Keeping an eye on the economic dangers still ahead

Keeping an eye on the economic dangers still ahead

It has been nearly three months since Vietnam implemented a VAT reduction from 10 per cent to 8 per cent with Decree No.15/2022/ND-CP dated January 28 on prescribing tax exemption and reduction, together with a corporate income tax (CIT) deduction for companies.
VAT reduction: impacts and problems in implementation

VAT reduction: impacts and problems in implementation

Vietnam’s Government slashed the value-added tax (VAT) rate from 10 to 8 percent earlier this month – a move that cost the State budget 49.4 trillion VND (2.2 billion USD) but, along with other support, is expected to help boost the pandemic-hit economy.
Retailers vexed with VAT implementation

Retailers vexed with VAT implementation

A newly-issued VAT reduction policy has received a positive response from both consumers and businesses, especially businesses in the retail sector – however, not all businesses have the resources available to immediately apply the new rate due to implementation obstacles.
National Assembly to cut at least 2 per cent of VAT for certain goods and services

National Assembly to cut at least 2 per cent of VAT for certain goods and services

The National Assembly approved to decrease VAT by 2-8 per cent this year, applied on certain goods and services currently taxed with 10 per cent.
Businesses seeking access to tax cuts

Businesses seeking access to tax cuts

A new bailout package worth over $900 million is expected to help local companies to recover soon through tax reductions, but for some this solution may come too late to overcome the health crisis completely.
Barriers to lending rates and VAT refunds in BOT projects soon to be resolved

Barriers to lending rates and VAT refunds in BOT projects soon to be resolved

Investors of build-operate-transfer projects are expected to rejoice over upcoming solutions related to issues surrounding lending rates and VAT refunds in August.
Risks at the fore in global wood trade

Risks at the fore in global wood trade

Many timber enterprises are facing difficulties as the General Department of Taxation is implementing a series of measures to tighten the management of VAT refunds. Meanwhile, the sector is already coping with accusations of tax evasion and anti-dumping measures in some importing markets.
Pharmaceutical groups yearn for end to VAT tangle

Pharmaceutical groups yearn for end to VAT tangle

Amidst lingering complaints from businesses on VAT for imported medical devices, the Ministry of Finance has broken its silence by announcing the ongoing revision of prevailing rules, but tangled inconsistencies will remain with no timeline yet revealed.
Indonesia imposes 10-percent VAT on foreign high-tech groups

Indonesia imposes 10-percent VAT on foreign high-tech groups

Indonesia began to impose a 10-percent value-added tax on sales by technology firms including Amazon, Netflix, Spotify and Google on July 7 in the context of the COVID-19 pandemic affecting the country’s state finances.
Switch-up aids distressed taxpayers

Switch-up aids distressed taxpayers

A string of forthcoming proposed tax measures are slated to assist individual and corporate taxpayers to weather oncoming storms.
New VAT policy for Ahamove

New VAT policy for Ahamove

The HCM City Department of Taxation has approved a proposal from Ahamove regarding the way the on-demand delivery service company calculates value-added tax (VAT).
VAT plan would hit household welfare: VEPR

VAT plan would hit household welfare: VEPR

The Ministry of Finance’s (MOF) two proposals to increase value-added tax (VAT) would have various impacts on the overall economy and household welfare, said Nguyen Duc Thanh, Director of the Viet Nam Institute for Economic and Policy Research (VEPR).
Some taxing questions cannot be ignored

Some taxing questions cannot be ignored

It’s a well-worn cliché that one cannot escape death and taxes. However, it does not mean they are accepted unquestioned.