Tax inspection

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

At the 16th meeting of the Party Central Committee ’s Inspection Commission (Photo: VNA) Hanoi (VNA) – The Party Central Committee’s Inspection Commission issued a disciplinary warning against the Standing Board of the Party Committee of the Vietnam National Coal – Mineral Industries Group ( Vinacomin ) for the 2015-2020 and 2020-2025 tenures, during its 16th meeting that took place from June 20-22. The commission concluded that the board violated the principle of democratic centralism and working regulations, and showed a lack of responsibility along with lax leadership and supervision, letting the Council of Members and some individuals violate Party regulations and the State’s laws on production, business and investment. Such violations have caused severe consequences, and negatively affected production and business, as well as the prestige of the Party organisation and the group as well. Le Minh Chuan, Secretary of the Party Committee and Chairman of the … [Read more...] about Party Inspection Commission disciplines individuals, collectives

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

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

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

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

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

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

Vietnam said speculation that the woman was punished for her activities in the reduction of coal power is groundless. Nguy Thi Khanh, the first Vietnamese person awarded the world’s Goldman Environmental Prize, has been sentenced to two years behind bars for tax fraud. Nguy Thi Khanh. Photo: Goldman Environmental Prize Commenting on the sentence, Hang said Khanh violated Law on Tax Administration and admitted to committing the crime, saying speculation that Khanh’s conviction resulted from her activities and opinions related to climate change is unfounded and inconsistent with the nature of the case. Hang made the statement in response to a question raised at a press conference held on June 23. She said all citizens are equal before the law, adding that Vietnam strictly handles law-breaking acts in accordance with the law. Regarding environmental protection, Vietnam is strongly committed to climate change response, green and sustainable development. … [Read more...] about Vietnam’s 1st Goldman Prize awardee jailed for tax fraud

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