Enterprises are advised to promptly assess and evaluate the impact of the changes in the newly-issued to ensure timely compliance in the upcoming tax finalization period.
Despite concerns about the potential "shock" to the industry, companies in the sector have shown resilience, maintaining financial stability and achieving notable business results.
A swift increase in special consumption tax over coming years is expected to exacerbate challenges for alcohol producers, potentially complicating their ability to devise viable business strategies.
Vietnam's Ministry of Finance is proposing a 100 per cent special consumption tax on beer and high-alcohol beverages by 2030 as part of efforts to curb excessive drinking and raise state revenues.
A prominent issue for many Vietnamese businesses concerns the proposed narrowing of the 0 per cent VAT rate for export services.
The number of tax free cars with nine or fewer seats imported last week mostly originated from Thailand and Indonesia with 712 and 397 units, respectively.
Phu My Hung joint venture reported an after- tax profit of nearly VND3.27 trillion, equalling to $140 million in 2016 only and was one of the largest profitable real estate companies in Vietnam.
Netherland based Uber B.V Co., Ltd. has agreed to pay all of its tax arrears equivalent to the amount of $2.4 million to Ho Chi Minh City Department of Taxation after the ride hailing app left Vietnam.
At the recent semi-annual meeting of the taxation sector, Tran Ngoc Tam, Head of the Taxation Department of Ho Chi Minh City admitted that they are coping with difficulties in Uber's tax collection as the company had sold all of its business operation in Vietnam to Grab.
Inspections and audits have become more confrontational and aggressive, giving rise to concern from foreign investors about the tactics and transparency, according to foreign observers.
The property tax is not only a source of the Government revenue, but also a tool that adds to improving efficiency and accountability of the government, contributing to the development of the housing market and infrastructure, according to Sebastian Eckardt, Lead Economist for the World Bank in Vietnam.
Together with providing auditing service, Big Four also participates in other professional activities such as offering consultancy for investment procedures, tax, legal issue and other financial activities, which account for the major part of Big4’s revenue.
Vietnam National Assembly and the Government should carefully review tax incentives in future special economic zones to avoid budget losses and negative socio-economic impacts, according to Nguyen Thu Huong, senior manager of Oxfam.
Economist Pham Chi Lan said that providing incentives for too many fields in special economic–administrative zones would increase the tax inequality for businesses.
