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Posts Tagged ‘tax’

Tax cut by up to 6 percent on 1,000 imports

In Uncategorized on January 8, 2011 at 4:10 am

Tax cut by up to 6 percent on 1,000 imports

QĐND – Thursday, January 06, 2011, 21:17 (GMT+7)

Nearly 1,000 goods items would enjoy an import tax cut of 1-6 percent in 2011, according to the Ministry of Finance’s Taxation Policy Department.

Director of the department Vu Van Truong said the items would mainly include agricultural produce, seafood, construction materials and electrical appliances.

The average drop for most items would be 2-3 percent, said Truong.

The cut, part of Vietnam’s commitment to the World Trade Organisation, was expected to benefit domestic consumers, giving them a wider choice of reasonably priced imported goods, Truong said.

However, he warned that the cut would also place pressure on Vietnamese goods that would face fierce competition from imported products.

Trade experts were also concerned about a predicted surge in the country’s trade deficit next year in the wake of the import tax cut.

The country imported 84 billion USD worth of goods last year, up 20 percent over the previous year with a trade deficit of 12.3 billion USD.

This year, the country plans on restricting the trade deficit to 14.18 billion USD with an import value of roughly 92 billion USD.

Last year, roughly 2,000 goods including food, animal feed, construction materials and steel also enjoyed an import tax cut of 1-6 percent, which cost the State budget roughly 1 trillion VND (51.28 million USD).

Source: VNA

Source: QDND

Ministry agrees to cut import tax on gas

In Uncategorized on December 24, 2010 at 4:25 am

Ministry agrees to cut import tax on gas

QĐND – Tuesday, December 21, 2010, 21:8 (GMT+7)

The Ministry of Finance has cut import tax on gas from 5 percent to 2 percent to stabilise the domestic gas market.

The new tariff came into effect on Dec. 17 and gas retailers PV Gas, Petrolimex Gas, Sai Gon Petro Gas, Vinagas and Gia Dinh Gas immediately cut their retail price by 8,000 VND (0.38 USD) on 12kg canisters.

The move comes at the end of a year when the price of gas in Vietnam rose seven times so far this year. Before the cut, retail prices for canisters ranged from 330,000 VND (15.71 USD) to 360,000 VND (17.14 USD) depending on the brand.

The Vietnam Gas Association originally proposed the tax cut after rises in the world’s gas price led to similar increases on the domestic market.

Gas world prices have raised about 200 USD to roughly 1,000 USD per tonne this month.

The gas association’s chairman Nguyen Sy Thang said dependence on imports makes doing business difficult for gas traders. Without tax cuts, domestic gas prices will continue to rise.

The country currently imports roughly 60 percent of its total gas needs.

Thang also said that the import tax rate of 5 percent had been set by the Ministry of Finance when the world gas price was 200 USD per tonne but with prices now at 1,000 USD per tonne, the previous tax rate was too high.

Earlier this month, the country’s largest gas provider PV Gas offered discounts of 5,000 VND on 12kg canisters to stabilise the domestic gas market. The price cut was made possible by domestic supply from the Dung Quat Oil Refinery.

Source: VNA

Source: QDND

US Congress passes contentious Obama tax deal

In Uncategorized on December 17, 2010 at 8:56 am

AFP file – US President Barack Obama

WASHINGTON (AFP) – US lawmakers gave final approval to President Barack Obama’s contentious deal with Republicans to avert a New Year’s tax hike and extend aid to the jobless, despite a Democratic rebellion.

A day after the Senate passed the package by an 81-19 margin, the House of Representatives followed suit 277-148, sending the measure to Obama to sign and reap a restorative bipartisan victory six weeks after an elections rout.

The 858-billion-dollar measure was expected to give the US economy a much-needed boost while digging the country’s deficit and debt deeper, as the world’s richest country emerges from the worst downturn since the 1930s.

Obama, seeking a restorative bipartisan victory six weeks after Republicans routed his Democrats in November 2 elections, had stressed the package extends middle-class tax cuts for two years and jobless benefits for 13 months.

But angry Democrats from the party’s left flank opposed the plan for including an identical extension for the richest sliver of US earners and rolling back the inheritance tax that affects only the wealthiest estates.

“This measure does not create a single job or stimulate the economy in any way,” said number-three Democratic Representative James Clyburn, who urged lawmakers to “restore some fairness to the tax code.”

Immediately prior to passage, which came shortly before midnight, lawmakers defeated a Democratic amendment to toughen the estate tax provisions in the package by a 194-233 margin.

The White House compromise sets the inheritance tax rate at 35 percent and exempts estates under five million dollars, compared to 45 percent and 3.5 million dollars in a House-passed bill earlier this year.

Obama — who campaigned on a vow to let tax cuts lapse on income over 250,000 dollars for families or 200,000 dollars for individuals — dropped that insistence after the elections and urged fellow Democrats to do the same.

Right after the Senate passed the plan, Obama called on skeptical Democrats in the House to pass the bill unchanged, in one of their last acts before Republicans take control of the chamber in January.

Republican House speaker-designate John Boehner said “failing to stop all the tax hikes would have destroyed more jobs and deepened the uncertainty in our economy” and called the bill “a good first step.”

“But much more needs to be done, including cutting spending, permanently eliminating the threat of job-killing tax hikes, and repealing the job-killing health care law,” he said.

At the same time, the US Senate forged ahead on Obama’s top foreign policy, the new Strategic Arms Reduction Treaty (START) with Russia, as Republicans worked to kill the nuclear arms control accord or at least put off a final vote until next year.

Top US military officials rebuffed Republicans charges that the pact will cripple US missile defense plans, as Democratic Senate Majority Leader Harry Reid set the stage for a likely ratification vote next week.

“We need START and we need it badly,” General James Cartwright, the vice chairman of the Joint Chiefs of Staff, told reporters, stressing the treaty included “no prohibitions to our ability to move forward in missile defense.”

“This treaty in no way limits anything we have in mind or want to do on missile defense,” agreed Defense Secretary Robert Gates. “I think that there were some legitimate concerns. But, frankly, I think they’ve been addressed.”

The agreement — which has the support of virtually every present and past US foreign policy or national security heavyweight — restricts each nation to a maximum of 1,550 deployed warheads, a cut of about 30 percent from a limit set in 2002, and 800 launchers and bombers.

The accord would also return US inspectors who have been unable to monitor Russia’s arsenal since the treaty’s predecessor lapsed in December 2009.

Obama won a critical victory when lawmakers voted 66-32 Wednesday to take up the pact, showing Democrats within striking distance of the 67 votes needed to ratify START if all 100 Senators are present.

Source: SGGP

Zero percent tax on Cambodia’s rice, tobacco

In Uncategorized on December 16, 2010 at 9:32 am

Zero percent tax on Cambodia’s rice, tobacco

QĐND – Wednesday, December 15, 2010, 21:6 (GMT+7)

The Ministry of Industry and Trade (MIT) has decided to apply import tariff of zero percent on rice and tobacco imported from Cambodia under quota for 2010 and 2011 between November 1, 2010 and December 31, 2011.

Accordingly, 250,000 tonnes of rice equivalent and 3,000 tonnes of dry tobacco leaves imported from Cambodia in 2010 and 2011 will enjoy zero percent tariff rate.

Beneficiaries are requested to submit Cambodian certificates of origin and import the products via Vietnamese border gates namely Le Thanh in the Central Highlands province of Gia Lai; Hoa Lu in the southern province of Binh Phuoc; Moc Bai, Xa Mat, Trang Riec, Ca Tum, Phuoc Tan in the southern province of Tay Ninh; and Binh Hiep in the southern province of Long An.

The decision will take effect from Jan. 17, 2011.

Source: VNA

Source: QDND

Businesses with disabled employees enjoy tax holidays

In Uncategorized on November 22, 2010 at 2:03 pm

Time for banks to pay back to tax payers, UK expert tells seminar

In Uncategorized on November 2, 2010 at 5:41 am

1,000 largest corporate income tax payers in Vietnam announced

In Uncategorized on October 22, 2010 at 3:55 pm

1,000 largest corporate income tax payers in Vietnam announced

QĐND – Friday, October 22, 2010, 22:35 (GMT+7)

A press conference to announce Vietnam’s 1,000 largest corporate income tax payers was held in Hanoi on October 22 by Tax Magazine and VietnamNet online newspaper.

The top 1,000 enterprises in 10 sectors contributed over VND84.000 billion to the national budget from 2007 – 2009. 77 percent of the total came from Hanoi and HCM City.

The banking sector accounted for 22 percent, the telecommunications sector for 14 percent, the mining sector 11 percent, and the rest came from real estate, food, construction materials, security, and so on.

Agriculture, forestry, and fisheries contributed only about 3 percent.

Source: VOV

Source: QDND

NA to impose environment tax on plastic bags

In Uncategorized on October 22, 2010 at 7:57 am

The Vietnamese National Assembly Thursday discussed the bill on environment tax that intends to impose a levy on plastic bags and several more products.

Environment activists have launched some campaigns to call on people not to use plastic bags.

The bill adds more products to the list of term affected by the tax, including petrol, coal, HCFC, plastic bags, herbicide, insecticide, bactericide… In the future the NA’s Law Committee will add more terms to the list of products affected by the law if needed.

The bill will impose VND50,000 tax (US$2,5 ) on one kg of plastic bags while NA members asked to increase higher tax on plastic bags because the use of the product needs to be put on alert, causing seriously environment pollution.

Some NA members raised concern over tax upon petrol as inflation in the country has sharply increased. They said that tax upon petrol would impact on prices of essential goods, leading to CPI increase.

Relating to tax calculating measures, the bill says that tax payment depends on quantity of tax-affected products.

In the current law, products have to be under the influence of environment fees and the fees are not enough to recover environment. As a result, environment is critically polluted by productive activities.

The law will not aim to increase the national budget but target businesses’ responsibility to environment, said Chief of NA Financial Committee Phung Quoc Hien.



Source: SGGP

Obama to give tax breaks to businesses creating new jobs

In Uncategorized on October 16, 2010 at 2:24 pm

US President Barack Obama said Saturday he wanted to create tax incentives for businesses that innovate and create new jobs.

Unemployment in the US from September 2009 to September 2010

“I want to give every business in America a tax break so they can write off the cost of all new equipment they buy next year,” the president said in his weekly radio address. “That’s going to make it easier for folks to expand and hire new people.”

The comments came after US government data showed the US economy shed 95,000 jobs in September just weeks ahead of key mid-term elections.

The unemployment rate remained unchanged at 9.6 percent from August.

Obama also said he wanted to make the research and experimentation tax credit permanent as job creation depended on promoting new ideas and technologies.

He also said he wanted to provide a tax cut for clean energy manufacturing in America.

But Obama criticized previsions in the US tax law that give billions ofkkk dollars in tax breaks to companies that create jobs and profits in other countries, saying: “I want to close these tax loopholes.”

The president he said Republicans in Washington had consistently fought to keep these corporate loopholes open.

“Over the last four years alone, Republicans in the House voted 11 times to continue rewarding corporations that create jobs and profits overseas — a policy that costs taxpayers billions of dollars every year,” Obama said, adding: “That doesn’t make a lot sense.”


Source: SGGP

Vietnam and RoK discuss tax policy

In Uncategorized on October 13, 2010 at 3:54 am

Vietnam and RoK discuss tax policy

QĐND – Saturday, October 02, 2010, 20:19 (GMT+7)

More than 118 businesses from the Republic of Korea attended a dialogue on Vietnam’s tax and customs policies on October 1.

The dialogue was organised by the Vietnamese Ministry of Finance (MoF) and the RoK Small-and Medium-Sized Enterprises’ Association on the occasion of a Vietnamese delegation’s visit to the RoK.

The Vietnamese delegation briefed the audience on Vietnam’s tax and customs policies, incentives, corporate taxes, added value taxes and new regulations on customs procedures.

Deputy Minister of Finance, Do Hoang Anh Tuan, said that tax incentives and relevant policies are of interest to Korean businesses.

More than 70 percent of RoK businesses investing in Vietnam are small and medium sized so they face difficulties accesing policies and dealing with procedures and tax incentives.

The MoF and the General Department of Taxation planned to work with relevant RoK authorities to facilitate businesses easier operations in Vietnam. Vietnamese authorities will also help remove obstacles through the RoK Businesses Association and the Chamber of Commerce and Industry in Vietnam.

Mr Tuan said that this is the first time such dialogue between the two countries.

Source: VOV

Source: QDND