CUSTOMS REFORM PLAN INTRODUCED
[22-07-2016] The Ministry of Finance has released Decision 1614/QD-BTC on a plan to reform, develop, and modernize the customs sector in the 2016-2020 period. The plan aims to convert the Vietnam Customs into a modern and effective one which takes the lead in providing public services; promoting domestic and foreign relations; and facilitating operation of partners.
CIRCULAR OUTLINES TAX INCENTIVES
[21-07-2016] The finance ministry issued Circular No. 83/2016/TT-BTC (“Circular 83”) on June 17, 2016. It guides the implementation of investment tax incentives prescribed in the Investment Law and government decree No. 118/2015/ND-CP, which details and regulates several articles of the Investment Law.
WILL VIETNAM RESTRUCTURE THE CENTRAL BANK?
[18-07-2016] For the last ten years, the State Bank of Vietnam (SBV) has said it would restructure its operations. The government has instructed SBV to continue the plan on restructuring the banking system in 2016-2020. But the restructuring has not been implemented, though SBV once drew up a plan years ago.
TAX AUTHORITIES DRAFTING DECREE ON TRANSFER PRICING
[05-07-2016] The Ministry of Finance (MoF) is in the process of building a decree on preventing transfer pricing. Speaking with VIR after the government’s recent regular meeting for June 2016, Nguyen Van Phung, head of the Big Corporate Tax Management Department of the General Department of Taxation under the MoF, said the department and related agencies were in the process of building a decree on determining the market price in transactions between related parties.
CIRCULARS ISSUED TO SIMPLIFY ADMINISTRATIVE PROCEDURES IN BANKING SYSTEM
[05-07-2016] The State Bank of Viet Nam (SBV) has issued 14 circulars to eliminate many business conditions in banking prior to the enactment of the Law on Investment and Law on Enterprises which began on July 1.
TENANTS ALLOWED TO DECLARE TAXES ONLINE
[01-07-2016] The General Department of Taxation recently submitted a pilot process of administering, registering for use and declaring electronic tax applicable to individual house renters to the Ministry of Finance.
BANKING SECTOR KICK-STARTS ACTIONS TO SUPPORT BUSINESSES
[01-07-2016] The banking sector will apply comprehensive monetary policies and banking operations to improve credit access, focusing on enhancing national credit ratings, according to the State Bank of Viet Nam (SBV).
VIETNAM SIGNS 74 DOUBLE TAX AVOIDANCE AGREEMENTS
[23-06-2016] The General Department of Taxation recently released Official Document No 2264/TCT-TCHQ to update effective double tax avoidance agreements and protocols to which Vietnam is a signatory.
