February 5, 2009
Three former Finance Ministry officials have been charged with illegally granting tax incentives to a foreign business several years ago that cost the state exchequer around VND32.73 billion (current US$1.87 million). Phan Van Hien and Vu Xuan Hieu, both former deputy heads of the Finance Ministryâs Department of International Financial Affairs, and Hoang Ngoc Nang [...]
Tags: charged, giveaways, ministry, Officials, tax, with, wrongful
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February 4, 2009
Businesses are considering slashing prices of many products and services after the Government announced the 5% VAT cuts on 18 categories of products and services. Hoang Quoc Tuan, Deputy General Director of Dong Nai Tile Company, said that with the 5% tax cut, the price of a brick will decrease from VND1,100/brick to VND1,045, while [...]
Tags: and, cuts, decreasing, of, on, prices, products, services, tax, VAT
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February 3, 2009
VietNamNet Bridge – As of February 1, 2009, thousands of products and services are cheaper thanks to the tax payment extension, or tax exemptions and reductions. 18 categories of commodities now enjoy a 50% VAT reduction. These include wholly-assembled cars and car components, engines, gear boxes, coal, basic chemicals and hotel and tourism services. The tax [...]
Tags: abundant, announces, exemptions, Govt, price, reductions, tax
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January 27, 2009
Cambodia said it will extend tax breaks for clothing manufacturers and invest in power plants as a cash shortage restricts its ability to provide economic stimulus. âWe cannot distribute cash to the people,â Hang Chuon Naron, secretary-general of the Ministry of Economy and Finance, said in a telephone interview from Phnom Penh on Jan. 23. [...]
Tags: As, breaks, Cambodia, cash, keeps, of, prevents, shortage, stimulus, tax
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January 24, 2009
Lookatvietnam – Taxes applied to extraction and exploitation of various natural resources were increased last Sunday pursuant to Government Decree No 05/2009/ND-CP.Taxes on metals and minerals – including iron, lead, zinc, aluminium, gold and coal, all rose 2-4 per cent to a range of 4-9 per cent, while the resource tax on precious stones such [...]
Tags: increased, Natural, rates, resource, tax
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January 23, 2009
VietNamNet Bridge – The Government has decided to cut preferential tax rates on imported petroleum to 35 percent from 40 percent. The new rate will be applied to imported petrol from January 24. The Ministry of Finance (MoF) issued Circular No 15/2009/TT-BTC on Jan. 22 as an implementation guide for the new tax level for items [...]
Tags: 5%, by, import, on, percent, petrol, reduced, tax
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January 20, 2009
Customs officials have collected taxes on dollars repatriated in cash after misinterpreting a circular that called for taxing paper and polymer used to print currency bills, the finance minister said. Circular No. 131 from the Ministry of Finance, effective January 1, imposes a 10 percent value added tax (VAT) on these materials, Minister Vu Van [...]
Tags: customs, dollar, inflows, Minister, misunderstanding:, no, on, tax
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January 19, 2009
Lookatvietnam – The Ministry of Finance has been instructed to delay collection of some types of Personal Income Tax (PIT), particularly from low-income groups, until a review is held in May, said Deputy Finance Minister Do Hoang Anh Tuan. When legislators meet in May, the National Assembly will decide who and what kinds of income [...]
Tags: earners, low-income, receive, relief, tax, to
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January 17, 2009
MOIT has sent a dispatch to the government, asking it to temporarily halt the increase of the vehicle ownership registration tax, luxury tax and value added tax in order to help ease difficulties on the automobile industry. In the dispatch sent to the government on January 5, MOIT said that by the end of September [...]
Tags: asks, cars, collection, delay, for, luxury, MOIT, of, on, tax
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January 17, 2009
Unclear taxation guidelines are confusing securities investors and companies. The guidelines are contained in Ministry of Finance (MoF) Document 42/BTC-TCT and the State Securities Commission (SSC) 22/UBCK-PTTT. Stock market players are looking for some guidance The documents, investors claim, fail to clearly state how investment income can be taxed. According to Personal Income Tax Law(PIT) [...]
Tags: a, in, investors, muddle, tax
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