Hoang Anh Gia Lai JSC (HAG) recently announced that it has been fined to VND10.59 billion ($460,434) in tax arrears due to false declarations leading to a lack of payable tax amounts. Hoang Anh Gia Lai fined $476,086 in tax arrears HAG on January 23 received Decision No.36/QD-CT from the Gia Lai Tax Department on sanctioning its tax-related administrative violations which it only published on March 15. HAG was supposed to pay tax arrears and penalties within 10 days of receiving the decision. However, at the time of receiving the decision, HAG was still working to explain its case and provide more information to the tax authorities. HAG was fined to over VND5.73 billion ($249,130) in tax arrears, VND3.61 billion ($156,956) of which is value-added tax (VAT), VND1.93 billion ($83,913) is corporate income tax, and VND200 million ($8,695) is personal income tax. Besides tax arrears, HAG was charged VND4.12 billion ($179,130) in late payment fee and VND1.1 billion ($47,826) in … [Read more...] about Hoang Anh Gia Lai fined to $476,086 in tax arrears
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Each litre of petrol cost an extra VNĐ1,000 due to the hike of environmental tax. — Photo xangdau.netViet Nam News HÀ NÔI — The Government is considering withdrawing a proposal from the Ministry of Finance (MoF) to increase environmental taxes on fuel products to the maximum of VNĐ8,000 (US$0.35), stating the move requires further consideration. The ministry has proposed several times almost tripling the environmental protection tax on oil and gas consumption to the maximum VNĐ8,000 per litre, including in the draft revised Law on Environmental Protection Tax. The environmental protection tax on petroleum products was last increased on January 1, 2019, according to a resolution issued by the National Assembly Standing Committee on October 20, 2018. Under the resolution, the tax on gasoline was increased by VNĐ1,000 to VNĐ4,000 per litre instead of VNĐ8,000 per litre as proposed by the MoF. Kerosene was … [Read more...] about Government may withdraw environmental tax hike proposal
VietNamNet Bridge - The value of the medicine market in Vietnam was over $4 billion in 2015, while revenue is expected reach $10 billion by 2020. Nguyen Minh Hoang, a Grab taxi driver, felt dizzy and drove the car to a drugstore, got the medicine, paid and left. Hoang, like the majority of Vietnamese, when feeling sick, usually go to drugstores and buy medicine to treat themselves. This Vietnamese habit, plus the high population, make the country an attractive market for pharmaceutical companies and distribution chains. According to BMI, Vietnam’s pharmacy industry has been seeing two-digit growth rates in recent years. In 2016, the industry had a growth rate of 10.2 percent. If considering the industry’s scale, its value exceeded the $4 billion threshold in 2015. IMS Health predicted that Vietnam’s medicine revenue would increase to $10 billion by 2020, though current spending on medicine is still modest, at $41 per head per annum, lower than Malaysia’s $54, … [Read more...] about How is medicine distributed in Vietnam?
Govt vows to crack down on tax fraud (09-03-2005) The Ordinance on Personal Income Tax came into force in July, 2004, but tax evasion is still rampant. Thoi bao Tai chinh (Financial Times) spoke with deputy general director of the General Tax Department, Nguyen Thi Cuc. How does the ordinance purport to tax high income earners? The number of high income earners in our society is very small, but its significance is great. The high income tax levied on them will help narrow the gap between high and the low income earners and gradually achieve the goal of social equality. The collections from the high income earners will be invested in improving the life of poor people and those living in remote and far-flung areas. Despite their low numbers, the sum high income earners pay as tax is significant. As 75 per cent of the population lives on agriculture, each year the State budget is able to collect just VND1.5 trillion (US$95.5 million) in tax from agricultural land use rights. Taxes … [Read more...] about Govt vows to crack down on tax fraud
HA NOI (Biz Hub) — FPT IS is offering free electronic tax and customs declaration services for the first 500 enterprises that register to use the FPT.CA digital signature service from August 12 to 25. Customers with a one-year package will get the digital signature service for free for three months, as well as having FPT.eTax electronic tax declaration software for free for a year and FPT.eCustoms electronic customs declaration software for free for a year. Customers with two-year packages will get six months of FPT.CA, and a year of both FPT.eTax and FPT.eCustoms at no extra charge. Customers with three-year packages will be rewarded one Nokia 206 or Samsung C3312 mobile phone, a USB token, nine months use of FPA.CA for free and a year's free use of FPT.eTax and FPT.eCustoms. — VNS … [Read more...] about FPT IS promotes electronic tax and customs declaration services