[RECAP] VBF Tax & Customs Working Group Dialogue with General Department of Taxation

Hanoi, 19 April, 2024 - The General Department of Taxation convened a productive dialogue conference with the Vietnam Business Forum (VBF) to foster collaboration and address key issues in the tax landscape.

Distinguished attendees including Mr. Hong Sun, President of KoCham, Mr. David Whitehead from AusCham's Board of Directors, and Ms. Huong Vu, Head of VBF Tax and Customs Working Group, along with over 150 representatives from the business community, participated in the event.

Throughout the conference, participants lauded Vietnam's ongoing efforts to refine its legal framework and implement tax reforms. However, despite commendable progress, businesses continue to face practical challenges amidst their diverse operations.

The dialogue encompassed a spectrum of tax-related concerns, notably encompassing corporate income tax incentives for large-scale investment projects, the treatment of income from fixed asset transfers, guidance on bilateral Advance Pricing Agreements (APA), and the handling of invoices for businesses altering registered addresses, among other pertinent topics.

Concluding the conference, Deputy Director General Dang Ngoc Minh underscored the paramount importance of tax policies and administrative procedures to businesses. The General Department of Taxation reaffirmed its commitment to actively supporting enterprises, viewing this engagement as pivotal to policy implementation. Looking ahead to 2024, significant legislative proposals are on the horizon, including amendments to the VAT Law, Special Consumption Tax Law, and Corporate Income Tax Law. Additionally, the development of a decree to elucidate the application of additional corporate income tax, in alignment with regulations aimed at curbing global tax base erosion, is underway. Given the consequential impact of these policies on large businesses and corporations, the General Department of Taxation seeks continued constructive feedback from the business community, inclusive of the VBF.

Click HERE for consolidated issues to be discussed with General Department of Taxation.