The Hanoitimes - The proposal was highlighted in the fiscal and budget report in September 2018, which was released by the National Financial Supervisory Commission of Vietnam (NFSC). The NFSC, the government's financial watchdog, has proposed cutting the corporate income tax for small-and-medium sized enterprises (SMEs) to support their operations. Illustrative image The NFSC emphasized that this is a solution together with broadening tax base to increase budget revenue from business and production and reduce reliance on unstable sources. The proposal was made in the commission's recently-released report on the country's fiscal and budgetary situation in September 2018. However, the NFSC stated that the structure of state budget revenues lacked sustainability as the budget collection was still largely dependent on unsustainable sources such as crude oil. Besides, the increases in domestic budget collection mainly came from taxes on land and housing while … [Read more...] about Vietnam financial watchdog proposes tax cut for SMEs
Tax
Lower corporate income tax on SMEs proposed
The National Financial Supervisory Committee has proposed cuts to corporate income tax for small-and-medium sized enterprises to promote their development. (Source: VNA) Hanoi (VNS/VNA) - Corporate income tax levied on small and medium–sized enterprises (SMEs) should be reduced to promote the business development, a solution together with broadening tax base to increase budget revenue from business and production. This was a highlighted in the January-September fiscal and budget report by the National Financial Supervisory Committee (NFSC) published last week which said that the tax cut would help restructure budget revenue in a sustainable direction. The NFSC said that Vietnam ran the lowest budget deficit in three years as of September 30 at 26.7 trillion VND (1.16 billion USD), compared to 61.5 trillion VND (2.63 billion USD) during the same period in 2017 and 152.2 billion VND (6.51 billion USD) in 2016. However, budget collection lacked sustainability, the NFSC … [Read more...] about Lower corporate income tax on SMEs proposed
Global FDI falls 41% in H1 2018 after Trump tax reforms
Global FDI falls 41% in H1 2018 after Trump tax reforms - U.N.The Saigon Times Daily Traders work on the floor of the New York Stock Exchange (NYSE) in Manhattan as lithium producer Livent Corp holds its IPO in New York, U.S., October 11, 2018 – PHOTO: REUTERS GENEVA (REUTERS) - Global foreign direct investment (FDI) fell by 41% to US$470 billion in the first six months of this year, the lowest since 2005, preliminary figures from the United Nations trade and development agency UNCTAD showed on Monday. President Donald Trump’s U.S. tax reforms were the main cause of the slump, which followed a 23% fall in 2017, as American firms repatriated a net US$217 billion from foreign affiliates, UNCTAD investment chief James Zhan said. “The investment flows are more policy-driven and less economic cycle-driven,” Zhan told a news conference, citing the U.S. tax reform and economic liberalization in China. “Overall the picture is gloomy and the prospect is … [Read more...] about Global FDI falls 41% in H1 2018 after Trump tax reforms
NFSC proposes lowering corporate income tax on SMEs
Corporate income tax levied on small and medium – sized enterprises (SMEs) should be reduced to promote the business development, a solution together with broadening tax base to increase budget revenue from business and production. This was a highlighted in the January – September fiscal and budget report by the National Financial Supervisory Committee (NFSC) published last week which said that the tax cut would help restructure budget revenue in a sustainable direction. The NFSC said that Viet Nam ran the lowest budget deficit in three years as of September 30 at VND26.7 trillion (US$1.16 billion), compared to VND61.5 trillion during the same period in 2017 and VND152.2 billion in 2016. However, budget collection lacked sustainability, the NFSC said. The committee pointed out in the report that budget collection was still largely dependent on unsustainable sources such as crude oil. In the short term, budget collection from crude oil was affected by fluctuations of global … [Read more...] about NFSC proposes lowering corporate income tax on SMEs
Licogi 16 earns $70m after-tax profit in nine months
The parent company’s after-tax profit from January to September was VND93 billion, up 75.5 per cent compared to the same period last year. — Photo baoxaydung.com.vn Licogi 16 Joint Stock Company (Licogi 16) posted consolidated sales of nearly VND1.62 trillion (US$69.38 million) in the first nine months of 2018, a year-on-year increase of 93 per cent. Of which, revenue from construction and other sales accounted for 80 per cent, while the rest came from real estate. The parent company’s after-tax profit from January to September was VND93 billion, up 75.5 per cent compared to the same period last year. On October 12, Licogi 16 signed a cooperation agreement with Nikko Sekuritas Indonesia, one of Indonesia’s biggest investment banking firms. The coordination includes implementing two construction projects in Indonesia – a $50-million financial tower in Jakarta and a 6.7km highway with estimated capital of $200 million. At the same time, Nikko would invest … [Read more...] about Licogi 16 earns $70m after-tax profit in nine months