Indonesia to impose 12% VAT from 2025
The Indonesian Government plans to apply a 12% value-added tax (VAT) next year, marking a 1 percentage point increase from the current rate, according to a senior official.
Southeast Asia - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam offers tax, working conditions incentives for high-tech parks
Vietnam will provide tax and working conditions incentives for high-tech parks and businesses therein under new Government Decree 10/2024, effective March 25.
Industrial real estate - Mon, Dec 22, 2021 | 11:30 am GMT+7
Owners of multiple properties should pay higher taxes: parliament committee
The government needs to urgently propose higher income tax rates for people who own multiple properties to avoid land speculation, Vietnam's National Assembly (NA) Standing Committee suggested on Monday.
Real Estate - Mon, Dec 22, 2021 | 11:30 am GMT+7
Finance ministry rejects lower tax proposals by Ford, Toyota
Vietnam’s Ministry of Finance has disagreed with proposals made by Ford, Toyota, and the Vietnam Automobile Manufacturers' Association (VAMA) for lower taxes, according to a ministerial draft document sent for the government’s approval.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Finance ministry rejects Long Son Petrochemical proposal for higher import taxes
The Ministry of Finance has disagreed with a proposal by Long Son Petrochemicals (LSP), the investor of the $5.4-billion Long Son Petrochemicals Complex, to raise the most-favored nation (MFN) tax on some plastics products from 0% to 3%.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam association of foreign firms, Hai Phong authorities hold tax dialogue for companies
The Vietnam's Association of Foreign Invested Enterprises (VAFIE) and Hai Phong's tax authorities co-hosted a conference in the northern city on Wednesday to answer businesses' tax-related enquiries.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam can collect $600 mln more from global minimum tax enactment
Vietnam can collect VND14.6 trillion ($600 million) of tax differences between the country’s current tax scheme and the Global Minimum Tax (GMT) in the first year of enforcement, if all countries apply the GMT from 2024, according to a government report.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Samsung urges Vietnam to find global minimum tax solutions
The government and legislature of Vietnam should check and issue solutions related to the global minimum tax (GMT), Samsung Electronics president and CFO Hark Kyu Park has said.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam to raise personal income tax deductibles: Finance Minister
The Ministry of Finance is drafting rules to increase the deductible amount for personal income tax (PIT) to better reflect inflation, Finance Minister Ho Duc Phoc said Thursday.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam collects less corporate income tax in 2022 from top 1,000 firms
Corporate income tax (CIT) paid by the 1,000 biggest taxpayers in Vietnam in 2022 fell 14.9% from that in 2021, the General Department of Taxation has said.
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
No global minimum tax payment for firms in Vietnam until 2025
Businesses in Vietnam will not have to pay the new global minimum tax (GMT) until 2025, says Vu Tuan Anh, a member of the National Assembly’s Finance and Budget Committee.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Honda, Unilever, Heineken top foreign taypayers in Vietnam
Automaker Honda remained the biggest foreign taxpayer in Vietnam in 2022, according to the General Department of Taxation’s latest list of the top 1,000 contributors of corporate income tax (CIT).
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
Beer-maker dethrones steelmaker as biggest domestic tax payer in central Vietnam province
Saigon-Ha Tinh Beer has surpassed Taiwan-invested Formosa Ha Tinh Steel Corporation (FHS) to become the biggest Jan-Sept domestic taxpayer in the central province of Ha Tinh.
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
What you can and can’t do: KPMG answers tax queries
“Importation” of uniforms from a domestic supplier for use in an export processing zone will incur import duties and VAT, say KPMG consultants.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
No subsidy for rich electric car buyers: finance ministry
Vietnam’s Ministry of Finance has said a firm no to a Transport Ministry proposal that $1,000 be given in aid for each electric vehicle (EV) purchase.
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
First Solar US, Vietnam plants secure highest auditing status
Manufacturing facilities of leading American solar module producer First Solar in the US and Vietnam have achieved platinum status, the highest possible auditing rating, the firm says.
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam to approve global minimum tax policy in October: prime minister
The Vietnamese government will submit global minimum tax (GMT) resolutions to the National Assembly, the country's highest legislative body, for approval in October.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
US firm begins solar module production in northern Vietnam
U.S. solar module manufacturer Thornova Solar says it has started production at volume in its Vietnam facility that will supply products to the United States.
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam firms ship cement to US amid domestic market gloom
Major Vietnamese cement manufacturers Xuan Thanh and Nghi Son have penetrated the U.S. market as the construction sector at home remains quiet due to the ailing property market.
Companies - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam to enforce global minimum tax in early 2024
The Vietnamese government will in October submit a proposal to enforce the global minimum tax (GMT) to the National Assembly for approval, according to the General Department of Taxation.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Tax on alcoholic beverages should only be raised after 2025: businessman
Any changes to the special consumption tax (SCT) on alcohol and beer should only be made after 2025 when the Vietnamese economy and businesses bounce back, said Phan Dang Tuat, president of the Vietnam Association for Supporting Industries (VASI) and former chairman of top Vietnamese brewer Sabeco.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Now’s not the time to hike special consumption tax on liquor: workshop
Vietnam should delay any hike in the special consumption tax (SCT) levied on the liquor industry amidst persistent negative impacts of the Covid-19 pandemic, experts and industry insiders say.
Industries - Mon, Dec 22, 2021 | 11:30 am GMT+7
Former vice chief of HCMC tax department given 4-year jail term
Nguyen Thi Bich Hanh, former vice chief of the Ho Chi Minh City Tax Department, was sentenced to four years in prison on Friday for "violating rules on state asset management" in the Thu Duc Housing Development Corporation scandal.
Society - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam government has plan to boost economic growth
VinaCapital’s chief economist Michael Kokalari highlights a series of measures taken by the Vietnamese government to stir growth amid global economic headwinds.
Consulting - Mon, Dec 22, 2021 | 11:30 am GMT+7
Special consumption tax on sugary drinks not suitable: business associations
Applying a special consumption tax (SCT) on sugary drinks is not suitable, EuroCham, AmCham, and the Vietnam Beer-Alcohol-Beverage Association (VBA) have said in response to a draft amended law.
Industries - Mon, Dec 22, 2021 | 11:30 am GMT+7
Targeted financial inspections and audits for 2023
The Ministry of Finance has set out directives regarding the inspection of state budget obligations in Official Letter No. 10039/BTC-TTr dated October 3, 2022.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
46 cross-border service providers pay taxes of $78 mln in Jan-Feb
Vietnam's General Department of Taxation collected VND1,852 billion ($78.06 million) in taxes from 46 cross-border service providers, including Facebook, Google, Tik Tok and Youtube, in the first two months of the year.
Banking & Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Response to Global Anti-Base Erosion model rules: key considerations for Vietnam
If Vietnam chooses not to introduce legislation to implement Pillar Two of the Global Anti-Base Erosion model rules (GloBE model rules), tax incentives may be “clawed back” in another country, and from a multinational enterprise perspective, it means that the investor will not receive tax benefits and will just have to pay tax somewhere else, said Robert King, indochina tax leader at EY.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Vietnam's personal income tax revenue hits decade high
Personal income tax revenue in Vietnam reached VND166.73 trillion ($7.11 billion) in 2022, a decade high and up 27% year-on-year.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
Flexible tax policies give businesses room to move
KPMG experts answer businesses' queries regarding the complicated navigation of the tax landscape.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Ministry proposes support for businesses extended to 2023
The Ministry of Finance has proposed the government continue implementing fiscal and tax policies in support of people and businesses in 2023 as it did last year, said Deputy Minister Nguyen Duc Chi.
Economy - Mon, Dec 22, 2021 | 11:30 am GMT+7
Tax administration on e-commerce strengthened for suppliers
The General Department of Taxation on November 14 issued a letter guiding owners of e-commerce trading platforms to provide updated company information from the start of 2023.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Leasing income not qualified for CIT incentive entitlement
As the leasing activity was not included into the original IRC, it is likely that leasing income is not qualified for CIT incentive entitlement.
KPMG - Mon, Dec 22, 2021 | 11:30 am GMT+7
Binh Dinh province offers top tax incentives to attract investors
The central coastal province of Binh Dinh is offering top tax incentives, developing infrastructure, and reducing administrative procedures to lure investors.
Industries - Mon, Dec 22, 2021 | 11:30 am GMT+7
HCMC appoints finance department chief
The Ho Chi Minh City People's Committee has appointed the city's Taxation Agency director Le Duy Minh director of the municipal Department of Finance for five years from November 11, 2022.
Finance - Mon, Dec 22, 2021 | 11:30 am GMT+7
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