Domestic market of gift baskets for Tet Holiday bustling The domestic market of gift baskets for Tet Holiday (the Lunar New Year) is bustling with activities as demand for gifts has increased. Supermarkets and shops are being busy with offering the finest quality merchandise for gift baskets to satisfy all tastes. Co.opmart, Big C, Vinmart, Lotte Mart, Mega Market have been displaying various kinds of gift baskets so that customers can choose it easily. Retailers predict that purchase power will increase by 20 percent compared to the same period last year and gift baskets from VND500,000 ($21.5) to VND1 million are expected very popular. Saigon Co.op, which operates the Co.opmart supermarket chain, announced this year, its supermarket chain including Co.opmart, Co.opXtra, Co.op Food are exhibiting gift baskets containing goods with clear origin and high quality. Moreover, customers can enjoy free delivery if they do online shopping of 38 baskets with fix price. The Saigon Co.op also … [Read more...] about BUSINESS NEWS IN BRIEF 16/1
Business tax help
Benefits of streamlined business regulations
The cost and money saved will be translated into resources for business activities, helping to create more wealth for the nation. But more importantly, this result is the affirmation of the message to build a facilitating government which always accompanies businesses. The government is proactive in designing an effective legal system with sound policies and institutions in order to support the economy. The government facilitates rather than replaces the market so that the business environment in Vietnam is able to equal those of the top ASEAN economies. The government’s words come with concrete actions. In fact, the struggle to cut business regulations has always been a long-running and fierce battle because it is a tug of war between the close-minded who want to keep regulations in place to easily control businesses and the open-minded who want to set the resources of businesses free. Even the youngest of the generation of experts who first waged the war against regulations, … [Read more...] about Benefits of streamlined business regulations
Tough stance needed on tax official violations
NA deputy Truong Trong Nghia from HCM City. — VNA/VNS Photo National Assembly (NA) deputies agree it is important to penalise tax officials who provide illegal solutions for taxpayers. According to NA deputy Truong Trong Nghia from HCM City, most of the cases are businesses complaining about tax officials who requested bribes to complete the tax paying process. Some tax officials have given bad advice and illegal solutions to help taxpayers avoid paying their taxes in full, Nghia told an NA group discussion session about the draft law on tax management on Monday. This practice means both sides – taxpayers and officials – benefit from scams while the State and people suffer. Nghia suggested the Government regulate the obligations and rights of tax officials and forbid them from making illegal deals with taxpayers. “Tax officials should earnestly help businesses and individuals pay taxes in the fastest and most convenient way,” Nghia said. According to the … [Read more...] about Tough stance needed on tax official violations
BUSINESS NEWS IN BRIEF 3/9
Quang Ninh aims to become leading service centreThe northern coastal province of Quang Ninh has outlined comprehensive measures to attract key projects in trade, aiming to become a leading service centre in the country.Two years ago, local authorities granted approval for a master plan to develop the trade sector by 2025 with a vision towards 2030. The province aimed to increase added value by an average of 12.5 - 13.5 percent during 2016 – 2020, 14.5 - 15.5 percent during 2021 – 2025, and 10 - 11 percent during 2026 – 2030.As part of efforts to lure trade projects, the province has worked to improve transport infrastructure, including projects upgrading the Uong Bi - Ha Long segment in National Road 18, Quang Ninh airport, and Ha Long - Hai Phong expressway. Due attention has been paid to transportation in border areas, facilitating and promoting trade with China via Bac Luan border gate.Besides encouraging local investors to remove bottlenecks and accelerate … [Read more...] about BUSINESS NEWS IN BRIEF 3/9
Forgiving tax debts must be done transparently
A recent proposal by the Ministry of Finance to clear over VND26.5 trillion (US$1.16 billion) of tax arrears, accounting for more than a third of all tax arrears and irrecoverable fines, has raised public concern about the fairness and transparency of handling tax debts. The finance ministry’s statistics revealed that the total amount of tax debt, late payments and fines under the ministry’s management exceeded VND73 trillion by the end of 2017. The amount of such funds under the management of the customs authority was more than VND5.4 trillion. Over VND35.5 trillion, or half of total tax debts owed to both customs and the finance ministry, was deemed irrecoverable. Facing a heavy burden of rising outstanding tax arrears and irrecoverable fines, the finance ministry has proposed to free and eliminate tax arrears for a number of select groups. The ministry plans to free tax debts – meaning it would temporarily cease collection of tax and fines for late tax payment … [Read more...] about Forgiving tax debts must be done transparently