Adidas, the world’s second biggest sporting goods maker, is facing scrutiny from local tax authorities on suspicion of transfer pricing violations. A senior official at the Tax Inspection Division 1 under the Ho Chi Minh City Department of Taxation, said the department was asking Adidas Vietnam to provide legal documents that showed costs related to transactions on international marketing, copyright... 

Foreign investors will hopefully enjoy tax incentives for their investment expansion projects to kick-start the nation’s stalled foreign direct investment trajectory. The Ministry of Finance (MoF) last week announced that it had added a regulation allowing foreign invested enterprises to enjoy corporate income tax (CIT) incentives for their investment expansion projects in the ministry’s draft... 

The newly-established automobile and motorbike working group of the Vietnam Business Forum (VBF) which started its annual meeting in Hanoi on Monday has suggested putting the auto and motorbike industries into the high technology group to be given incentives for further development. According to the group, the auto and motorbike industries now are not subject to any investment incentives in line with... 

Thousands of enterprises have been added into the taxation bodies’ black list because they have escaped with unpaid tax. The Hoan Cau Company Ltd headquartered in district 11 of HCM City, a spongy bag producer has not paid the VAT of 22.799 billion dong. Within just three months, from July 21 to October 17, 2008, the company made 87 customs declarations about the primary resin imports at five sub-departments... 

Taking into account the opinions of associations and enterprises, the Ministry of Finance has drawn up four schemes on a tax grace period for importers. The schemes will be put forward at a meeting between the finance ministry and the National Assembly (NA) Financial and Budgetary Committee this week. The draft amended Law on Tax Management will be the topic of discussion at the meeting, said the... 

Tax reduction and exemptions are seen as the only way to save struggling businesses as tax extensions fail to do the job. According to the Ministry of Finance’s (MoF) supporting package for enterprises, it is estimated on average, each enterprise was extended value added tax (VAT) of VND57 million ($2,740) and corporate income tax (CIT) of VND40 million ($1,923). However, after four months of implementation,... 

The decision by the General Department of Customs (GDC) to apply new taxable prices since October 18 would lead to the increases of used imports’ prices. Meanwhile, the prices of the products to be distributed by authorized importers would be unchanged. Since October 18, the new taxable prices have been applied to many luxurious models including Audi, BMW and Lexus, which are 8000-22,000 dollars... 

The Ministry of Finance has said it will enhance tax inspections at enterprises in the coming months to curb tax fraud and evasion amid concern about the rising State budget deficit, a ministry official said on Thursday. Nguyen Duc Chi, chief of the ministry office, said: “We will boost tax inspections at enterprises to fight transfer pricing, smuggling and trade fraud; check collections, management... 

Many enterprises have fingered tax and customs entanglements as causing business hurdles. Tran Ngoc Hung, chief of R.K Marble Vietnam’s Administrative and Human Resource Department,  said that his company was being hurt by investment incentives and export tax for calcium carbonate powder. Under its investment licence granted by Yen Bai People’s Committee dated January 11, 2006, Hung said the company... 

Several enterprises complained on Thursday that their business is in difficulty due to land rents jumping by between eight and twenty four-fold compared to previous years. Speaking to the Daily on the sidelines of a dialogue on policies and administrative procedures of tax and customs in HCMC on Thursday, a business owner in Dong Nai Province who declined to be named said his firm last year had to...