The Future of Tax Policy in Vietnam
Vietnam has done an effective job at managing global challenges – from the continuing pandemic, downturn in the global economy, and inflation in key inputs. Its timely adjustment to petroleum prices and pauses on new taxes and fees have helped tamp down inflationary concerns. AmCham appreciated the Government’s actions that extended, postponed, and exempted taxes to support businesses and citizens during the pandemic, especially the resolution in January on monetary and fiscal policy which lowered Vietnam’s VAT from ten percent to eight percent for certain goods and services. While we recognize that new taxes and fees may be needed in the future, we have urged the Government to careful consider their impact to ensure they support business recovery and do not undermine economic growth. For example, a tax increase or expansion, including the special consumption tax, would have a particularly severe impact on sectors seriously affected by the pandemic, such as the beverage and hospitality industries.
We all recognize that taxation is a major source of revenue for the state budget and as Vietnam’s budget deficit increases, taxpayers and companies will continue to face increased scrutiny from tax authorities trying to meet their revenue targets. In this quest for revenue, many AmCham members face tax audits, examinations, and inspections that are excessive, unfair, and often not in accordance with provisions of Vietnamese tax laws. We continue to work on this issue to ensure a more transparent, predictable, and fair tax and audit environment here.
As we enter the final months of 2022, what tax changes are on the horizon. Join AmCham on September 21 to hear from tax experts at Deloitte Vietnam to find out what you need to know.
DATE: Wednesday, September 21
TIME: 10:30am – 12:00pm
PLACE: Deloitte Office @ Vinaconex Tower, 34 Lang Ha Street, Hanoi
Don’t miss this opportunity to learn something useful. Please register your participation by clicking on the button below or by calling the AmCham office (84) 24 3934 2790.