The People’s Committee of the southern province of Ba Ria-Vung Tau instructed the Department of Labor, Invalids and Social Affairs to work with authorized agencies to solve problems of steel company Quatron which debt hundreds of billions of dong of wage and premium after its foreign owner get out of the country. The province granted investment certificate to the foreign invested company in early 2008 to design, process and assemble steel structural products.Legal representative Dasagi Vijaya Bhaskara Rao has left home while the man working for the company as director general has not appeared.By the end of October last year, Quatron owed 400 workers overVND2.7 billion (US$119,000) in wage and VND15 billion ($660,000) social insurance premiums. In addition, the company has yet to pay VND1.2 billion in tax arrears and overdue loan interest.The 80,000 square meter factory the company hired has been mortgaged for bank loans with the total amount of US$3 million. … [Read more...] about Foreign business owner returns home, leaving huge debts
Business tax returns
New, improved Law on Tax Management cuts out red tape
New, improved Law on Tax Management cuts out red tape (08-01-2007) Deputy Minister of Finance Truong Chi Trung spoke to Thoi Bao Kinh Te Viet Nam (Vietnam Economic Times) about improvements incorporated in the new tax law. What are the important provisions in the revised Law on Tax Management? The Law on Tax Management, which became effective on January 1, 2007, will improve tax collection. Procedures are well defined and simple and ensures benefits for tax payers. The law stipulates for various types of forms for filing tax returns, clearly defining the responsibilities of tax payers and avoiding red tape. One of the advantages in the new law is that it has set specific time schedules for paying each type of monthly and annual taxes. Meanwhile, functions, responsibilities and management scope of tax departments have been clarified at length to ensure the rights of tax payers. The National Assembly has not given the tax department the right to investigate tax evasions or frauds. Do you … [Read more...] about New, improved Law on Tax Management cuts out red tape
Tax returns set to hit cyber highway
All enterprises in Vietnam should be able to file tax declarations electronically by 2008, as the General Department of Taxation is scheduled to kick start the online declarations project later this year. Truong Hai Duong, director of the General Department of Taxation's Information Technology Centre, said the department was moving forward with its plans for the electronic filing of tax forms for both domestic and foreign enterprises. The centre began providing businesses with accounting and encoding software for the transmission of tax information early last year. Several businesses have already participated in a trial programme for internal calculation, declaration and payment of taxes. In its aim to ensure accuracy in declarations, the programme will eventually do away with hard copies altogether, but is currently still using printed materials bearing encoded labels for electronic readers."We are still compiling project documents with supporting legality to protect electronically … [Read more...] about Tax returns set to hit cyber highway
Ha Noi holds business course for doing tax returns online
Tax officials can reduce the paper work while enterprises can save their travel and waiting time with the online tax returns. — VNA/VNS Photo HA NOI — Ha Noi tax officials held a one-day training course yesterday for about 500 enterprises to assist with online tax returns in the capital. It was the second one-day training course held by tax officials in Ha Noi. The first took place last October and was attended by 254 enterprises, said Thai Dung Tien, Ha Noi Tax Department deputy director. Last year, the General Department of Taxation permitted tax returns to be submitted online. Ha Noi and HCM City were among the first cities to pilot the scheme. Dung said permitting tax returns to be made online saved enterprises time and money. "Instead they can do the work at any time and are not constrained by office opening hours," Dung said. "After that, they will receive a response from our department online. They can then register and sign the return and send it to the department … [Read more...] about Ha Noi holds business course for doing tax returns online
Strengthening sanctions for tax evasion and fraud
(VEN) - The prime minister issued Decree 129/2013/ND-CP on administrative sanctions on tax evasion and fraud and enforcement of tax administrative decisions. Since the December 15, 2013, violators will be fined 100 percent of the amount of tax evasion or tax fraud for the violations.: No registration of tax filing; not filing tax returns or tax returns after 90 (ninety) days from the expiry date of filing tax return or from the date of extended submission deadline; using illegal invoices, vouchers, invoices; invalid declaration used to reduce the payable tax amount, tax increase, and the amount of tax exemption; destruction of records to reduce the actual amount of tax payable or refundable tax increase, or increase the exemption; wrong sales and services invoicing; not recording sales in the accounting books of revenues related to the determination of the amount of tax payable; no declaration or false declaration of the payable tax, refundable tax increase, and the tax exemption; … [Read more...] about Strengthening sanctions for tax evasion and fraud