As the country''s economic hub and tourism magnet with name-brand boutiques and a wide variety of local and foreign goods, HCM City has become a veritable shopping mecca, but experts say that tourist spending remains at a low level.
The General Department of Taxation is hastening the implementation of online tax refunds on a national scale, a part of the tax reform effort, to favourable conditions for businesses.
The Ministry of Finance has asked local tax authorities to refund
value-added tax (VAT) to enterprises if the amount of tax they default
on is less than the amount of tax refund that they will receive.
General Taxation Administration under the Ministry of Finance has said
it was necessary to increase the network of retailers registering to
join the value-added tax (VAT) refund programme to make it more
appealing to international tourists.
Representatives from 600 local businesses, along with experts at the
Finance Ministry and the Viet Nam Chamber of Industry and Commerce
(VCCI), met at a conference in HCM City last Thursday.
The export tax on coal will rise by 3 per cent to reach 13 per cent from
July 7, prompting Vinacomin to cut its shipments by more than half to
between 400,000-500,000 tonnes a month.