The Times investigation, which the White House said was "misleading," showed Trump received the equivalent today of at least $413 million from his father's real estate business. The Times, citing a "vast trove" of confidential tax returns and financial records, reported that much of that fortune came to Trump because he helped his parents evade taxes, setting up a fake corporation with his siblings to disguise millions of dollars in gifts from their parents. Trump promoted himself during his presidential campaign as a self-made real estate mogul who started out with only a "very small" loan from his businessman father, Fred Trump. Reuters has not been able to verify the report. White House spokeswoman Sarah Sanders called the story "misleading" and said in a statement "many decades ago the IRS reviewed and signed off on these transactions." Trump's lawyer Charles Harder told the Times: "President Trump had virtually no involvement whatsoever with these matters." "The affairs were … [Read more...] about New York Times says Trump helped parents shield millions from taxes
Business tax returns
Electronics retailer owes $6.42m in fines, back taxes over past decade
Viet Nam News HÀ NỘI — HCM City-based electronics retailer Nguyễn Kim has been asked to pay nearly VNĐ150 billion (US$6.42 million) in fines and tax arrears after it was found to have been improperly manipulating the amount of personal income tax its employees had to pay over the past 10 years. The whopping sum includes VNĐ104.74 billion (US$4.5 million) in personal income tax arrears, a VNĐ19.41 billion fine for administrative violations and another VNĐ24.18 billion penalty for late tax payment, according to the HCM City tax department. The city’s taxman launched an inspection into Nguyễn Kim, in which Thailand-based Central Group holds a 49 per cent stake, on May 28 and announced the results on June 29. Last year, the employees of Nguyễn Kim authorised the company to settle the tax bill but Nguyễn Kim dodged the payment of personal income tax for its executives and employees by shifting its employees’ … [Read more...] about Electronics retailer owes $6.42m in fines, back taxes over past decade
HCM City: Home-businesses jump regulations
Many household businesses in HCM City are reluctant to formally register as businesses despite authorities’ inducements. (Photo: tuoitre.vn) HCM City (VNS/VNA) - More than a year after it rolled out support policies to help household businesses become enterprises, only 3,950 out of 250,000 have done so, the Ho Chi Minh City Department of Taxation has said. Tran Thi Thanh Phuong, Director of Phuong Cat Tax Agency, said that tax agencies have offered free tax registration and tax return filing services to new enterprises and household businesses, under the department’s programme to support new enterprises. Free counselling was offered in all districts, including outlying districts like Nha Be and Binh Chanh, she said. For new enterprises, registration and certain annual fees for the first three years are waived under the 2017 Law on Supporting Small to Medium Businesses. The city’s authorities have organised 250 counselling and encouragement events to raise … [Read more...] about HCM City: Home-businesses jump regulations
Home businesses jump regulations
More than a year after it rolled out support policies to help household businesses become enterprises, only 3,950 out of 250,000 have done so, the HCM City Department of Taxation has said. Many household businesses in HCM City are reluctant to formally register as businesses despite authorities’ inducements.-Photo tuoitre.vn Tran Thi Thanh Phuong, director of Phuong Cat Tax Agency, said that tax agencies have offered free tax registration and tax return filing services to new enterprises and household businesses, under the department’s programme to support new enterprises. Free counselling was offered in all districts, including outlying districts like Nha Be and Binh Chanh, she said. For new enterprises, registration and certain annual fees for the first three years are waived under the 2017 Law on Supporting Small to Medium Businesses. City authorities have organised 250 counselling and encouragement events to raise awareness among people running household … [Read more...] about Home businesses jump regulations
Liquidation of a Vietnamese entity—critical tax exposures
The liquidation of a Vietnamese legal entity is a lengthy and complicated process in which the final tax audit involves a lot of effort from the dissolving entity. This article is to provide a list of key and common issues, which are frequently challenged by the tax authorities during a tax audit upon dissolution for the enterprises’ perception and compliance in order to mitigate the risks of additional tax liabilities, penalties, and interest on late tax payment. There is a lot to consider when liquidating a company, with tax issues a major issue General procedures of liquidating a company The voluntary dissolution procedures of a company include the following steps with relevant parties and regulatory authorities: Resolution on dissolution to be passed by investors, disclosed to relevant stakeholders and announced publicly in the newspaper; Terminating contracts (with customers, suppliers, landlord, etc.) and liquidating assets; Settling liabilities in accordance … [Read more...] about Liquidation of a Vietnamese entity—critical tax exposures