to 45 percent. An Energy … [Read more...] about Singapore announces 1.08 billion USD support package to fight inflation

Illustrative photo (Source: vneconomy.vn) Hanoi (VNA) – Enterprises are gradually switching to an electronic documentation system , underpinning the nation’s efforts to develop the digital economy . A survey conducted by the Ministry of Industry and Trade in 2021 revealed that at least 33% of the surveyed businesses use e-contracts in their commercial activities. The application not only helps firms and their customers be more efficient, but also contributes to reducing the impact of the COVID-19 pandemic and the gap in commercial transactions. The Bkav DX Platform has hosted e-contracts for more than 3 years. As a result, it helped companies save 70% of printing and delivery costs annually and shortened the process of providing products to customers by 50%. A representative of FPT Information System Company said that in Vietnam, the concept of e-contracts is no longer new. On the FPT.eContract – a signing platform between businesses and individuals – there are more … [Read more...] about Electronic documentation system fundamental to digital economy

Prime Minister Phạm Minh Chính speaks at the Đà Nẵng investment Forum. The event offers more investment opportunities for domestic and foreign investors. Photo courtesy of Đà Nẵng Investment Forum ĐÀ NẴNG — The Government of Việt Nam will keep reforming policies in administrative procedure, legal environment, more transparency and publicity in creating trust and confidence among domestic and foreign businesses investing in Việt Nam and Đà Nẵng. Prime Minister Phạm Minh Chính made the comments at the Invest Đà Nẵng Forum in the central city on Saturday, urging businesses to invest more in Việt Nam and Đà Nẵng for both the benefit of business and the country’s prosperous development. “The Government of Việt Nam is developing a wide-open economy to attract multi-sector businesses and investors for sustainable growth in climate change and global crisis and conflicts. We must strongly change institutions to be cooperative in dealing with market shocks,” PM Chính said. “We do … [Read more...] about Đà Nẵng City calls for investment

Prime Minister Pham Minh Chinh speaks at the Da Nang investment Forum. The event offers more investment opportunities for domestic and foreign investors. Photo courtesy of Da Nang Investment Forum Prime Minister Pham Minh Chinh made the comments at the Invest Da Nang Forum in the central city on Saturday, urging businesses to invest more in Vietnam and Da Nang for both the benefit of business and the country’s prosperous development. “The Government of Vietnam is developing a wide-open economy to attract multi-sector businesses and investors for sustainable growth in climate change and global crisis and conflicts. We must strongly change institutions to be cooperative in dealing with market shocks,” PM Chinh said. “We do all the best in preventing corruption, inflation control, flexible money policy, diversifying supply chains to create trust and stable conditions for investors when doing business in Vietnam.” The PM also highlighted the efforts in the control of the Covid-19 … [Read more...] about Da Nang City calls for investment

Saigon Hi-tech Park in HCM City’s Thu Duc City. HCM City will focus on speeding up investment procedures to attract more investors. — Photo baodautu.vn HCM City will focus on helping businesses invest in the Saigon Hi-tech Park in Thu Duc City by addressing slow administrative procedures, a conference on facilitating investment heard on June 27. Vo Sy Nhan, general director of office space provider Onehub Saigon Bund, said though the park has been making efforts to help, his company’s project there has been slow to make a start. It was approved in 2014, but has been stymied by administrative bottlenecks, he said. For instance, approval for its land planning adjustment has been slow, and since the park itself is also going through a similar process, it could take long, he said. It is also having difficulty extending its land lease contract, which requires the city’s approval, he said. Nhan has asked relevant authorities to quickly approve both so that work on the project … [Read more...] about HCM City hi-tech park to speed up investment procedures

The Saigon Hi-tech Park in HCM City’s Thu Duc city. HCM City will focus on speeding up investment procedures to attract more investors. (Photo baodautu.vn) HCM City (VNS/VNA) – Ho Chi Minh City will focus on helping businesses invest in the Saigon Hi-tech Park in Thu Duc city by addressing slow administrative procedures, a conference on facilitating investment heard on June 27. Vo Sy Nhan, general director of office space provider Onehub Saigon Bund, said though the park has been making efforts to help, his company’s project there has been slow to make a start. It was approved in 2014, but has been stymied by administrative bottlenecks, he said. For instance, approval for its land planning adjustment has been slow, and since the park itself is also going through a similar process, it could take long, he said. It is also having difficulty extending its land lease contract, which requires the city’s approval, he said. Nhan has asked relevant authorities to quickly … [Read more...] about Saigon Hi-tech Park to speed up investment procedures

In the first six months of 2022, Vietnam Airlines has resumed flights to 14 countries and territories, including the UK, France, Germany, Australia, the US, Japan, Korea, Thailand, Malaysia, Singapore, Laos, Cambodia, Taiwan, and Hong Kong. Lately, the airline has opened a new route to India and is preparing the necessary conditions to immediately reopen flights to China, Myanmar, and Russia when the conditions permit. The national carrier is expected to resume flights to Indonesia in July and key international routes to Japan, Korea, and Australia in November at the same flight frequency as in 2019. It hopes that it will be able to restore the entire international flight network, equivalent to that in 2019 by the end of 2023. The gradual restoration of international flight routes is an opportunity for Vietnam Airlines to improve the usage efficiency of resources, increase revenue, improve production and business results, reduce losses, and aim at profits in the following years. … [Read more...] about Vietnam Airlines plans to restore its entire flight network by the end of 2023