New regulations to prevent conflicts of interest in corporate governance
From August 1, members of the board of directors, supervisors, director or director general, and other managers of a public company will be required to make public their related interests as prescribed by law.Such is provided in Government Decree No. 71 signed on June 6, providing corporate governance regulations applicable to public companies. Thanh Nien […]
Gov’t raises depositors’ insurance compensation to VND75 million
The maximum insurance payable to a depositor for all deposits in an insured organisation will be raised to VND75 million (US$3,289) from VND50 million from August this year. Under Decision 21/2017/QD-TTg, issued last week by Prime Minister Nguyen Xuan Phuc, the insured deposit amount, which is paid by the Deposit Insurance of Viet Nam (DIV), […]
High-tech transfers gain tax breaks
Firms that transfer high technology and conduct technological innovations in Vietnam are expected to enjoy special financial incentives in the future. According to the draft amendments to the Law on Technological Transfer, firms will get special tax incentives if they import machinery, equipment, materials, and means of transport into Vietnam that have yet to be […]
Environmental protection tax: appropriate solution for environmental problems
According to the Ministry of Finance (MOF), from 2012-2016, state budget’s expenditures on environmental protection were 26,371 billion vnd per year on average, higher than environmental protection tax revenues of 21,197 billion vnd/year on average. Retail price of petroleum in Vietnam is lower than those in other bordering countries and ASEAN countries. Photo: H. […]
Uncleared goods are not considered as tax debts
During delivery of goods for preservation, goods which are not cleared, still under the supervision of the Customs officers are not considered as tax debts. Customs operations at the Customs Branch for processing and investment management, under the Customs Department of Ho Chi Minh City. Photo: Thu Hoa That was the response of the […]
New guidelines issued for debt trading
The Ministry of Finance has issued a circular to guide the implementation of Decree 69/2016/ND-CP on conditions for debt trading. The Ministry of Finance has issued a circular to guide the implementation of Decree 69/2016/NĐ-CP on conditions for debt trading. — Photo congly.vn Under Circular 53/2017/TT-BTC, which will take effect from July 3, debt traders […]
VIAC encourages alternative dispute resolutions
The Vietnam International Arbitration Centre (VIAC) organised a workshop on Tuesday with the International Finance Corporation (IFC) to promote the use of alternative dispute resolution (ADR) methods in the banking and finance sector. The conference, named ‘Benefits and Challenges of Using ADR for Banking Disputes’, focused on the principles, conditions and procedures of commercial mediation […]
Decree set to tackle transfer pricing
Coming into force in May 2017, Decree No. 20/2017/ND-CP on tax administration of enterprises having transactions with related parties has laid a legal foundation to better control transfer pricing and prevent losses of state budget revenues. Tax agencies may assess tax in cases taxpayers fail to provide or sufficiently provide information__Photo: Hai Quan (Customs) online Lan Anh said the […]
Need to ‘faciliate’ payments for online public services
VCN- The implementation of payments for online public services for enterprises has initially achieved positive results. However, there are still many bottlenecks that need to be removed to increase convenience and efficiency and attract more people to participate in the services. One of the biggest difficulties in deploying e-payments in the public sector is […]
Tax inspections within 5 years for foreign retail businesses
VCN- The Deputy Director General of the General Department of Taxation, Mr. Cao Anh Tuan has just signed a document requesting the Taxation Department of provinces and centrally-run cities to review and inspect foreign retail businesses. Many foreign retail businesses will be subject to tax inspections within 5 years. The review and supplementation of the […]