No new PIT threshold for household businesses included in tax reformMinh Tam An elderly woman is seen at a household business in Quang Nam Province. The Ministry of Finance makes no mention of a new personal income tax (PIT) threshold for household businesses in a tax reform plan - PHOTO: MINH TAM HCMC – The Ministry of Finance makes no mention of a new personal income tax (PIT) threshold for household businesses in a tax reform plan though it proposed revising up the threshold two years ago. The ministry is preparing to send the Government a plan for amending and supplementing five tax laws, including one on PIT, before it is submitted to the National Assembly in May next year. In 2015, the ministry floated an idea that household businesses with revenue of less than VND150 million per year, or VND12.5 million per month, should not pay PIT and value added tax. Under the current regulations, the two taxes are not imposed on household … [Read more...] about No new PIT threshold for household businesses included in tax reform
Tax reform proposal
Vietnamese tax incentive system woefully inadequate
The Vietnamese tax system is not as effective as one would hope in preventing tax dodging by companies, while its incentives are very generous at the expense of the state budget. RELATED CONTENTS: Oxfam made the assessment today at the event titled “Tax equality: a view from the operation of multinational companies and banks.” The event aims to introduce the three latest reports produced by Oxfam on the use of tax havens by Europe’s biggest banks, the “rigged” tax reform proposed by the new US administration, and the global race to offer the lowest corporate tax, respectively, and assess Vietnam’s tax incentive policies. Oxfam’s research shows that developing countries including Vietnam have been losing $100 billion annually as a result of corporate tax avoidance schemes. Recently, the government issued Decree No.20/2017/ND-CP regulating tax administration with respect to enterprises having transactions with related parties. Starting … [Read more...] about Vietnamese tax incentive system woefully inadequate
US: Tensions remain as Republicans eye tax reform
Trump, conservatives try to put aside bitterness over the healthcare debacle to seek common ground on tax reform. Raw feelings and mistrust could pose an obstacle to President Donald Trump and hard-line conservative lawmakers in his Republican Party as they seek to rebound from defeat on healthcare legislation by launching into an overhaul of the U.S. tax code. Trump has accused the Freedom Caucus lawmakers of snatching a "defeat from the jaws of victory" with their rejection of the White House-backed healthcare bill to replace President Barack Obama's 2010 healthcare reform bill. In interviews with 10 of the roughly three dozen House Freedom Caucus members, the lawmakers said they were eager to put aside tensions over the healthcare debacle and seek common ground on tax reform. But there is no consensus, even within the conservative faction, on details of a tax-reform bill, with some members open to discussing ideas such as the border tax plan supported by House leaders and … [Read more...] about US: Tensions remain as Republicans eye tax reform
Trump pivots to tax reform after Obamacare shipwreck
WASHINGTON: After a crushing defeat in the effort to repeal Obamacare, the Trump administration is hoping for smoother sailing on tax reform, expecting this will be less divisive among Republican party factions. "Health care is a very, very complicated issue. In a way (taxes are) a lot simpler," Treasury Secretary Steven Mnuchin said Friday (Mar 24). And Vice President Mike Pence said Saturday that lawmakers should be shown details soon. Several days before the collapse of Republican efforts to repeal and replace the Affordable Care Act, the Obama administration's signature health care law, President Donald Trump even promised to advance "the biggest tax cut since Ronald Reagan," saying it would be "fun." But reshaping the entire tax code, something not done since 1986, is no mean feat. Several presidents, Republican and Democrat, have failed, foundering on procedural hurdles and the delicate compromises needed to succeed. White House spokesman Sean Spicer said Monday the timing of … [Read more...] about Trump pivots to tax reform after Obamacare shipwreck
Tax reform efforts not yet meet expectations
Hanoi (VNA) â The tax sector has made efforts to reform its procedures but has yet to meet requirements for intensive integration, heard a conference seeking to improve the business environment through tax reform in Hanoi on September 15. Hoang Tien Loi, an expert at the USAID Governance for Inclusive Growth (GIG) Programme in Vietnam, said that an online survey on 80 enterprises revealed that the firms acknowledged the tax sectorâs positive reform changes, including reducing the tax-payment duration. However, 9.3 percent of businesses said that they are facing difficulties in registering tax-payment, while 14.7 percent reported problems in receipts, 32 percent met obstacles in tax declaration, and 13.3 percent faced tax payment matters, he said. At the same time, constant changes in tax policies have confused businesses, while the delay of e-tax declaration in a number of taxes as well as tax refund has also posed an impediment, noted Loi. Meanwhile, Nguyen Thi Cuc, President … [Read more...] about Tax reform efforts not yet meet expectations