A proposal to impose a 20-per-cent tax on profits from real estate transfers could negative impacts on the housing market and overall accessibility for homebuyers.
As part of its review for personal income tax reforms, the proposal is outlined in the ministry’s recent report sent to the National Assembly, in which two methods for calculating tax on property transfers are under consideration.
Under Decree 82, businesses and household businesses are eligible for a deferral on value-added tax (VAT), corporate income tax (CIT), personal income tax (PIT) and land rent.
Instead of the current personal income tax exemption on interest from all individual bank savings accounts, the proposal would exempt tax only for low amounts of savings.
Vietnamese authorities are ramping up tax supervision on individuals who earn income from livestreaming sales on e-commerce and social media platforms to ensure they comply with tax regulations.
Minister of Finance Hồ Đức Phớc said that the ministry is currently conducting a review and assessment of tax laws, including the Personal Income Tax Law.
Việt Nam will extend 2024 payment deadlines for VAT, corporate income tax, personal income tax and land rent, impacting nearly VNĐ84 trillion (US$3.3 billion) in total taxes.
It is urgent for Viet Nam to amend the regulations on personal income tax (PIT), which have proven to be outdated and weighing on people, especially those struggling to make ends meet in major cities.
The amendments to the PIT law would be studied and considered carefully to ensure the consistency with the tax system reform strategy to 2030, appropriateness to the socio-economic context, income and living standards of the people.
At least around seven billion shares issued as dividends, under employee stock ownership plans and public issuances by banks are expected to enter the stock market in the two remaining quarters of the year.
Rescue packages and policy measures for businesses hit by COVID-19 adopted by other countries such as Singapore, Thailand and South Korea should be considered for flexible adaptation in Viet Nam to soften the impact of the coronavirus pandemic.
The Ministry of Finance has submitted to the Government a five-month extension of value-added tax (VAT), personal income tax and land rent fee payments for those affected by the COVID-19 epidemic.
HCM City-based electronics retailer Nguyen Kim has been asked to pay nearly VND150 billion (US$6.42 million) in fines and tax arrears after it was found to have been improperly manipulating the amount of personal income tax its employees had to...