Value added tax (VAT) incentives for traders in border-gate economic zones (EZs) should be limited to prevent tax fraud and evasions, the Ministry of Finance proposed. Many cases of taking advantage of the preferential policy for border-gate economic zones to get VAT tax refunds have been discovered. Multiple traders have brought domestic goods from elsewhere into non-tariff zones and then launched... 

Reasoning economic difficulty, the National Assembly on March 18 agreed not to reduce the number of groups of goods that are entitled to the value added tax rate (VAT) of 0% and 5%. In the morning session, the National Assembly Standing Committee made comments on draft amendments to the Law on Value Added Tax (VAT), including tax rates. Currently VAT in Vietnam is set at three levels: 0%, 5% (with... 

Software enterprises in the country have expressed concerns over a draft value added tax (VAT) law that, if passed, would slap a 10% VAT rate on software products instead of the current 0%. The Ministry of Finance now is sending out the draft of the VAT Law for feedbacks from local agencies. The ministry in the tentative draft plans to treat software as products subject to VAT at a tax rate of 10%,... 

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... 

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,... 

Offering discounts, readjusting apartment sizes and providing financial supports are the solutions chosen by property firms in a bid to prop up the local market, but they could hardly turn the situation around if homebuyers’ confidence did not return. To many property companies, the confidence crisis is much worse than the other problems they are facing. How to lure homebuyers back into the market... 

Small- and medium-sized enterprises (SMEs) and labor-intensive firms will continue to be entitled to payment extension for June’s value added tax (VAT) until April next year, instead of January as earlier decided. The ten-month extension is to support SMEs and labor-intensive companies in securing working capital and overcoming difficulties in business and production, according to Decision 157 of... 

The burden of taxes and fees on citizens and businesses is getting increasingly heavier as the State budget is expanding the scale of collection, according to two recent studies. Vu Nhu Thang, head of the Institute of Strategy and Policy on Finance under the Ministry of Finance, said the average State budget revenue in the last ten years stood at 26.6% of GDP, in which revenue from taxes and fees... 

The 2012 report about the national economy just released by the National Assembly’s Economics Committee, has pointed out that Vietnamese people have been burdened with taxes and fees, and that a lot of the policies pursued by Vietnam do not follow the common tendency in the world. High taxes annul development The report has pointed out that Vietnamese businesses now have to bear high tax rates,... 

Only 34 foreign tourists have claimed value-added tax refunds at Tan Son Nhat International Airport after a month since the customs started a pilot program to this effect to make local shopping more attractive to tourists. Pham Tri Dung, a customs officer at the airport, said the VAT refunds totaled only VND67.5 million, and most of VAT refund claimants submitted bills of shopping at Duy Anh...