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At its next session, the National Assembly’s (NA) Standing Committee will continue discussing the Draft Law on Special Administrative-Economic Zones (SAEZs), focusing on the organisation of SAEZ governance. PhD Hoang Van Cuong, member of the NA’s Committee on Economic Affairs, talks in favour of sharply decentralised governance for SAEZs.
Vietnam’s total export turnover was estimated at $213.77 billion in 2017, increasing by more than 21 per cent compared to 2016—the highest increase over the last years. Nguyen Bich Lam, director general of the General Statistics Office (GSO) said that the Vietnamese economy had a miraculous performance in 2017.
Vu Nhu Thang, director of the International Cooperation Department under the Ministry of Finance, sheds light to the tax aspects in the agenda of the upcoming APEC 2017 Finance Ministers’ Meeting (FMM 24) to take place in the ancient town of Hoi An in the central province of Quang Nam on October 21, 2017.
It is expected that selling shares in blocks and withdrawing capital shares under par value will speed up the state’s divestment from enterprises; thus, a draft on these issues will be submitted to the government. Dang Tien Quyet, deputy head of the Ministry of Finance’s Corporate Finance Department, talked to VIR’s Manh Bon about these matters.
The new price range for the calculation of the natural resource tax that will come into effect from July 1, 2017is found to be remarkably wide. Moreover, in specific cases, the highest price used to calculate the tax is 1.42 times as much as the minimum level. Still, Nguyen Huu Tan, deputy director of the Tax Policy Department under the General Department of Taxation, told VIR’s Manh Bon that illegal profiteering is simply not possible with this tax policy.
Decree No.20/2017/ND-CP on administration policies for controlled transactions has many new points, especially about preventing transfer pricing. Besides the General Department of Taxation that holds the main responsibility, seven ministries and municipal and provincial people’s committees will be involved in implementation. Nguyen Thi Lan Anh, deputy director of the Inspectorate Department under the General Department of Taxation, talked to VIR’s Manh Bon about the progress of the fight against transfer pricing.
Reacting to companies’ widespread complaints of being subjected to inspections too frequently, immediately after the private sector dialogue on May 17, Prime Minister Nguyen Xuan Phuc signed Directive 20 adjusting inspection and examination practices and requesting government agencies to tackle the issue. Nguyen Thi Cuc, chairman of Vietnam Tax Consultants’ Association, told VIR’s Manh Bon that companies hope that government agencies will soon issue specific regulations.
The government will not propose the National Assembly (NA) to adjust the economic growth target in its third session, which is scheduled to take place on May 22, 2017. Dr Nguyen Duc Kien, deputy chairman of the National Assembly Economic Commission, told VIR’s Manh Bon that if Vietnam focuses on available solutions, and especially, the disbursement of investment capital, the 2017 GDP growth may be closer to the target of 6.7 per cent.
On May 17 the prime minister (PM) will meet with 1,500 representatives of Vietnamese companies in the private sector. Nguyen Hong Long, deputy head of the government’s Steering Committee for Enterprise Innovation and Development, told VIR’s Manh Bon that the fact that the top leader of the government meets face-to-face with companies shows the government’s determination to support the private sector.
Trinh Duc Vinh, deputy head of the Department of Accounting and Auditing Regulations under the Ministry of Finance, elaborates on the Law on Accounting 2015 which is expected to propel the development of domestic accounting services.