What do state taxes pay for

  Minister of Finance Đinh Tiến Dũng speaks at the 14th National Assembly meeting on Tuesday on tax removal policy. - VNA/VNS Photo Phương Hoa HÀ NỘI – The country's outstanding tax payments had reached VNĐ88.25 trillion (US$3.8 billion) as of September, up 8.2 per cent from the end of 2018, Finance Minister Đinh Tiến Dũng said yesterday. The figure included nearly VNĐ43 trillion worth of uncollectable tax, or 48.7 per cent of the total, he told the 14th National Assembly’s eighth meeting. Uncollectable tax liability is caused by people – who either die, are declared missing or lose their civil act capacity – and businesses that are dissolved, go bankrupt or suffer from unexpected disasters. More than 771,400 taxpayers registered with the tax agency owed more than VNĐ24 trillion to the State. Of the figure, late taxes and penalties were worth VNĐ10 trillion. Taxpayers that had … [Read more...] about Tax liability reaches US$3.9 billion with nearly half being uncollectable

Finance Minister Dinh Tien Dung addresses the parliament's meeting on October 22 (Photo: VNA) Hanoi (VNA) – Vietnam’s outstanding tax payments had reached 88.25 trillion VND (3.8 billion USD) as of September, up 8.2 percent from the end of 2018, Finance Minister Dinh Tien Dung said. The figure included nearly 43 trillion VND worth of uncollectable tax, or 48.7 percent of the total, he told the 14th National Assembly’s eighth meeting on October 22. Uncollectable tax liability is caused by people – who either die, are declared missing or lose their civil act capacity – and businesses that are dissolved, go bankrupt or suffer from unexpected disasters. More than 771,400 taxpayers registered with the tax agency owed more than 24 trillion VND to the State. Of the figure, late taxes and penalties were worth 10 trillion VND. Taxpayers that had gone out of business or had their licences revoked owed nearly 9.47 trillion VND. Of the figure, late payment and … [Read more...] about Tax bill hits 3.8 billion USD with write offs suggested

HÀ NỘI — The Investment and Industrial Development Corporation (Becamex IDC) will pay a 6 per cent dividend payout in cash on August 1. That means every shareholder will receive VNĐ600 (US$0.26) for each share they own. That values the firm’s August dividend payment at VNĐ607.5 billion ($26 million). Becamex IDC will finalise the list of beneficiary shareholders on June 28. In 2018, the company earned VNĐ6.5 trillion and VNĐ2.34 trillion in total revenue and post-tax profit, respectively. The company plans to raise its charter capital to VNĐ20 trillion in 2019 and move from UPCoM to the Hồ Chí Minh Stock Exchange (HoSE). If the exchange-switching plan is approved, Becamex IDC will list all of its one billion shares on the southern bourse. Becamex IDC has more than one billion shares, of which nearly 24.8 million shares are traded on the Unlisted Public Company Market (UPCoM) with code BCM. In early December 2017, the … [Read more...] about Becamex IDC to pay 6% dividend in August

Worries remain over how tax agencies will collect tax from overseas companies that do not have a base in Vietnam. (Photo: baocongthuong.vn) Hanoi (VNS/VNA) - The passing of the amended Law on Tax Management by the National Assembly is expected to improve the taxation on e-commerce activities. The amended law, which was passed on June 13 at the 14th National Assembly’s seventh meeting, will come into effect on July 1, 2020. Under the new rule, the Ministry of Industry and Trade is required to work with the Ministry of Finance to provide data and relevant information on organisations and individuals partaking in e-commerce activities. The State Bank of Vietnam (SBV) is obliged to develop a nationwide e-payment system for e-commerce platforms while strengthening its supervision over electronic cross-border trade. Commercial banks are bound to deduce tax for overseas organisations and individuals that make incomes from conducting e-commerce activities in Vietnam. According to … [Read more...] about Concerns persist over taxation of foreign e-commerce firms

The divestment of three state-owned tourist companies is expected to present a vast opportunity for foreign investors. Saigontourist owns stakes in several popular four- and five-star hotels in Ho Chi Minh City Foreign investors and consultants are eagerly awaiting the chance to invest in these businesses when their initial public offerings (IPOs) are launched in the near future. Kenneth M. Atkinson, founder and senior board adviser of consultancy service provider Grant Thornton Vietnam, told VIR that the three have exciting potential as a result of their impending equitisation. Several large investment banks, according to Atkinson, have been eyeing Saigontourist for years because of the potential foreign investor interest, and the same would also be true of Hanoitourist. “The opportunities come from the prime property portfolio, particularly in the case of Saigontourist and its iconic hotels such as the Continental, Rex, and Majestic, and more modern properties like the … [Read more...] about Tourism SOE trio makes for IPO gold