Samsung willing to pay more under global minimum tax scheme in Vietnam

South Korean conglomerate Samsung stands ready to pay more taxes in Vietnam in line with the Global Minimum Tax (GMT) roadmap, Dong Thi Hong Anh, chief accountant of its Vietnam operations said Tuesday.

The Samsung representative was speaking at an international workshop on "Pillar 2 Global Minimum Tax Implementation in Vietnam," hosted Tuesday by the Vietnam’s Association of Foreign Invested Enterprises VAFIE and the Washington D.C.-based International Tax and Investment Center (ITIC).

Samsung has been aware of the GMT since its early days and is eager to gain insights into the Vietnamese government's support for businesses in line with its implementation, she said.

Intel representative Do Thi Thu Huong expressed similar sentiments at the workshop. As Vietnam is drafting detailed legislation on implementing the GMT and providing support for businesses, Intel looks forward to cooperating with the government on this issue, she said.

VAFIE chairman Nguyen Mai noted that Samsung was willing to invest more in Vietnam in line with improved investment environment under GMT implementation.

Samsung has become Vietnam’s biggest foreign investor despite its relatively late entry into the country, he said.

Jonathan Pemberton, senior advisor with the ITIC, suggested that Vietnam consider using more cost-based tax incentives in order to improve the investment environment under GMT implementation.

He said this would make it easier for businesses to self-assess their eligibility and process for tax returns; and also make it more feasible for firms to invest more in research & development because investments in human resources and tangible assets are less likely to trigger a top-up tax.