EY Consulting Vietnam and the Vietnam Chief Financial Officer Club (CFO Vietnam) have collaboratively held the Tax, Legal, and Customs Symposium themed Overcome Challenges to Grow – an annual event to update businesses with the latest tax trends and changes in the local and global tax landscape.
|The Tax, Legal and Customs Symposium themed Overcome Challenges to Grow by EY Consulting Vietnam and CFO Vietnam |
After two years of navigating unprecedented challenges, Vietnam's economy has made a positive recovery. The country is predicted to lead the region with annual growth of 7.2 per cent in 2022, according to the World Bank’s latest report.
However, with its economic openness, negative impacts from the world economy such as high inflation, supply chain disruptions, geopolitical tensions, and the potential risk of a global economic recession may impact Vietnam's economy more quickly and strongly than those of other countries.
The Vietnamese government has implemented numerous tax and financial incentives to support businesses in recovering from the pandemic but it is expected that many of these preferential policies will expire at the end of 2022.
Tax policies in the coming period may be affected by pressure to ensure the state budget as policymakers have to balance between tax policies that contribute to promoting economic growth and measures that support state revenues.
Understanding the trends of both global and local tax policies plays a critical role in helping businesses reduce risks, avoid losses, and create opportunities for future growth.
|General director of EY Consulting Vietnam Huong Vu speaking at the event |
"Global and regional tax policies are changing drastically, especially in the context of globalisation and digitisation. These major trends will have a significant impact on business activities and organisations' tax obligations,” said Huong Vu, general director of EY Consulting Vietnam.
“To avoid unnecessary losses and penalties, as well as to benefit from the opportunities generated by the tax trends, businesses need to increase resources to understand and comply with their tax obligations."
The event saw the participation of Luu Duc Huy, director general of the Policy Department, and Ta Thi Phuong Lan, deputy director general of the Tax Administration Department. Along with the tax professionals from EY Consulting Vietnam, the two representatives from the Department of Taxation addressed tax issues from participating businesses.
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