MINISTRY BACKS DOWN ON VAT
Fierce public objections about its proposal to impose value-added tax (VAT) on the transfer of land-use rights have forced the Ministry of Finance to shelve the move.
NEW REGULATION ON REVOCATION OF CREDIT INSTITUTIONS’ LICENSE
The State Bank of Viet Nam has issued Circular No. 24/2017/TT-NHNN guiding the order and procedures for revocation of license and liquidation of assets of credit institutions and foreign bank’s branches.
MINISTRIES PROTEST SPECIAL CONSUMPTION TAX ON SOFT DRINKS
Numerous ministries and associations protested against the Ministry of Finance (MoF)’s proposal to apply a special consumption tax (SCT) of 10-20 per cent on soft drinks.
BANKING INDUSTRY BEFORE 4TH INDUSTRIAL REVOLUTION: PLENTIFUL OPPORTUNITIES, ABUNDANT CHALLENGES
Despite staying out of the list of nine sectors hardest hit by the Fourth Industrial Revolution, the banking industry, typically at the forefront of information technology application, will not stand out of the whirlwind of this Fourth Revolution.
CENTRAL BANK EXTENDS FOREX LOAN POLICY
The State Bank of Việt Nam (SBV) has officially extended a policy allowing exporters to take loans in foreign currencies for another year instead of stopping it on December 31 as planned.
FINANCE-BANKING STOCKS TO BECOME NEW CRAZE IN 2018
A recent survey conducted by Vietnam Report revealed that finance and banking stocks would be the ones to watch out for in 2018 as a number of reputable financial institutions (FIs) schedule to hold their initial public offering (IPO) next year.
VAT REFUND PROCESS NEEDS SIMPLIFYING: EXPERTS
Experts have urged simplifying the procedures to receive refunds on value-added tax (VAT) for foreign tourists. Speaking at a seminar on VAT refunds on Wednesday in HCM City, Dr. Pham Trung Luong, vice chairman of the Viet Nam Tourism Education Association, said that VAT refunds encourage tourism and boost visitors’ spending, but the procedures to receive refunds in Viet Nam was unclear and inconsistent.
NEW CROSS-HOLDING RULE TO HIT BANKS
A new law is set to ban bank owners in Vietnam from taking up senior positions at non-financial firms, a move aimed at overhauling the banking sector, which has been mired in cross-holding controversy.
